Oil and Gas Industry

Africa Oil Completes Reorganization

Oil & Gas‚ Oil and Gas Industry | intent | March 20, 2025 | Comment off

All current production by Vancouver, Canada-based Africa Oil, which explores and develops oil and gas in Africa, comes from Prime. Netherlands-registered Prime holds stakes offshore Nigeria.

“There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors”, Africa Oil president and chief executive Roger Tucker said in an online statement.

READ MORE

Rystad’s Head of Geopolitical Analysis Looks at Limited Ceasefire

Oil & Gas‚ Oil and Gas Industry | intent | March 20, 2025 | Comment off

In a breaking news market update sent to Rigzone last week by the Rystad team, León said the energy market implications of a Ukraine-Russia ceasefire could be huge. He highlighted in that update, however, that it is “still early in the process”.

In a market analysis sent to Rigzone this morning, Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade, said gold prices “hit another record high as heightened geopolitical tensions increased safe-haven demand”.

READ MORE

Nigeria’s Mega Refinery Halts Petroleum Sales in Naira

Oil & Gas‚ Oil and Gas Industry | intent | March 20, 2025 | Comment off

Last year, Nigeria’s beleaguered energy sector witnessed a very significant event after the Dangote Oil Refinery began producing gasoline and selling it domestically to NNPC, marking the first time in decades Africa’s largest oil producer is refining its own crude. The state-of-the-art $20.5 billion refinery was launched in January 2024, but only began producing gasoline in September. The giant refinery has a capacity to process 650,000 barrels of crude per day, considerably bigger than any refinery in Europe and more than enough for Nigeria’s needs. To sweeten the deal further, the facility has been buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the U.S. dollar.

READ MORE

Macquarie Strategists Forecast USA Crude Inventory Drop

Oil & Gas‚ Oil and Gas Industry | intent | March 19, 2025 | Comment off

n its latest weekly petroleum status report at the time of writing, which was released on March 12 and included data for the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, increased by 1.4 million barrels from the week ending February 28 to the week ending March 7.

READ MORE

Woodside Relinquishes Option to Take Majority Stake in Orange Basin Block

Oil & Gas‚ Oil and Gas Industry | intent | March 19, 2025 | Comment off

“Pancontinental has prudently prepared for the possibility that Woodside may elect not to farm into PEL 87 and a process is already underway to secure an alternate farmin partner to fund exploration drilling within PEL 87 at the earliest opportunity”, Pancontinental said. “The Company has received third party interest and, given the Company’s low quarterly cash burn, remains well funded to progress the farmout process (31 December 2024 cash balance $3.6 million)”.

READ MORE

APA Hits Oil Discovery on Alaskan North Slope

Oil & Gas‚ Oil and Gas Industry | intent | March 19, 2025 | Comment off

“Pipeline installation is progressing well and set to be completed in two winter seasons, putting us in a good position to pursue acceleration to first oil around the end of 2025”, said Bruce Dingeman, Santos president for Alaska. “This will be dependent on logistics and weather allowing for the mobilization of key production models by barge up the Hay River. Until we have more certainty, guidance remains unchanged with first oil in mid-2026”.

READ MORE

OPAL Fuels Posts Higher Annual Revenue

Oil & Gas‚ Oil and Gas Industry | intent | March 19, 2025 | Comment off

The company said it has begun operations at three landfill renewable natural gas (RNG) projects: Prince William, Sapphire, and Polk, which have a total annual design capacity of 3.6 million British thermal units (MMBtu). This brings the annual design capacity of OPAL Fuels’ operational RNG projects to 8.8 MMBtu by the end of 2024. When including projects that are currently under construction, the total annual design capacity rises to 11.4 MMBtu.

READ MORE

Sembcorp Is Said to Conduct Strategic Review of Business

Oil & Gas‚ Oil and Gas Industry | intent | March 19, 2025 | Comment off

Past restructurings include Covid-hit Sembcorp Marine’s demerger in 2020. Sembcorp Industries’ chief executive officer at the time said the move would help it focus on the energy and urban sectors. Sembcorp Industries also completed divestments in Chile, China and Panama that year. In 2024, it announced the sale of Sembcorp Environment Pte for S$405 million.

READ MORE