The Directorate reported that the Slagugle oil discovery, proven in 2020, holds an estimated 4.9 to 9.8 million standard cubic meters of oil equivalent (approximately 30.8 to 61.6 million barrels of oil equivalent) in Triassic reservoir rocks. Additional potential volumes exist in the lower Are Formation and Upper Grey Beds. Licensees will now analyze the data to assess a possible development.
Shell Plc Chief Executive Officer Wael Sawan warned Thursday of a “huge impact” on global trade if the conflict were to result in a blockage of the Strait of Hormuz, a narrow waterway between Iran and Oman through which about a fifth of the world’s oil passes. Shell has contingency plans in place in the event that the situation deteriorates, Sawan said at the Japan Energy Summit & Exhibition in Tokyo.
Halliburton Landmark’s scalable earth modeling and ensemble workflows are a significant evolution from traditional grid-based modeling and deterministic reservoir forecasting. These technologies are intended to enable Petronas exploration and asset teams to collaborate in real time using a unified live earth model, with the aim of achieving more accurate reserve estimations through ensemble modeling.
“The government recognizes the complexities and high costs associated with the development of the Venus oil field by TotalEnergies,” Kornelia Shilunga, special adviser and head of upstream petroleum unit in the Namibian Presidency, said in a reply to questions.
“This contract reinforces SBM Offshore’s long-term strategic partnership with TotalEnergies and marks a significant milestone as SBM Offshore becomes the first FPSO operator in Suriname,” SBM stated in a news release on Thursday. “It is a testimony to SBM Offshore’s focus on excellence throughout the entire project’s lifecycle, from the allocation of our eighth Fast4Ward® MPF hull to our extensive experience in asset management supporting TotalEnergies’ operations.”
Afentra and M&P will each acquire 50% of Etu Energias’ 10% non-operated interest in Block 3/05 and 13.33% non-operated interest in Block 3/05A. The buyers will each pay an initial consideration of USD 23 million, consisting of USD 22 million for Block 3/05 and USD 1 million for Block 3/05A.
Meanwhile, one of the funders of the project, the UK government, was earlier this year reported to be looking for a way to get out of its investment commitment, in line with its net-zero policies. Earlier this week, the Financial Times reported that the UK Export Finance agency had commissioned a human right review for the project on allegations of abuse, made by Mozambican soldiers that were deployed to protect the facility.
White House Press Secretary Karoline Leavitt read a statement from President Trump saying he’s weighing his options based on the potential for diplomacy with Tehran. The President’s position amounts to maybe peace, maybe war, maybe nothing. In the meantime, Israel has already escalated, bombing Iranian nuclear sites Thursday, and Iran has fired back with drones and missiles following a deadly strike on an Israeli.
Thursday’s failure delayed more than a test flight. It stalls development of key energy infrastructure. Designing in-situ resource utilization on Mars using local CO? and water to produce methane demands gigawatt-scale power systems, including solar farms or nuclear reactors. The explosion sharpens focus on terrestrial fueling networks—from methane processing hubs to cryogenic pipelines at SpaceX’s Starbase in Texas.
Geopolitics could move Brent crude higher by around $10 per barrel, Goldman Sachs has estimated, from a starting point in the mid-$70s. However, the bank admitted oil could top $90 in case of Iranian supply disruption.