Geopolitics and supply chain dynamics will dictate the oil and gas outlook in 2024.
Earlier this month, French TotalEnergies said that it would buy a 33% stake in an exploration block offshore South Africa.
The Orange Basin has recently become something of a hot spot rivaling Guyana.
The largest discovery so far was made by TotalEnergies in the Venus field offshore Namibia, with estimated reserves of 3 billion barrels.
Namibian President Nangolo Mbumba has announced that the country will utilize Angola’s oil and gas framework as a guideline for industry development, underscoring Namibia’s commitment to strengthening bilateral cooperation with its regional neighbor.
HE discovery of commercial oil and gas in Kenya, Somalia, Tanzania and Uganda has re-assessed the petroleum prospectivity of East Africa.
Kazakhstan aims to boost its oil exports through the trans-Caspian corridor and to Germany via the Druzhba pipeline, despite potential complications with Russian transit approvals.
The country experienced a 10% increase in oil exports in 2023, reaching over 70 million tons, but saw a 10% drop in revenue due to declining oil prices.
Concerns arise over the Caspian Pipeline Consortium as a Turkish terminal refuses oil deliveries to avoid US sanctions, highlighting the geopolitical complexities affecting Kazakhstan’s export strategies.
The Independent Petroleum Producers Group (IPPG) wholeheartedly endorses the recent Executive Orders signed by President Bola Ahmed Tinubu, aimed at revitalising investment in Nigeria’s oil and gas sector and positioning the nation as Africa’s premier investment destination within the energy sector.
Liberty Petroleum, has gained entry into one of Africa’s last undrilled frontier offshore petroleum zones by signing three production sharing agreements (PSAs)
Perenco UK, a subsidiary of Perenco Group, has brought on stream a near-field discovery within the Ravenspurn South area of the Southern North Sea, boosting its gas production on the UK Continental Shelf (UKCS).
Aramco’s 2023 profit, down from a record $161.1bn in 2022, was constrained by lower oil prices, a fall in production and weaker refining margins. But it was still the second-highest ever, Aramco said today.
The evaluation of a field development plan (FDP) submitted by Tullow Oil for the Turkana oil fields has been extended to June.