BP, Chevron, ExxonMobil, Equinor, Shell, and TotalEnergies among those funding industry-backed scheme to accelerate efforts to curb emissions from oil and gas projects
Since the late 1930s, the offshore industry has advanced from the first platform in 14 ft of water to the ultradeepwater 20K era. Driven by seismic, drilling, and development breakthroughs, the industry has pushed into deeper waters, high-pressure reservoirs, and new frontiers like Guyana, continually expanding the limits of offshore exploration.
Fueled by a strong performing oil and gas sector, which has seen increased production and earnings, Guyana’s real economy grew by an estimated 49.7% in the first half of this year, according to the Ministry of Finance’s Mid-Year report.
The South African Department of Mineral Resources and Energy (DMRE) has issued an invitation for written comments on a proposed investigation under Section 50 of the Mineral and Petroleum Resources Development Act (MPRDA), 2002. This announcement, published in the Government Gazette on Friday, puts the Karoo Basin in the spotlight for Minister Gwede Mantashe’s plans to develop the country’s gas economy.
Nigerian National Petroleum Co., the nation’s main importer of fuel, said indebtedness and rising prices are hampering its ability to supply gasoline to Africa’s most-populated nation.
Energy is a key catalyst for economic growth and improved quality of life worldwide, and Africa is no exception. Higher energy consumption is often linked to greater national prosperity, making access to energy essential for a country’s success.
Shell plans to scale back its oil and gas exploration and development workforce by 20 per cent as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said.
Investments in the offshore sector are on the rise and are seen growing about 5% both this year and next, according to a recent report by Espen Erlingsen, Rystad Energy’s head of upstream research.
Angola serves as sub-Saharan Africa’s second largest oil producing country, boasting an estimated 9 billion barrels of proven crude oil reserves and 11 trillion cubic feet of natural gas. As such, the country anticipates an investment pipeline of up to $60 billion over the next five years, largely directed towards exploration and production. An Angola Oil&Gas (AOG) fireside chat will offer exclusive insights into the country’s strategic vision, investment opportunities and future prospects in the oil and gas sector.
Libya’s oilfield closures have intensified with production at the Sarir field nearly coming to a standstill, according to two field engineers. This development is part of an escalating political conflict over control of the Central Bank of Libya (CBL) and the nation’s oil revenues.