Investments in the offshore sector are on the rise and are seen growing about 5% both this year and next, according to a recent report by Espen Erlingsen, Rystad Energy’s head of upstream research.
Angola serves as sub-Saharan Africa’s second largest oil producing country, boasting an estimated 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of natural gas. As such, the country anticipates an investment pipeline of up to $60 billion over the next five years, largely directed towards exploration and production. An Angola Oil&Gas (AOG) fireside chat will offer exclusive insights into the country’s strategic vision, investment opportunities and future prospects in the oil and gas sector.
Libya’s oilfield closures have intensified with production at the Sarir field nearly coming to a standstill, according to two field engineers. This development is part of an escalating political conflict over control of the Central Bank of Libya (CBL) and the nation’s oil revenues.
Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana, has announced completion of a farm down of a 13.75% participating interest in Block 3B/4B offshore the Republic of South Africa and transfer of operatorship of the Block after receipt of the requisite regulatory approvals from the government of South Africa. Eco now holds a 6.25% interest in Block 3B/4B.
More than half of total Libya’s oil production has gone offline as the Arab country’s exports were suspended due to a political standoff between rival factions, threatening four years of relative peace.
Ghana’s recent groundbreaking ceremony for the construction of a $12 billion petroleum hub in Jomoro marks a pivotal moment in the country’s economic trajectory.
BP and EOG Resources have reached a final investment decision on the Coconut gasfield offshore Trinidad and Tobago, BP said earlier this week.
A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector.
But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices rallied on Monday on the Libyan reports, but had already surrendered much of these gains during the Tuesday session.
The Government has said it will not challenge judicial reviews brought against developments for the Rosebank and Jackdaw offshore oil and gas fields in the North Sea, in order to “save the taxpayer money”.
Eni announces that the Indonesian authorities have approved the Plan of Development (POD) of the Geng North (North Ganal PSC) and Gehem (Rapak PSC) fields. The integrated development of the two fields will create a new production hub, called Northern Hub, in the Kutei Basin. The Indonesian authorities have also approved the POD for Gendalo&Gandang fields (Ganal PSC).