Europa Oil & Gas (Holdings) PLC (AIM:EOG) has strengthened its management team, hiring Dr Eleanor Rowley as its new independent non-executive director
Norway has been betting on the continued development of its oil and gas resources and has raised its natural gas production over the past year.
Overall, Norway’s oil and gas production was slightly lower than expected in 2023, largely due to unplanned and extended maintenance shutdowns at multiple fields.
Investments in 2023 and 2024 are rising more than expected at this time last year due to high activity, a weaker Norwegian currency, and growing cost.
Norwegian oil and gas companies will drill more exploration wells this year as the country seeks to maintain its position as a key supplier to Europe.
Custos Energy announced that the Mopane 2X exploration well located on blocks governed by Petroleum Exploration License 83 (“PEL 83”) in the heart of Namibia’s Orange basin has been spud.
The Italian multinational energy company Eni and the Libyan National Oil Corporation (NOC) discussed the exploratory programs planned for 2024.
Despite the call heard ’round the world commanding the global business community to divest from fossil fuels and shrink their carbon footprints in the name of net zero, international oil companies (IOCs) still recognize Africa as their next frontier.
Global spending on conventional oil and gas exploration will hit over $50 billion in 2023, according to energy research company Rystad Energy.
Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group.
Oilfield services companies are among the biggest winners as demand soars on a favorable mix of exploration and offshore activity.