Petrobras' focus remains Brazil despite Africa plans, director says
Petrobras, the state-owned oil company in Brazil, has its main focus on its own country. Its director of exploration, production, said this Thursday. He added that Brazil remained a top priority, even though it plans to expand into Africa. Petrobras, which is looking to replenish its oil reserves in the future, has publicly expressed interest in expanding their oil fields in Africa. This move comes after years of the company focusing on Brazil. Director Sylvia dos Anjos said in an interview that the Brazilian oil giant has evaluated billion-dollar blocks across Africa.
Sources: Exxon pulls out of race to purchase stake in Namibian oil block from Galp
Exxon Mobil pulled out of the race for half of Galp Energia’s stake in a major oil discovery in Namibia, which has drawn interest from other top energy companies. Sources have previously stated that more than 12 oil companies, including Exxon Shell and Brazil's Petrobras, had expressed an interest in Galp’s 40% stake in Mopane's offshore discovery. Galp also proposes that the buyer operates the field. Exxon did not give any explanation for its withdrawal. Sources claim that other companies have engaged with Galp in the sale. Exxon Galp has declined to comment.
Shell to make large cuts in its oil exploration division: sources
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewables and low carbon businesses. Sources said that the restructuring of the exploration, wells development, and subsurface units would result in hundreds of job losses around the globe, with the greatest impact in offices in Houston, The Hague, and Britain. Sources added that consultations will be held with the employee representative bodies to determine the exact 20% reduction.
Sources say Shell plans to make large cuts in its oil exploration division.
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewable energy and low-carbon businesses. Sources say that the restructuring of the exploration, wells development, and subsurface units is expected to result in hundreds of job losses around the globe, but will be most felt in Britain and The Netherlands. Sources added that consultations will be held with the employee representative bodies to determine the exact 20% reduction.
Namibia plans to complete its sovereign wealth fund by 2025
Namibia's Finance Minister said on Tuesday that the government expects to approve its first offshore oil project in 2025 and complete the creation of its sovereign fund. Namibia, which is yet to produce oil or gas, became a hotspot for exploration after TotalEnergies, Shell and offshore discoveries. Shiimi, Namibia's Minister of Finance, said that Namibia does not expect to see income from the fund until oil production begins, which may take four to six years. He added that TotalEnergies, Qatar Energy and other companies would likely be the first to approve oil exploration off Namibia by 2025.
Incoming Shell Boss Aims Fire up Renewables Drive
Shell's incoming Chief Executive Wael Sawan is set to accelerate the group's drive to build its renewable energy business, including through a possible "transformative" clean power acquisition, company and industry sources said.Sawan will from January take on a firm with a strong balance sheet after a surge in oil and gas prices, but whose renewables capacity has lagged peers like TotalEnergies and BP as green issues come increasingly into vogue. Shell aims to halve its greenhouse gas emissions by 2030 and to become a net-zero emitter by 2050…
Offshore Oil Firm Eco Atlantic Launches Renewables Division
Eco Atlantic, an oil company with offshore oil and gas acreage in Guyana and Namibia, said Tuesday it had formed a new solar energy-focused company Eco Atlantic Renewables, citing, in part, a lack of oil and gas acquisition opportunities.Formed with Nepcoe Capital Partners Ltd. ("Nepcoe"), a renewable energy developer and investment company, the aim of Eco Atlantic Renewables is to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic") owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe."Investment into renewables…
Tech Files: Offshore Power Products
Insights on innovative power products upgrades that could be used to keep offshore operations moving along effectively, efficiently.Maersk Supply Service/Orsted power buoysDanish offshore vessel firm Maersk Supply Service and its compatriot offshore wind developer Ørsted, are testing an innovative charging buoy that can bring green electricity to offshore wind farm service vessels and potentially to a wide range of maritime vessels.The buoy could be used to charge the smaller battery- or hybrid-electrical vessels and to supply power to larger vessels, enabling them to turn off their engines when laying idle.
Key Offshore Wildcat Wells At Risk of Being Suspended
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended impact of COVID-19 on oil and gas activities and the oil price war, Rystad Energy said Tuesday.These wells, the Norwegian energy intelligence firm said, located in Norway, Brazil, the Bahamas, Guyana, the US, Gambia, and Namibia would target a combined 7 billion barrels of oil equivalents (boe).The wells that Rystad Energy has identified as candidates for suspension are at risk because of their commercial viability under the current price levels…
Global Petroleum in Offshore Namibia 'Data for Equity' Deal
Oil company Global Petroleum has exchanged part of its stake in offshore Namibia Block, 2011A (PEL0094), with NAMCOR, for a right to get access to pre-existing 3D seismic data over the block."This key data, acquired by previous licensees in 2010, covers the Company's Welwitschia Deep prospect and Marula lead, and will enable precise mapping of these features," Global said."Once this is complete, Global will update Prospective Resources and chances of success for Welwitschia Deep and Marula," it added.As part of the deal…
Seismic Shoot Offshore South Africa Begins
Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, has announced the start of a new 3D marine seismic acquisition programme over the Paddavissie Fairway on Block 11B/12B offshore South Africa.The Brulpadda discovery is located on Block 11B/12B in the Outeniqua Basin 175 kilometers off the southern coast of South Africa. The block covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.Jan Maier, Africa Energy's VP Exploration…
Total Plans Biggest Exploration Drive in Years
Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.The French major aims to drill 23 wells this year, its senior vice president for exploration, Kevin McLachlan, told Reuters, in waters off Mauritania, Senegal, Namibia, South Africa, Guyana and Brazil.While the company declined to say how many wells it drilled in 2018, McLachlan said 2019 would be Total's largest program in years.
Kosmos Energy, Shell Form Alliance
Oil and gas exploration and production company Kosmos Energy said that it has entered into a strategic alliance with Shell Exploration Company B.V. to jointly explore in Southern West Africa.Initially, the alliance will focus on Namibia, where Kosmos has completed the farm-in to Shell's acreage in PEL 39, and Sao Tome & Principe where it has entered into exclusive negotiations for Shell to take an interest in Kosmos’ acreage in blocks 5, 6, 11, and 12.As part of the alliance, the two companies will also jointly evaluate opportunities in adjacent geographies.
Serica Energy Restarts Production at Erskine Field
Serica Energy said that efforts to remove gas hydrates in pipeline between Erskine and the Lomond platform had been successful and it has resumed production for the first time since January." Production from Erskine has restarted and flow rates are being optimised. Further updates will be provided once the re-commissioning process is complete," said a press note from the company.Erskine, in which Serica holds an 18% interest, was suspended in mid-January due to a blocked export pipeline which carried condensate from Erskine to the neighbouring Lomond platform.
Total Sees Cash Flow, Output Boost from Deepwater Projects
Oil and gas major Total said on Tuesday it expected deepwater oil and gas operations to make a strong contribution to its output and cash flow thanks to major developments in the West Africa's Gulf of Guinea region, Brazil and U.S. Gulf area.Production from deepwater projects is expected to reach 500,000 barrels of oil equivalent per day (Kboe/d) by 2020, contributing to its 6 to 7 percent output growth target per year from 2017 to 2020."Deepwater is today for us a growing and very profitable part of the portfolio…
Tullow Oil abandons First Namibian Well
Africa-focused Tullow Oil will abandon its first well in Namibia, but data gathered in the project indicated it might strike lucky in another attempt, it said on Monday."The Cormorant-1 exploration well in the PEL-37 licence, offshore Namibia, encountered non-commercial hydrocarbons and the well is being plugged and abandoned," Tullow said in a statement."Gas readings while drilling continue to support the concept that there is a working oil system in the area... We will analyse the data gathered before deciding on any future activity…
Port of East London to Expand its Petroleum Footprint
More than 100 attendees representing 97 companies have shown keen interest in the Port of East London’s plans to recommission an existing tank in the port for handling of liquid bulk and to introduce a liquid bulk terminal through a 25-year port concession awarded to a private, empowered entity.The companies attended a compulsory briefing on May 9, 2018 held by Transnet National Ports Authority (TNPA). TNPA recently advertised a request for proposals (RFP) – reference number TNPA 2017/01/013/CM – with the intention to appoint a terminal operator to finance…
Eco Atlantic to List in London on Wednesday
Eco Atlantic Oil & Gas, a Canadian oil explorer, will list on London's junior AIM market on Wednesday, raising 4.8 million pounds ($6 million) to help finance a drilling campaign offshore Guyana with partner Tullow Oil. Eco Atlantic, which expects to have a market capitalisation of around 20 million pounds when it lists on Wednesday, will be the only AIM-listed company with oil assets in offshore Guyana, an area which the United States Geological Survey has earmarked as one of the world's top-rated underexplored basins and where Exxon Mobil has already made a large discovery.
Shell's Search for Oil Moves Closer to Home
In the waters off Malaysia, Royal Dutch Shell is finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost hope of discovering any new reserves. The Anglo-Dutch group is combining the latest technology with the wisdom of industry veterans to unlock new oil and gas deposits where it already operates, usually within 20 km (12 miles) of existing platforms. The result has been a string of finds which, while modest in size, can generate cash rapidly to suit an era of drastically reduced exploration budgets across the energy industry.
Former Areva CEO Lauvergeon Under Investigation
Former Areva chief executive Anne Lauvergeon was put under formal investigation on Friday for her role in the 2007 acquisition of uranium mining firm Uramin, a judicial source told Reuters. Investigative magistrates suspect Lauvergeon may have spread false information and presented inaccurate accounts to hide asset depreciation at Uramin, whose uranium deposits in Namibia, Central African Republic and South Africa, turned out not be profitable. In France, a formal investigation does not automatically lead to a trial but often does.
