Offshore Namibia, the success rate in offshore discoveries has been phenomenal so far.
This week, TotalEnergies and QatarEnergy said they were expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia.
In Uruguay, Brazil’s neighbor to the south, a subsidiary of Chevron entered in a deal this week to buy 60% and assume operatorship of an offshore exploration block.
As major discovery comes to light
Italy’s oil and gas giant Eni, has made a new significant hydrocarbon discovery in block CI-205 off the coast of Côte d’Ivoire, West Africa.
The Uganda National Oil Company (UNOC) has reiterated commitment to developing national content within the oil and gas sector.
Africa’s biggest producer is trying to halt a flight of investment capital from its onshore fields by oil majors fleeing assets prone to spills caused by attacks including sabotage and vandalism
Brazilian state-controlled company Petrobras saw earnings down in the final quarter of 2023, as results were affected by the depreciation of Brent crude prices and lower oil products margins.
For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive.
Several oil majors beat expectations despite reporting smaller overall profits in 2023 compared to 2022.
The combined profits of Big Oil came in at around $107.5 billion last year
Oil prices were little changed on Thursday as markets weighed new economic data from China against increasing supply from the Western Hemisphere. Brent crude futures settled flat at $82.96 a barrel. U.S. West Texas Intermediate crude futures ended 20 cents lower at $78.93.
The Tamar offshore gas field situated in the Levantine basin off the coast of Israel commenced production in 2013.
Somalia and Turkey have announced the signing of a deal to explore for oil and gas that further strengthens cooperation between the two countries, according to officials from both countries.
The absolute ownership of all petroleum operations in Nigeria reside with the federal government.[2] To this end, applicants seeking to engage in petroleum operations in Nigeria can only do the same upon issuance of a petroleum license by the Minister of Petroleum. The hallmark of issuing petroleum licenses, for upstream, midstream and downstream petroleum activities to companies is to ensure effective and efficient harnessing of petroleum resources, sustainable development of petroleum resources and fostering business environment that would guarantee conducive petroleum operations in Nigeria.[3]