TotalEnergies Sells Its Stake in Nigeria’s Bonga Field Development Project to Shell
TotalEnergies EP Nigeria (TEPNG), a subsidiary of France’s TotalEnergies, has signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a subsidiary of Shell, to sell its 12.5% stake in the Production Sharing Contract (PSC) for OML 118. This information comes from a joint statement by the companies. …
Gazprom Subsidiary Consolidates Assets in the Khanty-Mansi Autonomous Okrug
Salym Petroleum Development (SPD) Oil Company from the Khanty-Mansi Autonomous Okrug, a subsidiary of Gazprom Neft, has begun a reorganization process. It will merge with the firm Salym-2 from Khanty-Mansiysk. “The company notifies about the reorganization in the form of a merger with Salym-2 LLC. Creditors’ claims may be submitted …
Record $26.62 Billion Investment Planned for Norway’s Oil and Gas Industry
The volume of capital investment in Norway’s oil and gas sector could reach a historic high this year, according to a study published on Tuesday by the Norwegian Statistics Agency, as reported by Reuters. The country’s key economic sector is expected to invest 269.1 billion Norwegian kroner ($26.62 billion) in …
Rosneft Implements New Technology to Optimize Well Construction
Specialists from Orenburgneft have implemented a domestically developed innovation that allows for a reduction in the length of expensive casing strings by using a large-diameter cemented liner hanger. The actual economic effect of this innovation amounts to over 3.5 million rubles per well. The reduction in the metal intensity of …
Rosneft’s Yurubcheno-Tokhomskoye Field Reaches 20 Million Tonnes of Oil Production
The East Siberian Oil and Gas Company (VSNK), a subsidiary of Rosneft, has reached record figures in the development of the Yurubcheno-Tokhomskoye field, located in the Evenki District of Krasnoyarsk Krai. Since the start of commercial operation, 20 million tonnes of crude oil have been extracted. These high results were …
Arbitration Between ExxonMobil and Chevron Over Hess Merger to Begin on Monday
Two major American oil companies, ExxonMobil and Hess, will meet in court on Monday to determine whether Chevron’s planned $53 billion acquisition of Hess will go forward. The key issue at the heart of the dispute is rights to oil fields in Guyana, considered among the richest in the world, …
Canadian Oil Producers Also Affected by Decline in Oil Prices
The drilling rights sales boom in the oil-producing region of Alberta in western Canada is slowing down as commodity prices decline. According to provincial data, the average lease price for oil sands land has fallen to 771 Canadian dollars per hectare this year. That is eighteen percent lower than last …
Saturn Drilling Rig Returned to Turkmenistan Accompanied by ASCO Vessels
The transportation operation lasted three days and involved six vessels. The Saturn oil drilling rig, which had been delivered from Turkmenistan to Azerbaijan in May of last year, was returned to Turkmen waters of the Caspian Sea accompanied by vessels of ASCO, which is part of AZCON Holding. This was …
France’s TotalEnergies Produces First Oil from Mero-4 Field in Brazil
French energy company TotalEnergies has announced the first oil production from the fourth development phase of the Mero field, located in the Libra block, approximately 180 kilometers off the coast of Rio de Janeiro, in the pre-salt zone of the Santos Basin, Brazil. Launched in August 2021, the new phase—known …
Saudi Arabia and Kuwait Discover New Oil Field
Wafra Joint Operations has discovered a new oil field in the Neutral Zone between Saudi Arabia and Kuwait, according to the Saudi Press Agency (SPA), citing the governments of both countries. The field was discovered in the North Wafra Wara-Burgan area, located five kilometers north of the Wafra field. “This …