Block 3/24 covers 545 square kilometres and contains five oil and gas discoveries – Cefo, Goulongo, Kuma, Palanca North East and Quissama – as well as the previously developed Canuku field cluster, which has produced up to 12,000 bopd.
Eni-BP joint venture Azule Energy will invest $5 billion in Angola over the next five years and drill 18 wells, with two-thirds operated by the company, according to a Reuters report on Wednesday. The spending is comparable to Azule’s outlays since the JV launched in 2022 and centers on sustaining output from core offshore assets.
The three brands of gasoline sold by Shell in the country are unavailable at some locations until further notice, according to a statement on its website. The company – which accounts for a small part of Indonesia’s market – is coordinating with the country’s Energy Ministry to ensure fuel availability, it said.
“The BUG legislation has been a significant initiative undertaken by the government, which allows for gas volumes to be sold into the market during the exploration and appraisal phase of the project life. Gas that would have historically been flared on site will now be delivered into the local Northern Territory gas market, delivering much-needed energy security to the market that is predominantly powered by gas. It will also deliver accelerated royalties to the NTG and Native Title Holders”, he said.
“The development of the project mainly leverages the adjacent existing facilities of the Wenchang Oilfields, with addition of a new jacket platform integrating functions such as oil and gas production, offshore drilling and completion operations as well as personnel accommodation”, CNOOC Ltd, the sole developer, said in a statement on its website. It plans to develop 15 wells.
“Our growing LNG exposure, combined with the unique attributes that have made EQT the supplier of choice for end users of natural gas domestically – our low-cost structure, unmatched scale and resource depth, investment grade balance sheet, and peer leading emissions profile – position the company to expand its market reach and become the supplier of choice for end users of natural gas worldwide,” EQT chief executive Toby Rice said in comments on the deal.
Exxon has been increasingly vocal in its criticism of European Union energy policies. In its latest Global Outlook, the supermajor dedicated a special section to Europe, calling it “Lessons from Europe” and detailing the EU’s path from a competitive business region to a place notorious for its red tape and energy prices, plus a disgruntled population.
The Guyanese government has used the windfall from oil sales to build infrastructure, schools, and hospitals but many in Guyana still live in poverty. As oil production grows, however, so should income to invest in more public services and reducing poverty levels.
ConocoPhillips will reduce its workforce by 20–25% as part of a broad reorganization announced to employees this week, according to a new Reuters report. The company said reductions will occur across functions and geographies, with further details to be shared directly with staff through internal briefings.
Abdulrahman Al Khannah, group CEO of Beyout Holding, talks to The Energy Year about deploying HR and real estate services synergically and the important contribution of private holding companies to Kuwait’s economic growth and diversification. Beyout Holding is a Kuwaiti-based group engaged in HR, logistics and real estate asset management.