Energy giants ExxonMobil and Qatar Energy are drilling an exploratory well 500 kilometres east of Newfoundland, in waters about 30 times deeper than those at the province’s existing oil projects.
Equatorial Guinea says it held talks with Trafigura Group for the possibility of $2 billion in financing from the commodity trader to support development of the nation’s oil and gas sector.
Global projects developers, independent E&P firms and regional investors are expected to enter the Angolan oil and gas market in the coming months as new blocks become available across onshore, offshore and marginal fields. In addition to accelerating exploration, new entrants signal fresh opportunities for collaboration and local contract opportunities.
In a landmark deal, Houston-based hydrocarbon exploration company VAALCO Energy has reported that all involved parties have finalized a production sharing contract (PSC) for Block P offshore Equatorial Guinea. According to the joint operating agreement, which was approved by the government of Equatorial Guinea in March 2024, the PSC provides for a development and production period of 25 years from the date of approval.
A Texas federal judge has slapped sanctions against an African energy company after finding that it lied in Ghanaian court about a discovery dispute related to a case in Ghana, saying attorney fees and costs are appropriate in relation to several proceedings.
Kent has been awarded a global three-year enterprise framework agreement (EFA) by Shell to provide Commissioning and Start-Up Services (CSU) across various onshore and offshore projects. This contract encompasses a wide range of energy sectors, including oil, gas, and new energy initiatives.
U.S. shale producer Occidental Petroleum Corp. (NYSE:OXY) and Colombia’s integrated energy company Ecopetrol S.A. (NYSE:EC) are planning to drill an offshore oil well off Colombia’s waters in seas roughly 3,900 meters (close to 13,000 feet) deep before the year is out, Bloomberg has reported. Dubbed Komodo-1, the ultra-deepwater well will qualify as the deepest offshore oil well in the world, beating Angola’s block 48 well, which holds the current world-record water depth of 3,628 m (11,903 ft).
The U.K.’s new chancellor, Rachell Reeves, recently announced that the windfall tax (formally known as the Energy Profits Levy) will be increased to 38 percent (up from 35 percent) on November 1, bringing the rate of tax on upstream oil and gas activities to 78 percent. The tax will also be extended to 31 March 2030 and the government stated that it would remove certain so-called ‘unjustifiably generous investment allowances’ from the EPL.
Today, Zacks Equity Research discusses SLB SLB, Baker Hughes Co. BKR, Helix Energy Solutions Group Inc. HLX and Solaris Oilfield Infrastructure Inc. SOI.
Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference.