President Jennifer Geerlings-Simons said in an interview she wants to find a way to push back debt payments until after the administration receives revenue from oil production in 2028, which may involve calling back the existing 2033 bond. She’s also considering a new program with the International Monetary Fund that would focus on strengthening institutions rather than austerity measures that she said harmed the economy in the past.
Africa’s upstream oil and gas sector is showing strong momentum as regulatory reforms in key markets improve investor confidence and unlock new capital. Industry leaders emphasize that stable and transparent frameworks are proving critical to sustaining exploration and production growth across the continent.
The meeting, which included a quarterly business update by Tullow to the President, outlined Ian’s key priorities – refinancing Tullow’s capital structure, production optimisation activities and resolution of ongoing tax disputes.
The Italian government has decided to approve the merger plan, on the condition that Saipem, in which the state holds nearly 13%, gives priority to Italy’s energy infrastructure and keeps all activities considered strategic in Italy, MF reported today, citing a government decision from last week.
Last month, oil output in Western Europe’s biggest crude and natural gas producer averaged 1.924 million barrels per day (bpd), up by 7.1% compared to the directorate’s forecast, as new fields are ramping up output. Natural gas production offshore Norway topped projections by 1.2%, the regulator said.
The expansion includes two liquefaction trains, an LNG storage tank and related infrastructure, with commercial operation of the trains expected to begin in 2030 and 2031. The project’s capital expenditure is estimated at USD 12 billion, with an additional USD 2 billion allocated for shared common facilities.
The campaign begins with a vertical well targeting producing carbonate reservoirs and deeper stacked clastic and basement formations at around 3,000 meters. Drilling and evaluation of the well are expected to conclude in October 2025. Results will guide a 12-well horizontal program, with each well forecast to produce 13–20 MMcf/d at a cost of roughly $3.3 million once the drilling learning curve is achieved.
RESMAN’s proprietary tracer technologies, already in use across oil, gas, CO₂ storage, and geothermal projects, allow operators to track fluid movement in reservoirs with precision down to parts per trillion. These insights enable faster interventions, extended well life, and optimized recovery while minimizing operational disruptions.
Snohvit, the first hydrocarbon development in the Barents Sea according to Equinor, has been producing since 2007. The Snohvit Future project, approved 2023, involves onshore compression to ensure the flow of gas and electrification to curb emissions. Equinor expects the onshore compression component to be completed 2028. From 2030, Snovhit is expected to shift to electrified operation.
Trump, fresh from a state visit to the UK, warned that excessive taxation and regulatory hurdles have all but shut down new North Sea development. “There’s tremendous oil that hasn’t been found in the North Sea,” he said. “They essentially closed it by making it so highly taxed that no developer, no oil company, can go there.”