Energy is a key catalyst for economic growth and improved quality of life worldwide, and Africa is no exception. Higher energy consumption is often linked to greater national prosperity, making access to energy essential for a country’s success.
Shell plans to scale back its oil and gas exploration and development workforce by 20 per cent as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said.
Investments in the offshore sector are on the rise and are seen growing about 5% both this year and next, according to a recent report by Espen Erlingsen, Rystad Energy’s head of upstream research.
Angola serves as sub-Saharan Africa’s second largest oil producing country, boasting an estimated 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of natural gas. As such, the country anticipates an investment pipeline of up to $60 billion over the next five years, largely directed towards exploration and production. An Angola Oil&Gas (AOG) fireside chat will offer exclusive insights into the country’s strategic vision, investment opportunities and future prospects in the oil and gas sector.
Libya’s oilfield closures have intensified with production at the Sarir field nearly coming to a standstill, according to two field engineers. This development is part of an escalating political conflict over control of the Central Bank of Libya (CBL) and the nation’s oil revenues.
Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana, has announced completion of a farm down of a 13.75% participating interest in Block 3B/4B offshore the Republic of South Africa and transfer of operatorship of the Block after receipt of the requisite regulatory approvals from the government of South Africa. Eco now holds a 6.25% interest in Block 3B/4B.
More than half of total Libya’s oil production has gone offline as the Arab country’s exports were suspended due to a political standoff between rival factions, threatening four years of relative peace.
Ghana’s recent groundbreaking ceremony for the construction of a $12 billion petroleum hub in Jomoro marks a pivotal moment in the country’s economic trajectory.
BP and EOG Resources have reached a final investment decision on the Coconut gasfield offshore Trinidad and Tobago, BP said earlier this week.
A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector.
But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices rallied on Monday on the Libyan reports, but had already surrendered much of these gains during the Tuesday session.