“Reaching first LNG at Plaquemines at this pace will enable the United States to remain the top exporter of LNG in the world. Between current and planned facilities, Venture Global is prepared to invest $50 billion in energy projects based in the United States which will create jobs, support local economies, strengthen the balance of trade and unleash much-needed US LNG supply to our allies,” remarked Venture Global CEO and Co-Founder, Mike Sabel.
Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd.
The strongest solar power generation in Germany since September sent intraday power prices in Germany, Belgium, and the Netherlands to below zero for the early Monday afternoon, in yet another spate of negative prices that undermine investment in renewable energy capacity.
China has substantial shale resources, especially in natural gas, but extracting them is a challenge, unlike in the United States, due to the complex geology of the local shale formations.
Last week, the government wrote to Eni and its partner VITOL as well as Springfield to withdraw the Unitisation directive imposed upon them. We spoke to the CEO of the Upstream Petroleum Chamber, David Ampofo about it and other matters of interest to the oil and gas industry.
As part of these efforts, a dedicated “Invest in Ghana” Forum will be held at African Energy Week: Invest in African Energies 2025 in Cape Town, where the AEC will coordinate with the Ministry of Energy and Green Transition, Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority, the Petroleum Commission and private sector players to position Ghana as the go-to destination for oil and gas investments from both G20 and non-G20 countries.
With interest rates at 27 percent and inflation easing to 23.5 percent in January, Asiama said better monetary and fiscal policy-coordination should help cool price pressures as the country puts the economic trauma of its 2022 debt default behind it. Africa’s biggest gold producer had to seek a $3 billion bailout from the International Monetary Fund and restructure its debt after defaulting on its obligations.
“The Proposed Reorganization will position the Company to significantly increase its annual dividend distribution to at least $100 million or approximately $0.15 per share (assuming pro-forma issued and outstanding share count of ~675 million), which is approximately 3x the current annual base distribution of $0.05 per share, subject to customary board approval and consents”, Africa Oil said in its annual report for 2024.
Vår Energi ASA has discovered oil in the Zagato exploration well near the Goliat field in the Barents Sea.
The preliminary estimated gross recoverable resources encountered in the well are between 15 million and 43 million barrels of oil equivalent (MMboe), the company said in a news release.
The discovery comes after the Countach discoveries announced last year, and brings the total gross estimated recoverable resources potentially up to around 100 MMboe, the company said. The discoveries continue to demonstrate the potential of the Goliat Ridge, with estimated gross discovered and prospective recoverable resources increasing to above 200 MMboe, Var Energi added.
The Zagato discovery is located 5 miles (8 kilometers) northeast of the Goliat floating production, storage and offloading unit (FPSO), one of Vår Energi’s core areas on the Norwegian Continental Shelf. The Goliat ridge consists of a series of adjacent fault-bounded prospects next to the Goliat field, according to the release.
The three wells drilled so far on the Goliat ridge, Countach, Countach appraisal and Zagato, have successfully discovered hydrocarbons in separate fault blocks, which significantly de-risks the prospectivity in the undrilled areas, the company said. The good quality reservoirs found in the exploration wells are similar to those in the producing Goliat field, it noted.
Var Energi COO Torger Rød said, “The Zagato discovery reinforces Vår Energi’s position as a leading exploration company on the Norwegian Continental Shelf (NCS). Close proximity to existing infrastructure provides opportunity for a fast track, low emission, cost-efficient development utilizing available capacity at the Goliat FPSO, adding high value barrels. With additional wells being drilled this year, we see an opportunity to unlock significant additional resources as tie-back projects to Goliat. The recent discoveries continue to strengthen Vår Energi’s ability to sustain high value production of 350-400 [thousand barrels of oil equivalent per day] in the longer-term”.
To complete the remaining potential delineation and accelerate the progress to development studies, Var Energi plans to execute a new 3D and a 4D seismic survey during the summer, accompanied by the drilling of two further exploration/appraisal wells starting around the end of the third quarter.
Vår Energi is the operator of the asset with a 65 percent stake, while Equinor owns the remaining 35 percent. The Countach appraisal and Zagato wells are part of the planned two-year drilling campaign in the Barents Sea, a collaboration effort with Equinor targeting both infill production and exploration wells.
In total, Vår Energi plans to drill around 20 exploration wells in the Barents Sea region over a four-year period. After completing work at Zagato, the rig will be used to drill infill wells at the Goliat field before returning to the Goliat Ridge later in the year.
Last month, Vår Energi ASA announced it increased its reserves and resource base to 2.1 billion barrels of oil equivalent (boe).
The reported value was the sum of its proved and probable (2P) reserves and contingent resources (2C), as published in its annual statement of reserves for 2024. As of December 31, 2024, Var Energi’s total 2P reserves were estimated at 1.19 billion boe.
“The strong demand for electricity expected in the coming years, along with the growing challenges related to climate, sovereignty, and affordability are the structural drivers of the energy transition”, ENGIE said in an online statement. “For these reasons, electrification will accelerate and renewable energies will continue to experience significant growth while molecules will remain fundamental to the global energy system.