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Shell is stepping back from new offshore wind investments and is splitting its power division following an extensive review of the business that was once seen as a key driver of the company's energy transition strategy. (Reuters) The changes are part of a company-wide review launched in 2023 aimed at reducing costs as CEO Wael Sawan focuses... Continue Reading →
Portuguese oil and gas company Galp has found light oil and gas-condensate in an appraisal well drilled in Orange Basin block, offshore Namibia. The appraisal well, Mopane-1A, was spud on October 23 with Saipem’s Santorini drillship, at PEL83 offshore block. In an update from November 29, Galp has confirmed that the Mopane-1A well encountered light oil and... Continue Reading →
(Reuters) TotalEnergies is seeking environmental authorization to drill up to seven exploration wells in the southern part of its Deep Water Orange Basin (DWOB) block off the west coast of South Africa, documents from environmental consultants SLR showed on Tuesday. Oil companies including Shell are looking towards South Africa's west coast, close to the border... Continue Reading →
(Reuters) QatarEnergy has entered into an agreement with TotalEnergies to acquire additional offshore exploration interests in the Orange Basin off the coast of Namibia, it said on Sunday. The deal includes a 5.25% increase in QatarEnergy's stake in block 2913B and a 4.695% increase in block 2912, QatarEnergy said in a statement. Under the agreement,... Continue Reading →
(Reuters) Angola intends to replicate its maiden multi-year licensing round for oil and gas acreage from 2026, a senior government energy official said on Thursday, as the country looks to boost production and investment. The first multi-year auction for 50 onshore and offshore blocks was for 2019-2025, as Angola strives to arrest a steep decline... Continue Reading →
(Reuters) - Saipem is about to start work on deep water drilling in Namibia for Portugal's Galp Energia , the chief executive of the Italian energy contractor said on Thursday. In early 2024 Galp carried out tests at its Mopane-1X and Mopane-2X wells and estimated in April that the Mopane field could hold at least 10 billion barrels of... Continue Reading →
By Alex Kimani (oilprice.com) Over the past two decades, the shale revolution largely pushed aside interest in the exploration and development of offshore hydrocarbons. The combination of hydraulic fracturing and horizontal drilling enabled the United States to significantly increase its production of oil and natural gas from tight oil formations, with the Shale Patch accounting for 36% of... Continue Reading →
(PN) The FPSO market saw a 50% increase in investments — from US$6 billion to US$9 billion — related to the surface capital of new projects in 2023, a trend that is expected to continue in 2024. The data was presented this week by Rystad Energy. This growth is largely concentrated in South America, especially... Continue Reading →
– Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors has approved the company's operations in South Africa, enabling the acquisition of a stake in the Deep Western Orange Basin (DWOB) block, through a competitive process conducted by TotalEnergies. The DWOB block is located in deep waters in the Orange Basin, where there... Continue Reading →
(Reuters) - The main focus of Brazil state-run oil firm Petrobras remains in its home country, its director of exploration and production said on Thursday, adding that Brazil was a priority even as it intends to expand into Africa. Petrobras has been publicly showing interest in expanding its oil fields in Africa as it seeks to... Continue Reading →
Brazil Energy Insight 