Schlumberger Ltd. (SLB) and Nigeria National Petroleum Corp. Ltd. (NNPC) have signed a cooperation agreement that commits SLB to helping provide technical services in Nigeria’s upstream oil and gas sector.
Eni SPA has finalized its share repurchase program for 2024, earmarking EUR 1.6 billion ($1.7 billion) with an option to raise the package to up to EUR 3.5 billion ($3.8 billion).
Angola plans to maintain oil production at 1.1 million barrels per day (bpd) until 2027, thereafter increasing output to over 2 million bpd to stimulate economic growth. As the linchpin of the economy, Angola’s oil and gas industry has seen aggressive reform since 2017, with the government’s continuous competitive focus guaranteeing attractive fiscal and contractual terms for investors. As such, the African Energy Chamber (AEC) is calling on global E&P companies and technology providers to invest in Angola, as one of Africa’s largest producers and a growing regional production hub.
A three-way race is intensifying for the Guyana offshore oilfield business, which is estimated to contain at least 11 billion barrels of oil and gas, including Exxon Mobil and Chevron, the two largest U.S. oil companies, and Hess, an oil exploration company.
Nigeria, once the sought-after beautiful bride by many oil investment suitors, is facing stiff competition from Namibia and Ivory Coast, who are emerging as the hottest destinations for oil majors in 2024.
South Africa’s purchase of the nation’s largest refinery from Shell Plc and BP Plc for a symbolic rand (five US cents) will transfer the environmental liability of the site to the government, according to a local advocacy group.
Tullow Oil has announced a substantial investment of approximately US$90million over the next decade to support Ghana’s efforts in combatting deforestation and reducing carbon emissions.
National Grid, an energy transmission and distribution company, has unveiled its investment plan for the 2024-29 period, earmarking £60 billion (close to $76.5 billion) for energy projects that will step up its decarbonization game and propel the energy transition momentum forward on both sides of the Atlantic Ocean, encompassing the United States (U.S.) and Western Europe. The biggest slice of this multibillion-dollar investment pie is expected to be spent in the U.S. and the UK.
Luxembourg-domiciled Subsea7 has tucked a new assignment in the UK under its belt, which will enable it to work on the development of a field that will be tied back to an existing floating production, storage, and offloading (FPSO) vessel working in the North Sea.
Colombia is targeting oil productiton of 1 MMbpd by pressuring drillers to step up activity in underused exploration blocs, according to the nation’s top energy official.