Tullow Oil has provided an update in its Trading Report released on November 29, 2024, revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA).
The state-backed oil and gas exploration and production company expects the project to reach about 17,000 barrels of oil equivalent a day (boed) in peak production in 2027. The oil portion is heavy crude, according to a statement on CNOOC Ltd.’s website.
DNO ASA announced Monday an oil and gas discovery in an area of the Norwegian North Sea that it said has attracted little exploration interest, putting the size between 27 million barrels of oil equivalent (MMboe) and 57 MMboe.
The project is located in the Pearl River Mouth Basin, with an average water depth of approximately 110 meters. The main production facilities include a new intelligent drilling production platform, as well as the adaptively modified “NAN HAI FEN JIN” FPSO. A total of 19 development wells are planned to be commissioned, including 2 oil production wells and 17 gas production wells. The project is expected to achieve a peak production of approximately 20,600 boed in 2027. The main products include light crude and natural gas.
In mid-April 2024, the FSRU Toscana was successfully towed with the support of two tugs, to the port of Genoa, Italy, where it began the first phase of an ‘extraordinary maintenance intervention’ campaign. The FSRU Toscana was subsequently towed to the port of Marseille, France, where maintenance was completed. The FSRU has recently been towed to its site offshore Livorno, Italy, where it resumed commercial operations at the end of November 2024.
Under the terms of the agreement signed on the sidelines of the African Energy Week last month, JE Energy Limited, which has been awarded contracts to lift and market crude oil from Guyana, shall utilize the two-year facility to finance the purchase and sale of crude oil from Guyana’s Ministry of Natural Resources for onward sale to reputable international offtakers.
Europe is depleting its natural gas reserves at the fastest rate in six years as still winter weather and low temperatures combine to challenge the continent’s transition away from hydrocarbons—and delay it.
Hedge funds and other portfolio managers have been slashing their bearish bets on the European ICE gasoil futures amid falling temperatures and rising natural gas prices in Europe.
These plants only started buying Iranian crude this year after receiving guidance from the US State Department that sanctions wouldn’t be enforced by the Biden administration, according to a note from the industry consultant, which didn’t name the refiners
Europe’s gas inventories have depleted at the fastest rate for eight years, as the region has experienced repeated bouts of colder-than-normal temperatures and low wind speeds since the start of the winter heating season.