Perenco has begun drilling an appraisal well in Gabon, close to its shallow water Hylia South West discovery from December 2022.
The original discovery, HYSM-1, found a 40-metre net oil-bearing column in the Ntchengue Ocean reservoir. It found another column in the Madiela carbonate reservoir.
The appraisal well is targeting both of these reservoirs. Dixstone’s Banba jack-up rig is carrying out the work, which should take 30 days.
The Ghana Investment Promotion Center (GIPC) has disclosed a financial deficit in its operations over the past two years, raising concerns about the organization’s sustainability.
There are still considerable risks that could potentially derail Ghana’s economic recovery process, US-based economist, Dr. Dennis Nsafoah, has revealed.
Back in 2022, the oil industry became the target of multiple attacks from high-ranking politicians because of the record profits Big Oil reported for that year.
After a two-year hiatus, deal-making in the U.S. shale patch has hit high gear with the U.S. energy sector leveraging high stock prices to go on a $250 billion buying spree in 2023. Last quarter alone, U.S. oil majors Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX) and Occidental Petroleum (NYSE:OXY) struck deals worth a combined $125 billion to acquire low-cost oilfields with low breakeven oil price. And, activity is not slowing down in the current year. A couple of weeks ago, Midland, Tex.-based Diamondback Energy, Inc. (NASDAQ:FANG) agreed to buy Permian producer Endeavor Energy Resources in a cash and stock deal valued at $26 billion, an ambitious move for a company with a market cap of $32 billion.
UK oil and gas major BP has plans to make a $1.5bn investment in Egypt aimed at development and exploration activities.
The move was disclosed following a meeting between Egyptian President Abdel-Fattah al-Sisi and bp CEO Murray Auchincloss during the Egypt Petroleum Show, EGYPS 2024, in Cairo.
Inflation is still high, resulting in increased costs for well completion and production activities. This is hurting the bottom line of oilfield service players. Strict capital discipline by upstream energy companies is also acting as a dampener, making the outlook for the Zacks Oil and Gas- Field Services industry gloomy.
Among the companies in the industry that are likely to survive the business challenges are SLB SLB, Halliburton Company HAL, Weatherford International plc WFRD and Oceaneering International, Inc. OII.
The President of ExxonMobil’s Upstream Company, Liam Mallon on Monday defended the company’s ability to construct a safe pipeline that will bring the natural gas produced in the Stabroek Block offshore Guyana onshore to Wales on the West Bank of Demerara (WBD).
Year-End 2023 Reserves and Resources, Strong Growth and Value Creation
CALGARY, AB / ACCESSWIRE / February 20, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) (“Valeura” or the “Company”), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Türkiye, is pleased to announce the results of its third-party independent reserves and resources assessment for its Thailand assets.
Pecan Energies has awarded full scholarships worth GH¢5,5million to 70 students to pursue various courses at tertiary institutions across the country for the 2023/24 academic year.