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Panoro Energy said Thursday it had received government approvals to sell its interest in the OML 113 offshore block in Nigeria to PetroNor. The company will sell its stake in Aje Petroleum which holds a 6.502% participating interest, with 16.255% cost-bearing interest, representing an economic interest of 12.1913% in OML 113, which includes the Aje... Continue Reading →
U.S. oil and gas company Hess Corporation returned to profit during the fourth quarter of 2021, bolstered by higher oil and gas prices. Hess reported on Wednesday a net income of $265 million in the fourth quarter of 2021, compared with a net loss of $97 million in the fourth quarter of 2020. The company also reported... Continue Reading →
The latest analysis from the specialist energy market research and consultancy specialist, Westwood Global Energy Group, has revealed a year-on-year growth for the global offshore rig market at the close of 2021, up 200 per cent from 2020. This has been bolstered by significant engineering, procurement and construction (EPC) spend, closing last year at $41.7bn,... Continue Reading →
West Africa-focused Tullow Oil expects its 2021 free cash flow to come in higher than previously forecast at $250 million and expects this year's cash flow to come in at $100 million at an oil price of $75 a barrel, it said on Wednesday. Tullow, with a market capitalization of around $1 billion as of... Continue Reading →
(Reuters) - Shell (RDSa.L) has made a significant oil and gas discovery at an closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country, three industry sources told Reuters. Namibia is not a fossil fuel producer, although northern neighbour Angola is a major oil and gas producer and a member... Continue Reading →
FPSO operator BW Offshore has decided to sell one of its FPSO vessels as part of its strategy to transition to floating energy infrastructure investments. BW Offshore has signed an agreement for the sale of the FPSO BW Joko Tole to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in... Continue Reading →
Australia’s FAR Limited is working towards expediting the evaluation of results encountered during the drilling of the Bambo-1 exploration well offshore The Gambia, hoping to devise a new exploration plan. FAR feels encouraged by the data collected during the drilling programme, believing there is a prolific oil source in the area, despite encountering no moveable... Continue Reading →
Tullow Ghana, a subsidiary of the oil and gas company Tullow Oil, and the Ghana Navy have entered into an agreement, which is expected to add an additional layer of safety and security in the Ghanian waters, allowing the company to continue operations in its offshore fields in the area. Tullow Ghana reported on Monday... Continue Reading →
TotalEnergies and Inpex have agreed to sell their Angola Block 14 B.V. subsidiary to the Angolan Company Somoil for an undisclosed price. Angola Block 14 B.V., owned by TotalEnergies Holdings International B.V. (50.01%) and Inpex Angola Block 14 Ltd (49.99%) holds a 20% interest in block 14 in Angola and a 10% interest in block... Continue Reading →
The market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic’s effect in 2021 and is likely to continue apace in 2022, with 10 new awards expected, according to a Rystad Energy report. Two lease contracts were awarded in the fourth quarter of 2021, bringing the total for the year to... Continue Reading →
