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.
Iraq is grappling with a natural gas shortage while simultaneously exploring new crude oil export markets.
In recent weeks, Iraq has made headlines not only due to pressure from OPEC but also because of its struggle to secure natural gas imports. Iraqi Oil Minister Hayyan Abdul Ghani stated on Iraqi television that negotiations are ongoing with several companies to secure two floating storage regasification units (FSRUs) by early June. These are needed to address a natural gas supply deficit caused by the expiration of a U.S. waiver that previously allowed Iraq to import Iranian electricity. The Trump administration is now pressuring Tehran to reach a nuclear deal, with all options on the table. The two FSRUs are set to be installed near the Khor Al-Zubair port in Basra. Simultaneously, Baghdad has issued a tender for a fixed regasification platform at the Grand Faw port in the south.
Last year, British multinational oil & gas giant, Shell Plc (NYSE:SHEL) threatened to delist from the London Stock Exchange (LSE) and list on the New York Stock Exchange (NYSE). Shell CEO Wael Sawan told Bloomberg that the company is grossly undervalued in London due to shareholder apathy to the oil and gas sector. Sawan also expressed deep frustration by investors’ under-appreciation of the financial performance of the company, as well as the British government’s over-taxation of its profits. Sawan vowed to “look at all options”, including switching the group’s listing to New York in a bid to close the valuation gap with American Big Oil companies Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX). A U.S. listing might make even more sense now that Trump is in office thanks to his pro-fossil fuel policies.
Orascom Construction and 50-50 joint venture partner Técnicas Reunidas have been awarded an EPC contract for the Qurayyah IPP Expansion Project in Saudi Arabia’s Eastern Province, Orascom announced on Monday.
The contract is valued at more than USD 2.6 billion and the companies have already received the limited notice to proceed with execution. The commissioning consortium is comprised of ACWA Power, Saudi Electricity Company and industrial services company Haji Abdullah Alireza & Co.
Shell PLC and its partners have agreed on a final investment decision to proceed with the Gato do Mato deepwater development in the pre-salt area of Brazil’s Santos Basin.
The project will produce up to 120,000 barrels of oil per day (bopd) through a floating production, storage and offloading (FPSO) vessel, the British energy giant said in an online statement. Shell estimates recoverable resources to be 370 million barrels.
MOL Plc said it has discovered a new oil field near Somogysámson in Western Hungary.
The company found oil at a depth of (4,100 feet) 1,250 meters during exploration drilling in December 2024. According to the results, the well located in the Somogysámson oilfield is capable of producing 1,200 barrels per day, MOL said.
Production from the new well is being transported by truck to the Danube Refinery in Százhalombatta and represents approximately one percent of the MOL Group’s total hydrocarbon production, according to the release.
TechnipFMC has been awarded a large(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Equinor for the Johan Sverdrup Phase 3 development in the Norwegian North Sea.
The Johan Sverdrup field, which originally began production in 2019, is now one of the largest developments in the region. This latest phase will increase production by tying in additional wells to the current infrastructure, which is powered by low-emission resources onshore.
Shell Plc will update its strategy on Tuesday, just a month after rival bp Plc unveiled a fundamental “reset.”
Shell CEO Wael Sawan is in the final stages of a two-year effort to shake up Shell by cutting costs, improving reliability and shedding under-performing units. Analysts and investors will be looking for plans for growth at the company’s crucial liquefied natural gas business and reassurance on oil reserves.