OSLO, Dec 13 (Reuters) – Oil and gas companies operating in Norway are expected to invest 240 billion Norwegian crowns ($21.85 billion) in 2024, up from 220.5 billion in 2023, and more than previously expected, an industry group said on Wednesday.
LAGOS/LONDON, Jan 29 (Reuters) – Shell’s exit from Nigeria’s onshore oil sector highlights risks oil majors face in Africa’s biggest exporter but has raised hopes that local firms could reverse the output decline from the Niger Delta, industry officials and analysts said.
Shell – which pioneered Nigeria’s oil industry – is the most prominent Western company to exit the Delta, a region blighted by pollution, oil theft and pipeline vandalism. Those issues have for years stymied investment – and throttled production and government finances.
Equinor’s 10-year, €50 billion gas supply agreement with SEFE addresses 33% of Germany’s current industrial demand.
The deal includes an option for a 5-year extension and Equinor also signed a non-binding letter of intent for long-term low-carbon hydrogen supply starting in 2029.
The partnership aims to accelerate the hydrogen economy, with SEFE expected to become a major off-taker of low-carbon hydrogen from Equinor in the future.
Equinor, Exxon Mobil, Shell, and other oil majors have sold or are planning to sell their Nigerian assets to local companies.
The divestment trend, which has accelerated in recent years, is attributed to concerns over security in the Niger Delta and a global push towards cleaner energy.
Critics argue that these divestments may not lead to better environmental practices, as local companies taking over might have less stringent emissions controls.
Azule Energy – an incorporated Joint Venture between oil and gas supermajors Eni and bp – and international energy company Equinor have signed a Production Sharing Agreement (PSA) with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) for Block 31/21, offshore Angola.
Equinor has again made an oil and gas discovery near the Troll field in the North Sea. This is Equinor’s eighth discovery in the area since 2019.
Norwegian major acquires Wellesley Petroleum’s interests in Troll, Fram and Kvitebjorn area of the Norwegian North Sea
Aker Solutions has secured an engineering, procurement and construction (EPC) contract from Altera Infrastructure for the complete upgrade of a floating production storage and offloading vessel (FPSO) to be redeployed at an Equinor-operated oil and gas field offshore UK.