Baker Hughes announced Wednesday a multi-year contract with Dubai Petroleum Establishment (DPE), for and on behalf of Dubai Supply Authority (DUSUP), to provide integrated coiled-tubing drilling services for the company’s Margham Gas storage project.
The project will provide stability to Dubai’s energy supply by strengthening the system’s ability to switch between natural gas and solar power.
In a mere six years, one of South America’s poorest nations, Guyana, has emerged as the world’s newest petrostate. There is speculation that the tiny country of less than one million is on track to become the continent’s second-largest oil producer. Even neighboring Venezuela’s President Maduro’s never-ending saber rattling over the Essequibo is not distracting the national government, in the capital Georgetown, from promoting the world’s fastest-growing oil boom. Guyana is now a major contributor to the world petroleum supply and will become the largest per capita oil producer, with production anticipated to exceed one million barrels per day by the end of 2027.
Crude oil prices earlier today touched a three-week high, driven by the latest U.S. oil inventory report by the American Petroleum Institute and expectations of tighter supply on Washington’s double-down on oil sanctions against Iran and Venezuela.
Brent crude was trading at $73.13 per barrel at the time of writing, with West Texas Intermediate at $69.12 per barrel, after the American Petroleum Institute reported on Tuesday that oil inventories in the county had fallen by 4.6 million barrels in the week to March 21. This was a bigger than expected draw, with expectations being for a draw of 2.5 million barrels. Inventory figures from the Energy Information Administration are due out later today.
Suriname NOC Staatsolie Maatschappij Suriname raised USD 515.8 million with a new bond issue on Sunday, eclipsing its target, the company said on Monday.
Proceeds from the bond issue will be used by Staatsolie to co-fund its participation of up to 20% in the development of the GranMorgu offshore oilfield in Block 58.
In October 2024, TotalEnergies unveiled a USD 10.5-billion FID on the GranMorgu project, which will develop the Sapakara and Krabdagu oil discoveries, with first oil expected in 2028.
Enteq Technologies (Enteq), a specialist energy services engineering and technology company, has successfully completed its latest round of trials for The SABER Tool, its next-generation Rotary Steerable System (RSS) technology, at the Catoosa Test Facility. This phase validated engineering improvements made following previous testing, reinforcing the tool’s potential as a more reliable, lower-cost RSS for downhole environments.
During the most recent trials the tool demonstrated its ability to both generate dogleg and build in a controlled and consistent manner. The results show that the initial version of SABER is capable of delivering a dogleg of at least 3 degrees per 100 ft, with that capability increasing with higher flow rates and mud weights, making it an ideal low-cost lateral and vertical tool.
Tullow Oil will sell its Gabon assets to Gabon Oil Company for USD 300 million net of tax, the company said on Monday.
The sale involves Tullow’s entire Gabonese portfolio, representing around 10,000 bopd of 2025 production guidance and approximately 36 million barrels of 2P reserves. The effective date for the transaction is January 1, 2025.
“This value accretive transaction with Gabon Oil Company aligns with our strategic priorities to materially accelerate deleveraging and is an important step as we progress our refinancing plans this year,” chief financial officer and interim CEO Richard Miller said.
In a bid to optimize the country’s gas potential and revitalize its hydrocarbons sector, the Republic of Congo’s National Oil Company, Société Nationale des Pétroles du Congo (SNPC), has outlined its forthcoming Gas Master Plan (GMP). The plan is designed to promote gas utilization and attract foreign investment while reducing dependency on oil revenues and expanding the country’s power grid.
The GMP was outlined by Dr. Bi-Dia-Ayo Ibata, Head of Associations Division and Supervisory Relations, SNPC during a technical session at the Congo Energy & Investment Forum in Brazzaville.
As part of its plans to reduce its debt below $1.0 billion, Tullow Oil Plc will inject as much as it can from mature assets in West Africa in 2025.
The oil giant has been chipping away at borrowings accumulated during its days as a free-spending wildcatter.
Former Chief Executive Officer Rahul Dhir, who left earlier this year, retooled the producer to focus on established assets in Ghana rather than extensive exploration in an effort to shore up finances.
Tullow Oil Plc’s says its Ghana drilling programme with Noble Venturer will commence in May 2025, with two Jubilee wells (one producer and one water injector).
The production is also expected to come onstream in the third quarter of 2025.
In its 2025 Outlook and Guidance Report, the oil giant said five new Jubilee wells (three producers and two water injectors) have been brought onstream, bringing the drill programme to an end approximately six months ahead of schedule with no recordable safety incidents, and saving over $88 million (gross) compared to the initial budget.
Government will have to mobilize $1.1 billion in 2025 to settle payments owed to ENI for gas supply, including monthly invoices, Letter of Credit (LC) replenishments, and outstanding arrears.
This financial obligation was disclosed during a meeting between Finance Minister Dr Cassiel Ato Forson, Energy Minister John Jinapor, and officials from ENI, where government reaffirmed its commitment to ensuring a steady gas supply despite the growing financial strain on the energy sector.