Russian exports of petroleum products to Asia via the southern tip of Africa nearly doubled in July from a month earlier to hit an all-time high, according to LSEG shipping data reported by Reuters.
French oil and gas supermajor TotalEnergies announced in May that the company intends to invest $600 million in the Republic of Congo (ROC) before 2024 is out. The funding will support exploration and improve production in the deep offshore Moho Nord field, which currently produces at a rate of 140,000 barrels per day (bpd), accounting for roughly half of all Congolese oil production. With their added capital, TotalEnergies expects to increase this rate by 40,000 bpd — a welcome boost that will undoubtedly help the ROC get closer to its goal of doubling its total daily rate to 500,000 bpd.
In a move set to strengthen bilateral cooperation in West Africa, Equatorial Guinea and Nigeria have signed an agreement for the construction of the Gulf of Guinea Gas Pipeline Project. A joint regional pipeline development, the project will transport gas from Nigeria to Equatorial Guinea. Under the terms of the deal, gas will be processed at Equatorial Guinea’s LNG processing facilities at Punta Europa on Bioko Island – owned by the state-owned EG LNG – signaling new opportunities for energy security on the back of bilateral collaboration.
Petroleum firm, Quantum, Sage and Arch Holdings Limited, has vehemently denied claims that it is a foreign-owned entity.
An oil production breakthrough that producers say can safely tap ultra-high pressure fields could put up to 5 billion barrels of previously inaccessible crude into production, analysts said.
Dominion Energy announced Wednesday that they secured a second lease in Virginia beach of 176,505 acres.
Equinor has been announced as a provisional winner in the Bureau of Ocean Energy Management’s (BOEM) offshore wind energy lease auction in the U.S. Central Atlantic region. The 2 GW lease will have the capacity to produce enough energy to power approximately 900 000 US homes.
Royal Boskalis saw a 5% increase in revenue for the first half of the year, reaching EUR 2.07 billion, up from EUR 1.97 billion in the same period last year. EBITDA surged by nearly 50% to EUR 553 million, compared to EUR 370 million in the first half of 2023.
The total estimate of recoverable oil and gas in Guyana rose to 11.6 billion barrels, Natural Resources Minister Vickram Bharrat said on Wednesday.
Ten months after Guyana’s first ever bid round yielded six companies for eight offshore oil blocks, government on Wednesday announced that negotiations have concluded and the companies were poised to sign the production sharing agreements (PSAs) and pay the signature bonuses.