Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for exploration and development of oil and gas in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border. Ennahar TV was the first to announce this deal.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for oil and natural gas exploration and production in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border. Ennahar TV was the first to announce this deal.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early in September as Brazil is preparing to host world leaders at this year's United Nations Climate Summit, COP30, in the Amazonian town of Belem. Brazil's position as host allows it to encourage the international community, and the world at large, to move away from fossil fuels.
New Zealand opens up applications for oil and Gas Exploration Nationwide
New Zealand's Government announced on Thursday that it has opened applications for new permits for oil and gas exploration, following a ban in 2018 on new exploration of fossil fuels. In a press release, the government announced that it would not only invite applicants to bid for licences for oil exploration but also introduce a "new open market" which will allow companies to apply at any time for exploration permits. In a statement, Minister of Resources Shane Jones stated that the open market application system better balances the need to increase gas supply while maintaining robust competition.
GASTECH-Japan’s Inpex considers UAE production increase, Norway expansion
Inpex, Japan's largest oil and gas exploration company, is looking at increasing production in its concessions onshore and off-shore in the United Arab Emirates as well as expanding their activities in Norway. This was announced by its chief executive and president on Tuesday. Takayuki ueda, speaking on the sidelines at the Gastech conference held in Milan, stated that this is in line the UAE's plan to increase production from 4 to 5 million barrels a day. We have assets in Norway and just recently acquired assets in the Northern Sea. We also have land to expand our operations in Norway.
Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark Brent crude oil price has dropped by more than 10% in the past year due to uncertainty about trade policies around the world and the Organization of Petroleum Exporting Countries (OPEC) and its allies increasing production. ConocoPhillips, a U.S. oil firm, announced this week that it would reduce its costs by cutting up to 25% of staff.
Nigeria's TotalEnergies deal marks shift to gas development
The Nigerian production-sharing agreement with TotalEnergies will be a model for future agreements, according to the oil regulator. It is the first contract based on a new law aimed at boosting the gas production of the OPEC country. The Petroleum Industry Act of 2021, which recognised the economics of oil exploration and production, was followed by incentives from government such as tax credits for gas-only development and allowances to invest. The agreement reached by the French energy giant and its local partner, on September 1, concerns oil and gas exploration licences granted last year in the Niger Delta Basin.
Ithaca Energy's top investors sold their stake at a discounted price; the shares fell 17%
Ithaca Energy's shares dropped nearly 17% after its two biggest shareholders sold a 3% stake at a discount to raise approximately 106 million pounds (roughly $143.2 million). Peel Hunt, the bookrunner, said that Delek Group of Israel and Eni, an Italian oil and gas exploration company from Italy sold 49.6 millions ordinary shares for 213.75 pence each. The shares were sold by the groups through their UK subsidiaries. The sale price was 10% below Ithaca's close on Monday of 237.50 pence. LSEG data shows that if losses continue, the stock will experience its biggest one-day decline since the company's return to London in 2022.
Egypt signs $340 million oil and gas exploration deal with global firms
The Petroleum Ministry announced on Saturday that Egypt had signed four agreements worth $340 million with international companies to explore for oil and gas along the Mediterranean and Nile Delta. The state-owned Egyptian Natural Gas Holding Company, or EGAS, has signed a deal that will see 10 wells drilled as part of efforts by the Ministry to increase exploration and production. Egypt, a once-prominent regional exporter, is increasingly importing to meet the rising demand at home, as production from old fields declines and investment in new ones lags. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021.
South African court cancels TotalEnergies' oil exploration permit
The court's decision, which was seen by, showed that a South African court had revoked the environmental authorization granted to TotalEnergies for its joint venture with Shell to explore oil in a block near the Cape Coast. The court did say that TotalEnergies was given the chance to correct the deficiencies found, such as a failure properly to assess the socio-economic impact of any oil spills or to take climate change into account. In her ruling of August 13, Western Cape High court Judge Nobahle Lockwood stated that "Total should be given the opportunity to submit revised or new assessments... TotalEnergies did not respond immediately to a comment request.
Inpex Japan increases its annual profit forecast due to strong Ichthys Liquefied Gas production
Inpex, Japan's largest oil and gas exploration company, raised its net profit forecast for the year by 23% on Friday, citing higher oil prices, stronger yen and strong production at its Ichthys project, which is Australia's key liquefied gas project. The company expects a profit of 370 billion yen (about $2 billion) in 2025. This is up from the 300 billion yen it projected for May and well above an LSEG survey's estimate of 324 trillion yen. Daisuke YAMADA, Senior Managing Executive Officer, said at a press conference that the revision reflected the steady production of the Ichthys Project. He added that the depreciation of the yen and higher oil prices also contributed.
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum. Environmental groups have said that the decision to restart the exploration is a setback to the country's move to renewable energy. In 2018, the centre left Labour government, led by Ardern, halted new offshore oil-and-gas exploration permits to combat climate change and reduce New Zealand’s dependence on fossil fuels.
Analysts say that the Vaca Muerta shale is a major factor in Argentina's move towards energy independence.
Rystad Energy analysts stated on Tuesday that the shale gas formation of Vaca Muerta in Argentina will produce a large amount of oil and gas by the first quarter 2025, which is driving the nation to achieve energy independence and its ambitious plans to become a major exporter for liquefied gas. Vaca Muerta is a huge unconventional oil reserve that Argentina needs to boost its economy and reduce costly imports. Rystad estimates show that oil production in Argentina increased by 26% on an annual basis to over 447,000 barrels a day in March. Rystad reported that new drilling was only marginally up, in part because existing pipelines could not handle the additional volume.
Encino oil and gas deal worth $5.6 billion by EOG expands Utica footprint
EOG Resources, a U.S. oil-and-gas producer, announced on Friday that it will acquire Encino Acquisition Partners, a U.S. oil-and gas company, for $5.6 billion including debt to strengthen its Utica assets. The agreement signed between Canada Pension Plan Investment Board and Encino Energy gives EOG access to an additional 675,000 acres of core land and will expand its multi-basin resource portfolio to over 12 billion barrels. Encino Acquisition of Houston, Texas, is owned by CPP and operates in Ohio's Utica Shale Basin. It is one of the biggest privately-owned oil and gas exploration companies in the United States.
New Zealand Government plans to coinvest in new gasfield projects
The government of New Zealand announced its budget for Thursday that it will co-invest with other countries in developing new gas fields. This is to encourage investment in the sector following the lifting of the offshore exploration ban. Shane Jones, Minister of Resources, said that the government had set aside NZ$200,000,000 ($118.60,000,000) for four years as a contingency to co-invest in new gasfields. The minister added that this investment shows the government's willingness to invest up to 15% in the development of new gas fields. Jones stated that "we are already feeling the pain" of a limited supply.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin."Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "Turkey imports 365 million barrels of crude oil annually." "A 6.1 billion-barrel reserve is an impressive figure…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "The current (crude oil) imports by Turkey amount to 365,000,000 barrels. "A 6.1 billion-barrel reserve is an impressive figure," said Energy Minister Alparslan Bayraktar to reporters on a recent visit to the southeast of Turkey.
Norway Parliament orders restart of frontier oil and Gas Exploration Licensing
The Norwegian Parliament on Tuesday directed the Labour Minority Government to launch a round of new oil and gas exploration licenses in frontier areas, setting the stage towards increased oil drilling. Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union. The Centre Party, who quit the government last January, backed the motion, which was originally brought forward by the Conservatives. On the request of the Centre Party, the original proposal…
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner. "We're about to finalize an agreement in the Bulgarian Economic Zone." He said that TPAO will likely sign a contract with a foreign firm for a bloc in Bulgarian waters next month.