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)…
Alaska sues Biden Administration over ANWR Leases
The U.S. state of Alaska has sued the Biden administration for what it calls violations of a Congressional directive to allow oil and gas development in a portion of the federal Arctic National Wildlife Refuge (ANWR).Monday's lawsuit in the U.S. District Court in Alaska challenges the federal government's December 2024 decision to offer oil and gas drilling leases in an area known as the coastal plain with restrictions.The lawsuit said curbs on surface use and occupancy make it "impossible or impracticable to develop" 400,000 acres (162,000 hectares) of land the U.S.
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel. He plans to offer investors dozens of new oil blocks and gas blocks in the coming years. KUFPEC has already started operations in the Natuna Sea. It holds a participation interest in Natuna Block B, which supplies natural gas to Singapore.
Petrobras 2025-2029 Strategic Plan likely to reach $110 billion, sources claim
Two sources with knowledge of the matter said that the new Petrobras strategic plan would include investments worth $110 billion for 2025-2029. This represents an increase of 8% over its previous multi-year projection. Sources said that executives are still finalizing the plan, which Petrobras expects to release by late November. Petrobras has not responded to comments immediately. The company publishes a plan every year that outlines its investment plans for the next few years and the strategic areas on which it will concentrate. One source said that the current amount is around $107 billion.
Malaysian PM: Petronas exploration in South China Sea to continue
Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo. Anwar stated, "We will continue to discuss with all countries. He said Malaysia has territorial disputes with many neighbours including Thailand…
Uganda announces it will issue new oil exploration licenses in the next fiscal year
The finance minister announced on Wednesday that Uganda will issue new oil exploration licenses during the fiscal year 2025/2026, which runs from July to June. This is to boost investment in the sector as well as the overall economic growth. Early last year, the last licensing round for this east African nation launched in 2019 ended. The country awarded the final two blocks of the five offered. He said that in order to achieve greater investments and growth overall, the government will issue more exploration licenses.
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated in a Vladivostok televised news conference that "we will of course have to operate within our waters in order to secure an economic advantage.
Sources say that Sinochem, a Chinese company, plans to withdraw from its US shale joint venture with Exxon.
Sinochem, a Chinese state-backed oil company, plans to sell its 40% stake, worth upwards of $ 2 billion, in a U.S. joint venture with Exxon Mobil, according to people familiar with the situation. Sources claim that Sinochem hired Barclays investment bankers to help it with the sale of its Wolfcamp joint-venture stake. Source: Exxon has the first right of refusal to sell the joint venture, which is majority owned and operated by the company. Sources cautioned, however, that the sale discussions are still in their early stages and a deal is not guaranteed with Exxon, or any other interested parties.
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 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.
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 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.
US oil and gas M&A activity increased 57% in the last year due to industry consolidation
The report said that the dealmaking activity in oil and gas increased by 57% in 2017 as companies boosted their development spending due to higher cash flow from previous years' profits. According to a report by Ernst & Young, the top energy companies spent $49,2 billion on mergers & acquisitions in 2023. This is up from $31,4 billion in 2022. The major factor driving the increase was mega deals between integrated oil and gas firms. EY says that mega-deals will continue to drive M&A activity this year and through 2025. Exploration and development costs grew by 28% last year to $93.1 billion.
Yesterday’s or Tomorrow’s Offshore Energy: Which to Pick?
Looking back, it is easy to wonder if one could have done better by taking the other fork in the road. I grew up in Holland in a maritime family and am pretty sure I would have stuck with maritime there. In 1968, when I was 8 years old, my father left Holland America Line and joined the United States Salvage Association. At the same time, their main customer, the U.S. marine insurance industry, became heavily involved in the development of North Sea offshore oil and gas, and it resulted in an economic boom that made USSA’s Rotterdam office wildly profitable.
