Energy

Macro fundamentals for oil and natural gas remain “strong” even amid near-term commodity price volatility, which should create a healthy outlook for the oilfield services sector in the near and medium term even if most of the projected 2024 growth is internationally weighted, the top executive at oilfield services provider Halliburton said Jan. 23.

What does the pathway to first oil look like for Namibia? Are there any updates on the technical and commercial viabilities of the recent discoveries?

Namibia has been on a roll since 2022, in that nearly every hole that has been drilled in the subsurface has yielded a positive indication of hydrocarbons. Between February 2022 and July 2023, we have had oil discoveries: the Graff-1, Jonker- 1X, La Rona-1 and Lesedi-1X discoveries in PEL 39 by Shell Namibia Upstream BV and its partners, and the Venus-1 discovery in PEL 56 by TotalEnergies EP Namibia and its partners. It has been a journey to get here – we drilled close to 37 dry wells prior to these discoveries. When the results were negative, it was very difficult to make the case to the world that Namibia does have oil and gas accumulation. These discoveries are a testament to both patience and hard work, as well as the potential of the market.

Company plans to pause drilling until 2025 as it prepares for new investment cycle in Ghana and Kenya

In 2024, the global energy landscape continues its dynamic and transformative journey, marked by disruptions, challenges, and opportunities. COP28 concluded the previous year with a groundbreaking agreement to reduce methane emissions, a pivotal step in addressing global environmental concerns.

The oil and gas industry is undergoing its biggest-ever consolidation, according to Enverus.

Upstream merger and acquisition activity hit $144 billion in the fourth quarter alone and $190 billion for 2023, both setting records.

Bids from Exxon Mobil, Chevron, and Occidental Petroleum were among the key deals fueling the record.

The upstream oil and gas sector is consolidating at a record pace, as companies race to secure longevity in the market.

Exploration drilling has confirmed a geothermal resource in the city of Otwock in Poland, and further development is currently under negotiations.