While total reserves declined slightly year-on-year, the report highlights a significant 31% increase in prospective resources, now estimated at 4.6 Bboe, largely due to new opportunities identified under the 33rd Offshore Licensing Round. The UK also holds an estimated 6.2 Bboe in contingent resources, representing discovered but undeveloped petroleum that could be matured through new investment and field development activity.
The group, which specializes in extracting crude from mature oil fields, derives most of its production from the central region of Africa, with operations spanning more than a dozen countries globally. Its output is many times bigger than listed companies such as Tullow Oil Plc and Kosmos Energy Ltd., which also focus on the continent.
The UK slapped sanctions on Russia’s biggest oil producers and two Chinese energy firms that deal with Moscow as London seeks to intensify pressure on the Kremlin over the war in Ukraine.
Halliburton has been awarded multiple deepwater contracts by Petrobras to deliver vessel stimulation, intelligent completions, and safety valve systems across key offshore fields in Brazil, following a competitive tender process.
Offshore services provider DeepOcean has expanded its operational capabilities across the offshore renewables and oil and gas sectors through a new time charter agreement for the multipurpose support vessel (MPSV) Glomar Supporter.
Ghana’s oil production has been on a steady decline since peaking in 2019, raising serious concerns about the country’s future petroleum revenue and energy sustainability, according to the Head of the Public Interest and Accountability Committee (PIAC) Secretariat, Isaac Dwamena.
HI also supports Shell’s plan announced on Capital Market Day 2025 to start up upstream and integrated gas projects with a total capacity of one million barrels of oil equivalent per day between 2025 and 2030. It also contributes to the company’s target to grow top line production across its upstream and integrated gas business by one percent per year through the end of the decade, Shell said.
The Petroleum Ministry laid out the plan this week, revealing that 101 wells are already slated for 2026, spread across Egypt’s main producing regions. The announcement didn’t specify where all that capital is coming from—never a minor detail—but the country has been cozying up to the majors again, signing new exploration deals with BP (BP.L) and Eni (ENI.MI) to scour the Mediterranean for the next Zohr-sized win.
The technology, which was jointly developed by researchers at KAUST and Aramco, merges aerial and terrestrial robotic capabilities for industrial inspection and monitoring applications. Through the agreement, Aramco will be able to further develop and deploy the HUCT across its operations.
H.E. Jamal Essa Al Loughani, Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), talks to The Energy Year about energy security, diversification of petrochemicals output and trade flows and the organisation’s growing emphasis on sustainable technologies. OAPEC is the Kuwait-based intergovernmental organisation that co-ordinates energy policy among Arab oil-producing countries.