oil and gas

Oil Prices Surge to Three-Week High on Supply Concerns

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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’s Staatsolie eclipses target for bond issue, raising $516 million

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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 completes successful trial of its SABER Tool for downhole environments

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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 to sell Gabon assets to GOC for $300 million

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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.

Republic of Congo’s SNPC unveils new Gas Master Plan to optimize hydrocarbons potential

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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.

Tullow Oil targets reduction of debt below $1.0bn in 2025

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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’s Ghana drilling programme to commence in May 2025 with 2 Jubilee wells

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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 to cough up $1.1bn this year to pay ENI

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

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 Faces Gas Shortage While Seeking New Oil Export Markets

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

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.

British Oil Sector Hinges on Shell’s Future

Oil & Gas‚ Oil and Gas Industry | intent | March 25, 2025 | Comment off

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.

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