Within the last few months, there’s been both good and bad news for South Africa’s oil and gas industry.
I’ll start with some good news: Shell, the UK-based giant, is optimistic that the vast hydrocarbon reserves discovered offshore Namibia extend into South Africa’s offshore zone. The company is so optimistic, in fact, that it asked the government earlier this summer for permission to bid on exploration rights for the Northern Cape Ultra Deep (NCUD) block in the Orange Basin.
The Ghana National Gas Company Limited (Ghana Gas) has announced plans to shut down its Gas Processing Plant (GPP) and offshore Gas Export Facilities for maintenance works.
Ivory Coast’s council of ministers on Thursday approved the signing of production-sharing agreements with Eni relating to four oil blocks.
Within the last few months, there’s been both good and bad news for South Africa’s oil and gas industry.
Brazilian oil and gas firms Enauta and 3R Petroleum Óleo e Gás have disclosed the completion of their merger, which was set in motion in early April.
Oil prices extended gains on Thursday after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and concern over its impact on oil.
Indonesian President Joko Widodo on July 31 held a meeting with several ministers in Jakarta to discuss the acceleration of oil and gas production in the country.
SLB, OneSubsea, Subsea 7 and the Subsea Integration Alliance will increase speed of tool delivery, optimize installation and reduce rig days at BP’s Murlach development in the North Sea.
Norway produced 122.9 million cubic meters (4.3 billion cubic feet) of oil equivalent in the first half (H1) of 2024, up 6.2 MMcm (219 MMcf) compared to the same period last year as natural gas output kept growing year-on-year in the six months running.
Crude oil prices spiked after Israel assassinated Hamas’s political leader on Iranian soil, leading to threats of retaliation from Tehran.
The ongoing conflict in the Middle East, combined with record US oil demand, has created a bullish environment for oil prices.
Early on Thursday morning, WTI was trading around $78.50 while Brent had climbed above $81.