TechnipFMC has been named the winner of this year’s National Offshore Industries Association’s ESG Excellence Award.
For the next decade, Latin America is likely to maintain its predominant role in the oil sector. Unlike past years, it can now count on Venezuela’s return to international markets, as the Biden administration has decided to lift the sanctions in force since 2019. This decision is mainly conditioned on the holding of transparent and democratic elections by 2024. This agreement will allow Venezuela to exploit its immense resources, represented by 303 billion barrels and over 5 billion of cubic feet of natural gas, ranking as the largest reserve in the world. Major international companies are already looking to seize this opportunity, including Eni and Repsol, which are currently finalizing the details of a contract with Petróleos de Venezuela Sa (Pdvsa), the state-owned company. As reported by Bloomberg, negotiations are at an advanced stage, and an agreement is expected to be reached by the end of the month.
Amaja Oilfield Limited in Conjunction with Amaja Tubular Services Limited, a joint venture between Tenaris and Amaja, has renovated Axim Road Key Primary School in the Sekondi- Takoradi Metropolis.
Yinson Ghana recently won the ‘Most Outstanding CSR Company’ award at the inaugural 2023 Local Content Conference and Exhibition ‘Awards Night’. The recognition is part of the Petroleum Commission’s effort to celebrate the achievements and contributions made by Upstream Petroleum Companies towards the Development of Local Content in Ghana. The Petroleum Commission regulates, manages and coordinates upstream petroleum activities and other support services in the petroleum sector.
The African Group of Negotiators on Climate Change (AGN), has assured the African civil society of its commitment to protecting Africa’s interests in the newly operationalized Loss and Damage Fund.
Brazil’s decision to join OPEC+ could have a seismic effect on the global oil production landscape, although it remains to be seen if the country will alter its production.
Brazil’s oil boom poses a significant threat to the ability of OPEC+ to control oil prices, and recent investments from Petrobras suggest the boom won’t end any time soon.
As well as Brazil, OPEC+ continued to face challenges from rising U.S. oil output and threats of increased production from non-consortium member Guyana.
TotalEnergies has received government approval for drilling in South Africa’s Orange Basin, a key part of the company’s plans in the country.
Environmental groups have been resisting TotalEnergies’ efforts due to concerns about the impact on marine life and the risk of oil spills.
TotalEnergies has strategically shifted its focus in the country from downstream activities and is now fully focused on its upstream operations.
IEA: Russia’s oil revenues dropped in November.
IEA: Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion.
Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.
Acquisitions have essentially become the only option for producers that want to grow in the hydrocarbon-rich Permian basin.
Oxy’s acquisition of CrownRock cements an absolute banner year in Permian acquisitions and divestments spending.
Many analysts seem to expect that the consolidation drive will continue next year as well, suggesting that even the end of 2024 could see a lot fewer operators in the star play of the U.S. shale patch.
On 9 December, people across the country united in local actions against oil and gas exploration and drilling off South Africa’s coastline. Multinational corporations – including Shell, QatarEnergy, Total Energies and contractors such as CGG and Searcher Seismic – are amongst the focal points of this latest public outrage. According to Liziwe McDaid, Strategic Lead at The Green Connection (one of the civil society organisations that got in on the action), “Recent decisions by government to authorise seismic surveys in the Algoa/Outeniqua Basin off the Southeast Coast of South Africa and also off the West Coast, in addition to decision to reject the environmental appeal against oil and gas exploration, from Gansbaai on the South Coast to Doring Baai on the West Coast, has been the catalyst for these actions.”