Zephyr Energy plc announced the results of an updated Competent Person’s Report (CPR) for its Paradox basin assets in Utah, revealing a major upgrade in reserves and resource estimates for the company’s flagship Paradox project. The report, compiled by Sproule-ERCE International Ltd., shows significant progress as the development advances toward full commercial production.
According to Emmanuelle Garinet, VP of Exploration Africa at TotalEnergies, Africa’s frontier basins hold significant volumes. She pointed to Namibia as an example of how seismic and subsurface data can de-risk projects: “When we decided to drill the Venus well, it was frontier, but we had a probability of success of more than 50% because of the seismic data and direct hydrocarbon indicators.”
Mr. Awotwi and Ing. Ohene-Akoto will join the World Energy Leaders’ Dialogue (WELD) alongside several high-level experts and leaders from across the globe to shape conversations for energy security, affordability and sustainability.
Saudi Arabia’s grand Vision 2030 ambitions may be colliding with a colder fiscal reality. Fitch Ratings warned Friday that Riyadh faces rising financial risks as oil prices soften and government spending balloons, threatening the kingdom’s plans for fiscal consolidation.
DeepOcean’s scope of work entails installation work on both the Åsgård and Visund fields on the Norwegian continental shelf. The company will undertake onshore project management, engineering and procurement services, as well as offshore operations, according to a news release.
“Divesting our contract drilling business allows us to sharpen our strategic focus on our upstream operations, where we see significant opportunities to create long-term value,” said Phil Frohlich, Unit’s CEO. “We remain committed to disciplined capital allocation, returning cash to shareholders through our dividend program, and pursuing attractive drilling prospects that complement our existing portfolio.”
Russia, which has previously pushed for restraint in supply boosts, favored an adjustment that would help to defend prices while Saudi Arabia — more mindful of market share — supported a larger addition, a delegate said prior to Sunday’s gathering.
Transocean Ltd. has announced that two of its ultra-deepwater drillships have received exercised contract options totaling $243 million in additional firm backlog.
The American Petroleum Institute (API) issued the following statement from Senior Vice President and General Counsel Ryan Meyers after a federal court ruled that the previous administration’s attempt to permanently ban new oil and natural gas activity across millions of acres of federal waters was unlawful and exceeded the statutory authority of the executive branch.
“This growth will be driven by a major upgrade of our exploration and production services, enhanced execution capacity, and the acquisition of seven brand-new rigs to accelerate and improve production efficiency,” the chief technical officer of Sahara Group’s energy business, Asharami Energy, said at an industry event in Cape Town.