Canadian Natural Resources Ltd., Imperial Oil Ltd. and others are extending maintenance cycles to two-years from one, which saves on capital expenditure, increases output and effectively offsets declining profits from crude prices that have fallen 11% in the past year. Suncor Energy Inc., meanwhile, completed a major coke-drum replacement at its Base Plant more than 3 weeks faster than planned, allowing the company to cut capex guidance by C$400 million in 2025
Portugal’s Galp Energia, the company that reported positive indications of hydrocarbons from an exploration well in Namibia’s Orange Basin, says it has invested more than N$7,2 billion towards upstream projects, including an exploration campaign in Namibia during 2023.
The costs of decommissioning oil and gas platforms in the UK’s North Sea could overtake capital expenditure in the industry by 2040, a new report from Offshore Energies UK has suggested.
Tullow Oil has forecast a capital expenditure (CAPEX) of c.$400Million in three African countries 2023.
Between 2014 and last year, upstream petroleum industry capital expenditure (CAPEX) dipped to $6 billion from $27 billion. Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, in an interview with The Nation, said there had been a 74 per cent decline in CAPEX. The commission, he said, realised the negative impact of underinvestment […]