It is not surprising that profits in 2023 at Saudi Arabia’s flagship company Saudi Aramco were lower than in 2022. After all, the average price per barrel of the Brent crude oil benchmark dropped just over 18% over the year – from US$100.93 to US$82.49.
(MENAFN) Eni, the Italian energy giant, in collaboration with state-run Petroci International, has announced a groundbreaking discovery of a major oilfield off the coast of Côte d’Ivoire. Named Calao, the site represents a significant addition to the country’s oil reserves, second only to the Baleine field discovered by Eni in September 2021. Exploratory drilling revealed the presence of light oil, gas, and condensates across various intervals of Cenomanian age, characterized by promising permeability values.
The Principal Secretary State Department for Petroleum Mohamed Liban has lauded the pivotal role played by the Geographical Information System tool (GIS) in addressing the challenges encountered during the exploration of natural resources.
International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources.
Modera Wealth Management LLC lifted its stake in shares of Occidental Petroleum Co. (NYSE:OXY – Free Report) by 6.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,470 shares of the oil and gas producer’s stock after purchasing an additional 788 shares during the quarter. Modera Wealth Management LLC’s holdings in Occidental Petroleum were worth $809,000 as of its most recent filing with the Securities and Exchange Commiss
The Romanian government will neither adopt its National Integrated Energy and Climate Change Plan before the expected 30 June deadline nor will the country meet the EU’s renewable energy targets, an energy ministry official said on Thursday.
Sintana Energy has provided an update regarding the ongoing exploration campaign on Blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions.
Subsea7 has secured what it describes as a “large” contract with Woodside Energy to deliver subsea installation services for a deepwater oil project in the Gulf of Mexico.
Azerbaijan saved the EU from the energy crisis, former Deputy Prime Minister of Romania Ana Birchall said at the XI Global Baku Forum, Azernews reports.
“As we approach the election in the European Union, it’s fair to remind my colleagues and friends from the EU that during the energy crisis, President Ilham Aliyev actually helped our region,” she noted.
Kenya on the Brink of a Petroleum Boom
Kenya’s prospects for establishing itself as a commercial oil producer have received a significant boost thanks to the energy firm Tullow’s latest commitment. Tullow has put a spotlight on the nation by identifying its oil project as a leading area for the company’s growth. The managing director of Tullow Kenya BV, Madhan Srinivasan, announced in March 2023 that an updated Field Development Plan (FDP) is underway. This ambitious strategy seeks to unlock 470 million barrels of oil equivalent (mmboe) and aims for a production zenith of 120 thousand barrels daily.