California Wants to Simplify the Issuance of Oil Drilling Permits
California Governor Gavin Newsom has announced a legislative proposal aimed at simplifying the process for issuing licenses for new oil well drilling. However, environmentalists argue that the bill would strip authorities of essential oversight, according to Bloomberg. The bill outlines a “plug-to-drill” approach through 2036: in order to drill one …
Vaar Energi Discovers New Oil and Gas Field in the Norwegian Sea
Norwegian oil company Vaar Energi announced on Monday the discovery of an oil and gas field at the Vidsyn block in the Norwegian Sea. According to preliminary data presented by the company, recoverable reserves at the new field are estimated in the range of 25 million to 40 million barrels …
SLB’s Profit Exceeds Forecasts Due to Steady Demand for Oilfield Services
SLB’s performance improvement occurred due to stable demand for its services in certain international regions, which helped offset the slowdown in drilling operations in North America, Mexico, and Saudi Arabia. The company, the first among the major American oilfield service providers to release its report, had previously noted reduced activity …
Sierra Leone to Auction 60 Offshore Oil and Gas Blocks at the End of the Year
Sierra Leone will delay its new oil and gas auction until the end of the year as the country awaits results from a large-scale seabed survey that has just concluded — the first such study in over ten years, according to Reuters. Last month, the company GeoPartners, together with the …
Russneft to Continue Development of the Technically Challenging Vostochno-Kamennoe Field
Russneft will continue active development this year of the uniquely complex Vostochno-Kamennoe field located in Western Siberia, said company CEO Evgeny Tolochok at the annual shareholders meeting. “Russneft has entered the active phase of industrial development of the uniquely complex greenfield – the Vostochno-Kamennoe field. We have drilled new wells …
Vladimir Putin: OPEC+ Production Based on Rising Oil Demand
President of the Russian Federation Vladimir Putin believes that production within OPEC+ is calculated based on the growing demand for oil. He expressed this opinion while answering questions from journalists. “The volumes of oil and petroleum products consumed in the world are increasing due to the growth of the global …
TotalEnergies Acquires Stake in Suriname Offshore to Expand Gran Morgu Project
French oil and gas company TotalEnergies has announced the acquisition of a 25% stake in Block 53 on the Surinamese offshore shelf from Spanish company Moeve, Reuters reports. The value of the deal was not disclosed. This transaction strengthens the presence of the French energy giant in one of the …
India Aims to Replicate Guyana’s Success in Deepwater Oil Exploration
India is stepping up its efforts to boost domestic fossil fuel production, placing special emphasis on deepwater exploration in the Andaman region, and aiming to replicate Guyana’s success. This was stated to journalists by Minister of Petroleum and Natural Gas Hardeep Singh Puri. The minister recalled that the government had …
TotalEnergies to Acquire a Stake in Chevron’s Offshore Asset Portfolio in the U.S.
French energy company TotalEnergies is acquiring a 25% working interest in Chevron’s U.S. offshore exploration asset portfolio, according to the company’s statement. “TotalEnergies announces the acquisition of a 25% working interest in a portfolio of exploration blocks on the U.S. offshore shelf from Chevron (the operator),” the release states. The …
Deepwater production in the United States is more profitable than shale projects
In the spring, Chevron began developing oil and natural gas at the Ballymore deepwater field in the Gulf of America. This is just one of a series of projects in a key American oil and gas province aimed at producing an additional 300,000 barrels of oil equivalent per day by …