The project, which is pending government approval, would start production in 2029, lifting the country’s capacity to more than 1.4 million barrels of oil per day.Exxon operates all production in Guyana, with Hess Corp and China’s CNOOC as partners.
The first shipments of Senegalese crude oil from the Sangomar project are on their way to refineries in the Netherlands and Germany, marking a new era for the Senegalese economy.
Bolivia has discovered its largest natural gas field in nearly two decades at Mayaya Centro X1, estimated to hold 1.7 trillion cubic feet of gas.
The discovery brings hope for Bolivia to resolve its fuel shortage crisis and foreign currency crunch, as well as regain its position as a major natural gas exporter.
The $50 million investment in the drilling project is seen as a significant step towards economic recovery and a new era of oil and gas production in Bolivia.
India is set to launch its tenth bidding round for oil and gas blocks in August or September, the Directorate General of Hydrocarbons (DGH) has said. The latest round will include 25 blocks across 13 sedimentary basins, which are essential for exploration and production activities.
ConocoPhillips has maintained that its $22.5 billion acquisition of Marathon Oil Corp. can be completed by the fourth quarter (Q4) despite facing an extended anti-trust review by the United States competition regulator.
Italian offshore energy services firm Saipem has secured work two offshore projects in Saudi Arabia, under the existing long-term contract with Saudi state-owned oil and gas giant Saudi Aramco.
The UK Department for Energy Security and Net Zero has confirmed its stance on oil and gas licensing in response to questioning from Rigzone.
Indented in the Guyana’s 2016 Production Sharing Agreement (PSA) with Exxon, is a clear and unequivocal statement (I will break it down in layman language) – renegotiation of the Oil Contract is quite possible as long as there is mutual agreement (Exxon & the Guyana Government) on both sides. It did not specify any limitations to renegotiation because unanticipated fluctuations/market conditions can cut both ways. For simplicity sake, I offer this as an example.
Egypt is planning to drill 110 exploratory wells for gas and oil, with a total investment of 1.2 billion U.S. dollars during the current fiscal year 2024/2025, Egyptian Ministry of Petroleum and Mineral Resources quoted Minister Karim Badawi as saying in a statement on Sunday.
Kuwait has discovered a significant amount of oil and gas in the Al-Noukhitha offshore field, estimated at around 3.2 billion barrels of oil equivalent.
The discovery includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
Kuwait plans to develop plans for extracting resources from the field as soon as possible, aiming to increase its oil production capacity to 4 million barrels per day by 2035.