TotalEnergies has decided to withdraw from two oil and gas blocks offshore South Africa, with its partner in one of the blocks QatarEnergy also announcing its exit from the development.
Brazil’s state-run oil firm Petrobras has made a non-binding offer to buy a major stake in Galp Energia’s huge offshore oil discovery in Namibia, Petrobras exploration and production director Sylvia dos Anjos told Reuters on Friday.
Italian energy conglomerate Eni announced on Friday that its adjusted net profit for the second quarter had decreased by 21 percent compared to the previous year. Despite this decline, the company exceeded market expectations due to a stronger-than-anticipated performance in its gas, exploration, and liquefied natural gas (LNG) divisions. For the April-June quarter, Eni reported an adjusted net profit of 1.52 billion euros (USD1.65 billion), down from 1.94 billion euros the previous year. However, this figure was above analysts’ projections of 1.42 billion euros.
The Sentuo Group is investing $980 million in a two million metric ton per annum capacity at its oil refinery in Tema.
Rystad: global recoverable oil reserves held largely steady at around 1,500 billion barrels.
The largest downward revisions are seen in Saudi Arabia, where development priorities have shifted from offshore capacity expansions to onshore infill drilling.
Rystad puts OPEC oil reserves well below its officially reported oil reserves of 1,125 billion barrels.
Venezuela has granted two Chinese companies, Anhui Erhuan Petroleum Group and Kerui Petroleum, oil production contracts in the Acema, Oritupano-Leona and Mata fields and in the Ayacucho 2 block in the Orinoco Belt, sources related to the negotiations said July 25.
Subsea7 has issued updates on its offshore oil and gas and wind projects in its latest results statement.
ExxonMobil Guyana is moving forward with plans to develop its seventh oil project in the country, targeting the Hammerhead field in the Stabroek Block. The Environmental Protection Agency (EPA) has begun reviewing ExxonMobil’s application for this new venture.
The government has raised the budget allocation for the extractive sector by 92% to Shs961 billion for this financial year
Europa Oil & Gas (Holdings) PLC has revised up the estimate for unrisked prospective resources in the EG08 block offshore Equatorial Guinea to 2.1 trillion cubic feet equivalent (Tcfe).