Cyprus Is Making Another Attempt to Develop the Aphrodite Offshore Field
The Government of Cyprus has received a new plan for the development of the Aphrodite offshore field. Partners in the Aphrodite offshore project (“Aphrodite“), American Chevron, British Shell and Israeli NewMed Energy have submitted to the Cabinet of Ministers of Cyprus a new plan for the development of deposits worth …
Offshore Oil Production Is Experiencing a New Investment Boom
The global market for equipment for underwater oil production will grow by an average of 10% per year in the period from 2024 to 2027, according to the medium-term forecast of Rystad Energy. The volume of investments in this segment will increase over this period from $32 billion to $42 …
The Authorities of the KhMAO Announced the Development of New Deposits in the Arctic Zone
The authorities of the Khanty–Mansiysk Autonomous Okrug plan to develop new mineral deposits in the Berezovsky and Beloyarsk districts. This was stated by Acting Governor Ruslan Kuharuk during a meeting on support for the oil and gas industry. “The head of the region focused on the development of new territories …
New Zealand to Allow Offshore Gas Production Due to Lack of Electricity
New Zealand will lift the ban on the development of offshore oil and gas fields due to a serious shortage of energy resources. This was announced by the country’s Energy Minister Simeon Brown. According to him, due to the acute shortage of electricity, the Cabinet of Ministers of New Zealand …
Texas Will Reduce Drilling — New Mexico Will Increase
The growth of oil production in New Mexico overtakes the growth of production in other oil-bearing areas of the United States. Two counties in New Mexico – Lee and Eddy—accounted for 17% of all onshore oil production in the continental United States last year. They are expected to produce more …
Drilling Rig on the Ghana Shelf Is Waiting for an Investment Decision on the Project with LUKOIL
The final investment decision on the Pecan project offshore Ghana has not yet been accepted, but a floating drilling rig has already been brought to the site. A floating drilling rig is ready to start work at the Pecan field offshore Ghana (LUKOIL is involved in the project), but the …
Kazakhstan Has Declared Its Commitment to Cooperation Within the Framework of OPEC+
The Kazakh authorities intend to continue cooperation within the framework of OPEC+. This was stated by the head of the Government of the republic Olzhas Bektenov at a meeting in Astana with OPEC Secretary General Haitham al–Gais. “Kazakhstan is committed to further cooperation within the framework of OPEC+. We support …
Norwegians Believe in Strong Demand for Oil and Gas Until 2035
Norwegian Equinor will invest up to $7 billion per year in exploration and production on the Norwegian shelf until 2035. Norway‘s Equinor plans to invest up to $6.7 billion annually in oil and gas offshore Norway by 2035, anticipating continued high demand for fossil fuels. Equinor said it could produce …
Kazakhstan Intends to Increase Oil Production to Almost 105 Million Tons in 2029
Kazakhstan plans to increase oil production to 104.8 million tons in 2029, Minister of National Economy Nurlan Baybazarov said at a government meeting. “The volume of oil production will increase from 97.2 million tons in 2025 to 104.8 million tons in 2029,“ he said. In 2023, 90 million tons of …
The President of Turkmenistan Discussed Cooperation in the Fuel and Energy Sector with the Head of Dragon Oil
Turkmen President Serdar Berdimuhamedov received Chairman of the Board of Directors of Dragon Oil (UAE) Saeed Al Thayer. This was reported by the official newspaper Neutral Turkmenistan. According to the newspaper, during the meeting, the parties discussed the possibilities of building up a long-term successful partnership, taking into account the …