Rystad: global recoverable oil reserves held largely steady at around 1,500 billion barrels.
The largest downward revisions are seen in Saudi Arabia, where development priorities have shifted from offshore capacity expansions to onshore infill drilling.
Rystad puts OPEC oil reserves well below its officially reported oil reserves of 1,125 billion barrels.
Venezuela has granted two Chinese companies, Anhui Erhuan Petroleum Group and Kerui Petroleum, oil production contracts in the Acema, Oritupano-Leona and Mata fields and in the Ayacucho 2 block in the Orinoco Belt, sources related to the negotiations said July 25.
Subsea7 has issued updates on its offshore oil and gas and wind projects in its latest results statement.
ExxonMobil Guyana is moving forward with plans to develop its seventh oil project in the country, targeting the Hammerhead field in the Stabroek Block. The Environmental Protection Agency (EPA) has begun reviewing ExxonMobil’s application for this new venture.
The government has raised the budget allocation for the extractive sector by 92% to Shs961 billion for this financial year
Europa Oil & Gas (Holdings) PLC has revised up the estimate for unrisked prospective resources in the EG08 block offshore Equatorial Guinea to 2.1 trillion cubic feet equivalent (Tcfe).
The Ghana Upstream Petroleum Chamber is a non-profit upstream petroleum organisation which aims to achieve long term success of the upstream petroleum industry in Ghana.