Oil and Gas Companies’ Investments on the Norwegian Shelf to Reach a Record High in 2024
Oil and gas companies operating on the Norwegian shelf are planning to invest NOK 247 billion (US$24 billion) in their projects in 2024, according to data from Statistics Norway following a quarterly survey of the sector. This amount is 15% higher than the 2023 level of NOK 215 billion. The …
The President of Guyana Invited Chevron to Enter into a $150 Billion Oil Production Project
Guyanese President Irfaan Ali would welcome the entry of American Chevron Corp. into the capital of the operator of the Stabroek Block oil production project off the coast of the state. Ali told the Financial Times. Stabroek Block is one of the most “cash” deposits discovered in recent decades, the …
ExxonMobil Will Explore Opportunities to Develop Hydrocarbon Resources in Algeria’s Ahnet and Gourara Basins
Algeria’s national oil and gas company Sonatrach and the American ExxonMobil have signed a Memorandum of Understanding (MoU). This was reported by the Sonatrach press service. The MoU was signed in the presence of Sonatrach CEO R. Hachichi and ExxonMobil Vice President for Exploration and New Opportunities D. Ardill. It …
Norwegians Invest as Much as Possible in Oil and Gas
Norwegian investment in oil and gas in the country will reach a record high of NOK 246.9 billion ($23.6 billion) this year and will remain high in 2025 due to a number of new developments as well as cost inflation, Reuters writes. The previous record was recorded in 2014 at …
Chinese CNOOC Will Search for Oil and Gas in Mozambique
The Chinese state oil company, specializing in offshore drilling and production, signed concessions with the Mozambique authorities for 5 offshore blocks at once. The Chinese offshore CNOOC signed concession agreements with the authorities of Mozambique for the exploration and production of oil in five offshore blocks with an area of …
Equinor Finds Oil in the Svalin Field Offshore Norway
Norwegian international energy company Equinor has made a new oil discovery under Production License No. 169 in the Norwegian North Sea after drilling well 25/11-H-1 H in the Svalin field. The well, drilled by the Deepsea Aberdeen rig, encountered oil in thin layers of sandstone with very good reservoir quality …
American Baker Hughes Will Support a Gas Project in Algeria
American oilfield services company Baker Hughes announced the signing of a major contract with the largest Algerian state-owned oil and gas company SONATRACH, specializing in the production, processing and sale of oil and natural gas. The contract is part of a wider order for the construction of booster plants, Phase …
The Russian Federation Can Increase Oil Reserves by 7 Billion Tons Using Hard-to-Recover Reserves by 2050
And gas – 5 trillion cubic meters, says Igor Shpurov, Director General of the State Commission for Mineral Reserves of the Russian Federation. Russia needs to develop technologies for the development of hard-to-recover reserves in order to increase profitable oil reserves by 7 billion tons and gas reserves by 5 …
US Oil Production Remained at 13.1 Million Barrels Per Day
Oil production in the United States for the week ending May 17 remained at the previous week’s level of 13.1 million barrels per day, according to the weekly review of the Energy Information Administration of the country’s Ministry of Energy. On average, over the past four weeks, oil production in …
For the First Time in 30 Years. An Oil Field Was Discovered on the Shelf of the Democratic Republic of Congo
Muanda International Oil Company (MIOC, a subsidiary of the Anglo-French Perenco) has explored oil deposits on the continental shelf of the Democratic Republic of the Congo (DRC). This was reported by the Perenco press service. This is the first success in geological exploration on the shelf of an African country …