NewMed Energy’s initial investment consists of EUR 50 million for the next exploration well to be drilled in the block’s Vinekh prospect. This well would be followed by another drilling on either an exploration well in another prospect or an appraisal well in Vinekh in the case of discovery in this prospect. NewMed Energy has agreed to invest a further EUR 50 million in the second well.
All current production by Vancouver, Canada-based Africa Oil, which explores and develops oil and gas in Africa, comes from Prime. Netherlands-registered Prime holds stakes offshore Nigeria.
“There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors”, Africa Oil president and chief executive Roger Tucker said in an online statement.
In a breaking news market update sent to Rigzone last week by the Rystad team, León said the energy market implications of a Ukraine-Russia ceasefire could be huge. He highlighted in that update, however, that it is “still early in the process”.
In a market analysis sent to Rigzone this morning, Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade, said gold prices “hit another record high as heightened geopolitical tensions increased safe-haven demand”.
Last year, Nigeria’s beleaguered energy sector witnessed a very significant event after the Dangote Oil Refinery began producing gasoline and selling it domestically to NNPC, marking the first time in decades Africa’s largest oil producer is refining its own crude. The state-of-the-art $20.5 billion refinery was launched in January 2024, but only began producing gasoline in September. The giant refinery has a capacity to process 650,000 barrels of crude per day, considerably bigger than any refinery in Europe and more than enough for Nigeria’s needs. To sweeten the deal further, the facility has been buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the U.S. dollar.
n its latest weekly petroleum status report at the time of writing, which was released on March 12 and included data for the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, increased by 1.4 million barrels from the week ending February 28 to the week ending March 7.
“Pancontinental has prudently prepared for the possibility that Woodside may elect not to farm into PEL 87 and a process is already underway to secure an alternate farmin partner to fund exploration drilling within PEL 87 at the earliest opportunity”, Pancontinental said. “The Company has received third party interest and, given the Company’s low quarterly cash burn, remains well funded to progress the farmout process (31 December 2024 cash balance $3.6 million)”.
More recently, the Heritage Foundation’s Project 2025 called for scrapping the agency, which has a budget of $460 million. ARPA-E also appeared on a list of programs being scrutinized by the White House Office of Management and Budget as President Donald Trump and billionaire Elon Musk seek to shrink the US government.
“Crude has been pricing in only a minimal geopolitical risk premium as tensions between Israel and Hamas resurface,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Most traders view the premiums as selling opportunities, positioning for inventory builds later in the year and increasing macroeconomic risks.”
“Pipeline installation is progressing well and set to be completed in two winter seasons, putting us in a good position to pursue acceleration to first oil around the end of 2025”, said Bruce Dingeman, Santos president for Alaska. “This will be dependent on logistics and weather allowing for the mobilization of key production models by barge up the Hay River. Until we have more certainty, guidance remains unchanged with first oil in mid-2026”.
The company said it has begun operations at three landfill renewable natural gas (RNG) projects: Prince William, Sapphire, and Polk, which have a total annual design capacity of 3.6 million British thermal units (MMBtu). This brings the annual design capacity of OPAL Fuels’ operational RNG projects to 8.8 MMBtu by the end of 2024. When including projects that are currently under construction, the total annual design capacity rises to 11.4 MMBtu.