Crude oil prices were set for a weekly gain after a string of losses on the news of a trade war ceasefire between the U.S. and China, which sparked hopes the two would come to a mutually beneficial understanding that would end the tariff spat.
Valeura Energy has sanctioned a USD 120-million plan to redevelop the Wassana field offshore Thailand, the company said on Wednesday.
The project will target increased output and extended field life through a new central processing platform, replacing the ageing MOPU facility.
Perenco T&T has discovered “significant” gas reserves at the Onyx field offshore Trinidad and Tobago, the company said on Thursday.
The find was made through successful drilling of a well and sidetrack in the eastern portion of the Onyx field, located in 55 metres of water between the Poui and Teak fields.
Eni has signed an exclusivity agreement with Ares Alternative Credit Management for the potential sale of a 20% stake in its renewables subsidiary Plenitude, Eni announced on Thursday.
Oil fell for a second day after President Donald Trump said the US and Iran are getting closer to a deal regarding Tehran’s nuclear program, a move that could unleash more supplies onto a market that is rapidly approaching a glut.
Eni SpA has put onstream the Merakes East field in the offshore part of the Kutei Basin in Indonesia, expecting net natural gas production of 100 million standard cubic feet a day (MMscfd) or about 18,000 barrels of oil equivalent per day (boed).
Libya’s latest upstream licensing round has already attracted more than 40 applicants, a signal of the country’s re-entry into the global energy arena and growing interest in its largely untapped hydrocarbon potential. This update was shared by Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, during a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris on Wednesday.
China Petroleum & Chemical Corporation (Sinopec) has announced a major shale gas exploration breakthrough of its Project Deep Earth – Sichuan and Chongqing Natural Gas Base. The vertical depth of the well reaches over 5,300 m with a 1,312-m-long horizontal section, setting a new record for vertical depth of shale gas wells in China.
Perenco has announced a successful drilling operation for its Onyx well, encountering significant columns of natural gas in two separate geological compartments. The Onyx field is an undeveloped gas discovery located within the TSP license, offshore Trinidad.
The producer aims to reach oil output of 2.4 million barrels a day after dropping to less than half of that level in 2022. Nigeria has taken measures to reduce vandalism and improve regulations, as oil majors have divested from onshore and shallow water fields due to security concerns. Local independent companies are expected to raise output as assets are transferred from recent sales.