Nigeria's TotalEnergies deal marks shift to gas development
The Nigerian production-sharing agreement with TotalEnergies will be a model for future agreements, according to the oil regulator. It is the first contract based on a new law aimed at boosting the gas production of the OPEC country. The Petroleum Industry Act of 2021, which recognised the economics of oil exploration and production, was followed by incentives from government such as tax credits for gas-only development and allowances to invest. The agreement reached by the French energy giant and its local partner…
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion.
WaterBridge, backed by Five Points, files for US IPO in a hot listings market
WaterBridge Infrastructure, a midstream water management firm, filed for an initial public offering in the United States on Friday. This highlights the growing momentum of new listings. In recent days, a number of corporate issuers joined the IPO pipeline. This could lead to a September launch. Positive IPO sentiment is also expected to be supported by firmer bets on potential rate cuts in the near future. Josef Schuster, CEO of IPOX, said that lower U.S. interest rates and a proliferating rally in U.S. mid- and small-cap stocks could add fuel towards the end of the year.
South African court cancels TotalEnergies' oil exploration permit
The court's decision, which was seen by, showed that a South African court had revoked the environmental authorization granted to TotalEnergies for its joint venture with Shell to explore oil in a block near the Cape Coast. The court did say that TotalEnergies was given the chance to correct the deficiencies found, such as a failure properly to assess the socio-economic impact of any oil spills or to take climate change into account. In her ruling of August 13, Western Cape High court Judge Nobahle Lockwood stated that "Total should be given the opportunity to submit revised or new assessments...
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum. Environmental groups have said that the decision to restart the exploration is a setback to the country's move to renewable energy.
Hindustan Oil Exploration Company Pauses Output At West India Oilfield
Hindustan Oil Exploration Company said on Friday it has temporarily suspended production at one of its oilfields in western India due to adverse weather and is monitoring the situation to resume output when the weather improves.The floating storage offshore (FSO) unit at the company's Mumbai basin has been safely de-moored and anchored at a secure location for over a week, it said."We are prepared for re-mooring the FSO... as soon as the weather improves, allowing us to resume production from the field under favorable conditions," the oil exploring company said.(Reuters)
Egypt's EGAS awards six blocks to international companies in the Mediterranean, Nile delta and N. Sinai
According to a statement released by the petroleum ministry on Wednesday, Egypt's EGAS awarded four blocks to international companies in the Mediterranean Sea, one in Nile Delta, and one in North Sinai. During the exploration period, companies will invest $245 million in order to drill at minimum 13 new exploratory holes. A consortium consisting of Chevron Egypt? Shell's BG?Group won the North Samian and Northwest Atoll blocks, in which it will drill at least two exploratory oil wells. Eni's IEOC was awarded the North Ras El Tin offshore Block with plans to drill 3 exploratory wells.
The 2024 profit of Exxon-led Consortium in Guyana increased 64% to $10.4 Billion
Exxon Mobil, Hess, and CNOOC, a trio of oil producers in Guyana, posted a 64% increase in profit in 2024 to $10.4 billion. This was due to the fact that facility upgrades allowed for sustained production growth. Guyana, a South American nation, has been a profitable operation due to its rapid production expansion, low taxes and royalties, and the relatively low amount of government revenue. Guyana, along with its neighbors who share the same oil basin, is expected to be one of the last frontiers in the world for oil exploration. Exxon reported in January that it expects to earn $33,46 billion by 2024.
Azerbaijan’s SOCAR signs agreements for oil exploration with Exxon and BP
Azeri SOCAR, the state-owned energy company of Azerbaijan, signed agreements with Exxon Mobil & BP for oil and natural gas exploration in Azerbaijan at a conference on energy in Baku. According to the U.S. Department of Energy, Azerbaijan's proven oil reserves are 7 billion barrels. Its proven natural gas reserves are 1.7 trillion cubic meters. The country's oil output has been declining for several years after the Azeri-Chirag-Gunashli (ACG) complex of oilfields passed its peak of 50 million metric tons, or 1 million barrels per day, in 2010. BP declined comment.
Legal advisor: Interra Resources did not violate foreign sanctions in Myanmar
Interra Resources, a Singapore-listed oil explorer, said that it appointed a legal adviser who found that Interra Resources had not violated U.S. sanctions or EU sanctions against Myanmar. The report comes after the activist group Justice for Myanmar made allegations that Interra supplied oil to the ruling military and committed war crimes. In a press release, the company stated that any financial impact from potential sanctions violations will be minimal. Since the military overthrew Aung San Suu Kyi's civilian government, which was elected by the Nobel laureate in February 2021.
Elliott, an activist investor, calls for a change in BP's strategy chief and organizational structure
A source familiar with this situation on Friday said that activist investor Elliott Investment Management is pushing oil major BP's strategy chief to be replaced and its structure changed to separate its upstream and downstream divisions to improve accountability. Elliott has a small stake in BP of a little over 5%. The strategy, sustainability, and ventures division of BP is headed by Giulia Chiarchia. She was a key architect behind the company's ill fated focus on renewables during the tenure of previous CEO Bernard Looney.
India auctions three coal bed methane block
Pallavi Govil, the Directorate General of Hydrocarbons' upstream regulator, announced Tuesday that India had launched an auction of three blocks of coal bed methane and 55 small discovered areas for exploration and production. Two coal bed methane blocks are located in West Bengal, and one is in Gujarat. Govil added that India has also signed contracts for oil and natural gas blocks offered in a licensing round held earlier this year. The third-largest oil consumer in the world is looking to increase its domestic output.
Officials say that Libya offers 22 areas for oil exploration with attractive terms to investors
Libya will offer investors new and attractive terms in its first bid round in over 17 years. The country's top officials in the oil sector told a Libya Bid Round Roadshow held in London on Sunday. Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries(OPEC), is looking to increase its oil production. According to the National Oil Corp. (NOC), the country's crude production is currently over 1.4m bpd. This is about 200,000 bpd below its high before civil war.
The deadline for Petrobras' deal with the vessel puts pressure on Foz do Amazonas
According to a government document, Petrobras must receive an environmental permit to drill in the Foz do Amazonas sensitive region before the end of April. Otherwise it will not have enough time to complete the contract for a drilling vessel in October. The document, made public on Tuesday, sets a deadline for Petrobras. It has been waiting for the Brazilian environmental agency Ibama, since May 2023, to make a decision about its request to drill off the coast of Amapa, a state in northern Brazil.
Iraq plans to increase oil production above 6 million barrels per day by 2029
Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry, told Reuters that Iraq aims at achieving its target by oil exploration and drilling activities across the country. He cited a recent agreement with oil giant BP for redevelopment of four Kirkuk oil fields and gas fields. Officials from the oil ministry say that Iraq's current production of oil is around 4 million barrels per day.
Tanzania announces that it will launch a round of oil exploration licensing in May
Tanzania announced on Thursday that it would launch its fifth round of oil and gas licensing in May, in which 26 explorations blocks will be auctioned to attract new investment to the hydrocarbon sector in east Africa. Charles Sangweni of the Petroleum Upstream Regulatory Authority in Tanzania (PURA), the director general, said that 23 blocks are located offshore in the Indian Ocean, while three others are in Lake Tanganyika. This will be the first round of oil and gas licenses in Tanzania for more than 10 years.
Libya announces the first oil exploration bid round in 17 years
Masoud Sulman, the acting chairman of the National Oil Corporation, announced on Monday that Libya will hold its first oil exploration bidding round in over 17 years. Libya is Africa’s second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadhafi was overthrown in 2011. Oilfields have been shut down by disputes between rival armed factions over oil revenue.
Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy. The Caribbean country has expressed interest in exploring Guyana’s Berbice off-shore block. This could require a re-delimitation of an area that was originally explored by a Toronto listed unit of CGX Energy, and eventually returned to the Government.
Aker BP's top shareholder claims that the company has opportunities for acquisition.
Aker BP is a Norwegian oil exploration and production firm that was formed through a series mergers and purchases in the past decade. Its top shareholder stated on Friday that there are opportunities to consolidate further on Norway's Continental Shelf. Aker BP is aiming to increase its production to over 500,000 barrels of oil-equivalent per day by 2028. This will be a significant improvement from the few thousand barrels produced daily in 2013. Oeyvind Ericsen, CEO of Aker ASA, which owns 21.16 percent of Aker BP shares…
Interra claims that oil contract was signed with Myanmar before the junta took power
Interra Resources, a Singapore-listed oil explorer, said Thursday that a production sharing contract between its subsidiary in Myanmar and a government-controlled entity was extended several years before 2021. The statement was made in response to an inquiry by the Singapore Exchange, a week after Justice for Myanmar claimed in a report Interra "helped provide the junta with over 2 million barrels" of oil and had "fueled its ongoing war crime". Interra stated that the current IPRCs, or improved petroleum recovery contracts (IPRCs)…