ADNOC Will Buy 10% of Galp’s Shares in the Zone 4 Concession in Mozambique
Abu Dhabi’s national oil company ADNOC has agreed to acquire a 10% stake in Portugal’s Galp Energia’s Zone 4 concession in the gas-rich Rovuma Basin in Mozambique. The Zone 4 concession is located offshore Cabo Delgado Province in northern Mozambique and is managed by Mozambique Rovuma Venture (70%), owned by …
Uzbekistan Plans to Enter the Shah Deniz project in the Caspian Sea
Uzbekneftegaz plans to become a participant in the project to develop the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea, Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov told reporters on Tuesday. “Uzbekneftegaz” and SOCAR (State Oil Company of Azerbaijan, SOCAR) may sign an …
Oil and Gas Companies Pull Out of UK North Sea Sector Due to Tax Pressure
Oil and gas companies operating in Britain’s North Sea offshore sector are consolidating and moving overseas as Britain’s windfall tax cuts into profits and the opposition Labor Party threatens to increase taxes if it wins the next general election. This was reported by Reuters. A change in strategy could accelerate …
Another Merger in the Shale Sector: American Crescent Buys SilverBow
Crescent Energy has agreed to buy rival US oil and gas producer SilverBow Resources for $2.1 billion. Each SilverBow share will be exchanged for 3,125 Crescent Class A shares valued at $38.28 at the May 15 closing price. According to the statement, SilverBow holders will have the option to receive …
New ERD Record. Another Long Reach Well Was Built at the Semakovskoye Field
RusGazAlliance, a joint venture between Gazprom and RusGazDobycha, set a new all-Russian record for drilling long-reach wells at the Semakovskoye gas field. RusGazAlliance reported this on May 13, 2024. Whatever the well, it’s a record! A new record in the construction of extended reach wells (ERD wells) was set by …
Exxon and Chevron Are Ahead of European Rivals Due to Production in Guyana and the United States
ExxonMobil and Chevron are increasing production in some production regions, with oil becoming the driver of growth. ExxonMobil and Chevron forecast that their production in the Permian Basin will increase by 10% this year. Exxon also reported that oil production in Guyana in the first quarter increased by 70% compared …
The President of Cyprus Discussed Cooperation in the Development of Gas Fields with the Head of ENI
The parties, in particular, spoke about the results of drilling work at the Cronos and Zeus wells in the country’s exclusive economic zone, the government Bureau of Press and Information noted. The President of Cyprus, Nikos Christodoulides, discussed cooperation in the development of gas fields with the CEO of the …
Norway Will “Scrape the Bottom of the Barrel” in the North Sea
The first project since the COVID-19 era is being implemented on the Norwegian shelf of the North Sea. A new oil and natural gas field in the North Sea called Bestla will begin to be developed in the first half of 2027. The caveat is that the Bestla project, which …
Petrobras Ceded Its Entire Stake in the Cherne and Bagre Fields in the Campos Basin to Perenco
Brazil’s largest state-controlled oil and gas company, Petróleo Brasileiro SA (Petrobras), said it has signed contracts to cede its entire stake in the shallow-water Cherne and Bagre fields in the Campos Basin to one of the largest independent oil and gas companies, Perenco Petroleo e Gás do Brasil Ltda (Perenco). …
In the Omsk Region They Plan to Increase Gas Production at the Tevriz Field
Restoration work will be carried out in the summer of 2024 at the depleted Tevriz gas condensate field, which supplies gas to three districts in the north of the Omsk region, Alexander Pankratov, director of the Tevrizneftegaz company, told TASS. Thanks to this, it is planned to almost double fuel …