Shell (SHEL.L), opens new tab will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country’s efforts to become a crude producer.
Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia “cannot currently be confirmed for commercial development.”
Africa’s oil and gas industry is facing increasing opposition from environmental groups and financial institutions seeking to undermine its potential, says the African Energy Chamber (AEC).
The plenary deliberations saw extensive discussions on the nominees’ competence and plans for addressing national challenges.
The report revealed a significant increase in oil revenue and a substantial boost to funding allocations as growth in investments in Ghana’s petroleum funds reached $1.4 billion.
Edward Bawa, in his first official statement since assuming office outlined a vision centered on fostering stronger collaborations with industry partners to attract increased investments and drive growth in the petroleum sector.
The U.S. supermajors, ExxonMobil and Chevron, continue with their plans to make the most of their priority oil and gas assets and projects and grow cash flows despite the changing geopolitical scene.
One thing will have become extremely clear to Saudi Arabia’s Crown Prince Mohammed bin Salman in the lead-up to Donald Trump beginning his second stint as U.S. President.
This means markets are entering a second year where investments are to remain somewhat flat, and this is now starting to impact not only short-cycle budgets but also longer-cycle budgets, such as offshore and midstream, putting a toll on all service market categories.
On his first day in office, President Donald Trump signed several executive orders aimed at reshaping the United States’ energy landscape. These orders mark the beginning of his administration’s efforts to increase energy independence and stimulate economic growth.
Oil declined amid risk-off sentiment in wider markets and a solidifying consensus that the Trump administration’s trade and foreign policy will rely more heavily on tariffs than on supply-constricting sanctions.