OMV Petrom Makes Largest Crude Oil Discovery in Decades
Romanian oil and gas group OMV Petrom, majority-controlled by Austria's OMV, said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production.The deposits are the largest crude oil discovery OMV Petrom has made in decades…
Poland Ends Major Russian LNG Contract
Poland's state gas company PGNiG says it had notified Russia's Gazprom that it will not renew their long-term deal on liquefied natural gas (LNG) supplies when the agreement expires after 2022.In accordance with the provisions of the Yamal Contract, three years prior to its original termination date, i.e.
Brazil Extends Oil Industry 'Perks' Through 2040
Brazil on Friday extended through 2040 a preferential customs regime for the oil and gas industry called Repetro, which was set to expire in 2019, as it seeks to entice investment ahead of key auctions later this year. The move was accompanied by another decree creating a special tax regime to bolster local suppliers for the oil and gas sector.
Israel Accepting Bids for 24 Offshore Blocks
Israel on Tuesday said it was accepting bids for the rights to drill in 24 offshore exploration blocks as the country looks to bolster its oil and gas sector. Large natural gas deposits have already been found off Israel's Mediterranean coast, and Israel expects the new tender will attract a host of foreign operators, leading to further discoveries.
Tanzania, Congo Sign Deal for Petroleum Exploration in Lake Tanganyika
Tanzania and the Democratic Republic of the Congo signed a memorandum of understanding on Tuesday for joint exploration and development of hydrocarbons in Lake Tanganyika. The lake, which straddles the border between Tanzania, Democratic Republic of Congo, Burundi and Zambia, is the world's second largest by volume and second deepest…
CNR Puts Off Planned Ivory Coast Investment
Canadian Natural Resources (CNR) is postponing $300-400 million in planned investment on its Ivory Coast offshore blocks pending a rebound in crude prices, its general manager in the West African nation said on Tuesday. After spending around $1.5 billion on drilling new wells on its Espoir and Baobab fields in the last two years…
Ivory Coast Aims to Double O&G Output by 2020
Ivory Coast aims to roughly double oil and gas output by 2020 as it pushes for foreign investment in offshore exploration, the head of state oil and gas company Petroci said on Wednesday. While it has developed natural gas deposits for domestic consumption, French-speaking West Africa's…
Israel to Use Seaborne Missiles to Guard Gas Fields
Israel's military said on Wednesday it had developed a version of its Iron Dome missile interceptor system that can be fired from the deck of a cruising navy ship to protect its offshore gas platforms. The augmented defense system passed a live test two weeks ago when it shot down several short-range ballistic missiles from a moving boat…
Israeli finds Another Large Offshore Gas Field
An Israeli exploration group reported on Sunday it has discovered another large natural gas field off Israel's Mediterranean coast. The group, led by Isramco Negev and Modiin Energy, said that a resource report showed there could be an estimated total of 8.9 trillion cubic feet of natural gas at the Daniel east and west fields.
Britain's Coal Transition Holds Lessons for China
Britain's last deep coal mine closed on Friday, bringing the curtain down on an industry that once employed more than 1 million miners at over 3,000 collieries. Coal helped Britain become the first modern industrial power, fuelling her factories, steel works, ships and railways in the 19th century…
Exxon, Eni, Sasol Bid for Mozambique's Unexplored Fossil Fuel Bounty
Exxon Mobil, Italy's Eni and South Africa's Sasol are among the firms that submitted bids to explore new blocks for fossil fuels in Mozambique and off its Indian Ocean coastline, a senior official said on Thursday. A total of fifteen blocks in some 76,800 sq km were included in the fifth…
Exxon Mobil 2014 Reserves Up on Oil Sands, Shale
Exxon Mobil Corp, the world's largest publicly traded oil company, said on Monday its crude oil and natural gas reserves rose slightly in 2014, lifted by U.S. shale and oil sands projects. Proved reserve additions of 1.5 billion barrels oil equivalent from projects including the Permian…
South Africa Improves Pipelines, Ports to Buoy Gas Imports
South Africa plans to improve its pipelines and ports to allow for more gas imports for use in power generation, the acting director general of the department of energy said on Tuesday. Africa's most advanced economy is dependent on coal for power and also uses relatively expensive diesel for turbines.
Mozambique Extends Bidding for Oil & Gas Blocks
Mozambique has extended by over three months a licensing round for 15 new offshore and onshore blocks for gas and oil exploration and production, a senior government official said on Monday. When the blocks were unveiled in October, the government said bids would be accepted until Jan. 20, 2015.
SacOil Considers $6 bln Gas Pipeline
Oil and gas explorer SacOil Holdings has teamed up with the South African and Mozambican governments to study a possible $6 billion gas pipeline between the two countries, it said on Monday. If viable, the pipeline and the distribution facility will carry natural gas from Mozambique into South Africa, as well as other southern African countries.
Mozambique Offers More Gas and Oil Blocks
Mozambique on Thursday opened up 15 new offshore and onshore areas for gas and oil exploration and production in its north, centre and south, a week after national elections which are expected to return the ruling Frelimo party to power. The blocks on offer in the latest licensing round…
Kenya Aims to Add 1,200 MW to Creaking Power Grid
Kenya plans to add 500 megawatts (MW) of electricity to the national grid from natural gas deposits, the energy minister said on Tuesday, taking steps to address chronic power shortages that critics say have discouraged investments. Davis Chirchir said the government was also considering…
Inpex to Sell 25% of Malaysia Oil Block Stake to Santos
Japan's Inpex Corp said on Monday it has agreed to sell a 25 percent stake in the deep water Block S in offshore Malaysia to Australian oil and gas producer Santos Ltd. Japan's biggest oil and gas producer, which will reduce its stake in the block to 50 percent after the transfer, serves as the operator in the block located in eastern Malaysia.
Mozambique Offers New Oil & Gas Terms
Amended law opens way for fresh bidding rounds; legislation requires partnership with state oil firm ENH. LNG processing projects to operate under special regime and Mozambique chasing 2018 target for first LNG export. Mozambique's parliament has passed an amended petroleum law that will…
Manila Urges Unity in China Sea Dispute
The Philippines is pushing for a meeting among four Southeast Asian nations with conflicting claims to waters in the South China Sea so that they can hammer out a common stand in dealings with China, Manila's foreign minister said on Friday. Manila is waging a territorial dispute with…
