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Rystad Energy, an energy intelligence group, has revealed that Guyana’s burgeoning offshore oil and gas industry is poised to enter the big league with revenues set to break the $1 billion mark in 2022 and see a significant annual acceleration in 2030. This boost in revenue is powered by the Stabroek block, according to Rystad Energy’s research,... Continue Reading →
French energy giant TotalEnergies has kicked off production from a field tied back to existing facilities located offshore Nigeria. Back in 2018, the Nigerian media disclosed that Total (now TotalEnergies) had been preparing to make the FID of the Ikike project. A year later, reports started circulating that the oil major was working on sanctioning the development of... Continue Reading →
(Rigzone) In the coming years, upstream capex in Latin America will shift into deeper and deeper water with Brazil, Guyana, and Mexico likely to lead the charge for new spending, Rystad Energy said. While onshore investments stabilized at around $14 billion and shallow water spending continues to decline, deepwater expenditure is projected to grow at... Continue Reading →
(Reuters) - Europe's thirst for oil and gas to replace sanctioned Russian supply is reviving interest in African energy projects that were shunned due to costs and climate change concerns, industry executives and African officials said. Energy firms are considering projects worth a total of $100 billion on the continent, according to Reuters calculations based... Continue Reading →
(Reuters) - Shell (SHEL.L) is exploring a sale of its stakes in two U.S. Gulf of Mexico oil and gas developments which could raise as much as $1.5 billion for the energy major, people familiar with the matter said on Wednesday. Potential divestments of some aging assets would allow the company to focus on newer and larger... Continue Reading →
After curbed spending over the past two years, the oil and gas (O&G) sector is primed to get back into the game with high investments, putting contractors into a buoyant mode as the five-year offshore engineering, procurement, and construction (EPC) spend is expected to total $276 billion, outlined Westwood Global Energy, an energy market research and... Continue Reading →
Oil and gas company Afentra plc, led by former Tullow CEO Paul McDade, has agreed to buy interests in two shallow-water offshore blocks in Angola from the Croatian oil company INA - Industrija Nafte. To remind, Afentra in April agreed to buy a 20% non-operated interest in Block 3/05, and 40% non-operating interest and Block 23,... Continue Reading →
(Reuters) - Democratic Republic of Congo will offer 27 oil blocks and three gas blocks, nearly double as many as previously planned, in a licensing round next week, the hydrocarbons ministry said on Monday. Congo, a leading miner of copper, cobalt, gold and diamonds, has long aimed to boost its oil sector and is believed... Continue Reading →
The world market for the supply of underwater Christmas trees should have Brazil as the main stage during this third quarter. In a survey carried out by Westwood Energy, the main contracts of the type expected for the period between July and September should include Shell's Gato do Mato projects in the Santos basin; Maromba,... Continue Reading →
(Reuters) - For the poor, small South American country of Guyana, there's no time like the present when it comes to reaping the rewards of its offshore oil jackpot. With sky-high oil prices, a transition to renewable energy on the horizon and 750,000 citizens desperate for better lives, Guyana is putting its foot on the... Continue Reading →
Brazil Energy Insight 