Galp Energia expects to find a partner in Namibia
Galp Energia, a Portuguese company, raised its target profit for the year following a stronger-than-expected second quarter performance. It also said that it expected to find a new partner to help develop a promising offshore oil discovery. In mid-day trading on Monday, shares were up by 2.5%. Galp has raised its forecast for the adjusted earnings before taxes, depreciation, and amortization this year from 2.5 billion euros to over 2.7 billion dollars. The increased forecast is due to the contributions of its gas-trading business, which are boosted by deliveries of cargoes of liquefied gas from Venture Global’s Calcasieu Pass Export Facility in Louisiana.
Chevron wins arbitration against Exxon over Hess deal, according to analysts.
Chevron completed its $55 billion purchase of Hess last Friday, after winning a landmark court battle against Exxon Mobil. This was to gain access the largest oil discovery of the past decade - the Stabroek Block offshore of Guyana. It contains more than 11 billion gallons of oil. This project will drive significant growth in production for the next 3 to 5 years. It will also add new weight on the liquids front from Guyana, Permian and Gulf of Mexico. CVX and XOM have to put the legal dispute behind them in order to move forward with their planned development phases. We view the outcome as positive for Chevron given the size and quality of the Guyanese asset.
Wall Street Futures dwindle after record session
The U.S. index futures took a break on Friday after the S&P 500, Nasdaq, and other stock markets closed at record highs the previous day on the back of positive economic and earnings data. Netflix's outstanding profit also failed to spark enthusiasm. At 6:57 am. S&P E-minis rose 2 points or 0.03% at 6:57 a.m. ET. 69,586 contracts were traded. Nasdaq E-minis rose 12.5 points or 0.05% and Dow E Minis gained 12 points or 0.03%. Wall Street continued its winning streak overnight. The S&P 500, and Nasdaq both set new records after positive data on retail sales, and unemployment claims indicated a healthy U.S. economic.
Chevron will proceed with Hess acquisition after winning Exxon Guyana's legal battle
Chevron is moving forward with its acquisition of Hess for $53 billion after winning a landmark court battle against Exxon Mobil, allowing it to access the biggest oil discovery in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win, since Hess’ most attractive asset is the stake in the Stabroek Block, located off the coasts of Guyana. The block contains more than 11 billion gallons of oil. It will be a source for growth, as Chevron tries to improve its performance. Hess shares jumped 7.4%, while Chevron shares rose 3.6%. Exxon's shares were slightly lower.
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…
Haddad, Brazil's Haddad, supports research on oil deposits near the mouth of Amazon
Fernando Haddad, the Finance Minister of Brazil, said that while the search for oil near the mouth the Amazon River must continue in Brazil, any discoveries made should not slow down the country's transition towards cleaner energy. The mouth of the Amazon, a vast area stretching between Rio Grande do Norte (Northern Brazil) and Amapa (Southern Brazil), is the area that has the most potential for oil discovery in Brazil's Equatorial Margin. "I'm in favor of doing research. I think it is important to find out what there is. Haddad told local media outlet GloboNews that the oil, if it exists, cannot be used as an excuse to delay energy transition.
Shell downplays Namibia's oil discovery as a blow to the country
Shell has written down $400 million in oil discoveries offshore Namibia, which it considered commercially unviable. This is a major blow to Namibia's attempts to become a crude-producing country. Shell, its partners QatarEnergy, and Namibia's National Oil Company discovered hydrocarbons in block PEL39 2022. This discovery along with a second TotalEnergies in a block nearby sparked colossal global interest in this southern African nation that has no oil or gas production. Shell has drilled nine wells on the license in the last three years. In a different licence offshore. The British company faced technical and geological problems in developing the resources.
Ghana's oil production increases for the first time in five years
Ghana's crude output increased 10.7% on an annual basis in the first half of 2024. This reversed a five-year-old decline in production. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields. This effectively erased gains made by new wells. PIAC, a government body tasked to monitor the oil sector, reported that the production of crude oil had risen to 24,86 million barrels in June 2024. This is compared with a decline of 13.2% over the same time period in 2023.
TSX Futures Rise as Oil Supports; US Election in Focus
Crude prices lifted futures linked to Canada's major stock index on Monday as investors prepared for the highly anticipated U.S. Presidential election this week and Federal Reserve policy decision. At 6:00 a.m., December futures for the S&P/TSX Index were up 0.4%. ET (11:00 GMT). As polls show, Donald Trump and Kamalah Harris are in a close race for the U.S. elections on Tuesday. The United States is Canada's largest trading partner. This means that the result of the election will have a significant impact on Canada's markets and economy. Market participants expect the Fed to lower interest rates by 25 basis points on Thursday.
Sources: Exxon pulls out of race to purchase stake in Namibian oil block from Galp
Exxon Mobil pulled out of the race for half of Galp Energia’s stake in a major oil discovery in Namibia, which has drawn interest from other top energy companies. Sources have previously stated that more than 12 oil companies, including Exxon Shell and Brazil's Petrobras, had expressed an interest in Galp’s 40% stake in Mopane's offshore discovery. Galp also proposes that the buyer operates the field. Exxon did not give any explanation for its withdrawal. Sources claim that other companies have engaged with Galp in the sale. Exxon Galp has declined to comment.
OMV Petrom Makes Largest Crude Oil Discovery in Decades
Romanian oil and gas group OMV Petrom, majority-controlled by Austria's OMV, said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production.The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrerls of oil equivalent (boe) of recoverable resources."The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy…
Petronas Farms Out Part of Suriname Offshore Block to Exxon
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname-Guyana basin where several major hydrocarbon discoveries were made recently. Block 52 covers an area of 4,749 km² with water depths ranging from 50 to 1,100 meters.Following the farm-down, Petronas will remain the operator of Block 52 with a 50% stake, while ExxonMobil will the remaining 50 percent.
Upland Relinquishes Moray Firth License
London-listed oil company Upland Resources has, with partners, relinquished an offshore license in the UK sector of the North Sea.Upland said Wednesday that it had relinquished Licence P2470 in the Inner Moray Firth. The license included blocks 11/23, 11/24c and 11/25b, surrounding the Wick Prospect in the Inner Moray Firth, on which Upland UK participated in the dry Wick Well (11/24b-4) at the beginning of 2019. The well was drilled using the Ensco-72 jack-up rig by the operator Corallian Energy"These blocks were applied for before the results of 11/24b-4 were known and…
Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico
Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration well in the US Gulf of Mexico.The Monument exploration well found approximately 200 feet (c. 60 meters) of net oil pay with good reservoir characteristics in Paleogene sandstone. This provides an early indication of the productive reservoir interval at the well location, Equinor said Monday.The offshore well was drilled to a total depth of 33,348 feet (10,164 meters) using the Pacific Khamsin drillship.“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well.
Offshore Accounts for 60% of Oil Discoveries
Offshore discoveries accounted for more than 60% of global discoveries in 2019, up significantly on previous years, according to a study by GlobalData.GlobalData report reveals that while Colombia and Norway saw the highest number of discoveries drilled in 2019, Guyana, Mauritania and Russia hosted the most significant finds.In Guyana, ExxonMobil drilled five discoveries in the deepwater Stabroek Block. Following the additional well drilled in January 2020 (Uaru-1), the company has increased its estimated gross recoverable resources for the block to more…
Apache Makes Major Discovery Offshore Suriname
Apache Corp and Total SA said on Tuesday they had made a major oil discovery in a closely watched area off the coast of South America's Suriname, sending Apache's shares surging nearly 27%.The discovery, dubbed "among the most anticipated in the world" by one brokerage, is seen as central to Apache's efforts to reduce its reliance on the Alpine High venture in Texas' Permian basin, which has suffered from a dive in natural gas prices.Analysts said it was impossible to ascertain as yet how much oil the well would generate but it is just over the border…
Kosmos Strikes Oil Off Equatorial Guinea
American upstream oil company founded and based in Dallas Kosmos Energy made an offshore oil discovery in Equatorial Guinea, Reuters reported quoting the Ministry of Mines and Hydrocarbons.The S-5 well was drilled at a total depth of 4,400 meters and encountered 39 meters of net oil play in the Santonian reservoir, in the offshore Rio Muni Basin, it said. “The discovery is a strong validation of our strategy to replace oil reserves by exploring the highly prospective oil basins like Rio Muni,” the nation’s Minister of Mines, Industry and Energy Gabriel Obiang said in the statement.According to the report…
South Sudan to Offer Oil Blocks for 2020
South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday, switching from its previous method of direct negotiations with explorers.The country gets almost all its revenue from oil and has boosted output, now at 180,000 barrels per day, as it struggles to rebuild its shattered economy after a five-year civil war."We are inviting all our investors that wanted to invest in South Sudan to come and move onto those blocks," Awow Daniel Chuang, told an Africa Oil and Power…
38 Oil and Gas Discoveries Made in Q3
GlobalData revealed that a total of 38 oil and gas discoveries were made globally in Q3 2019.South America and Europe led globally with the highest number of oil and gas discoveries during the third quarter (Q3) of 2019, with eight discoveries each during the quarter, according to GlobalData.Out of eight discoveries in South America, six are conventional oil discoveries, one is a conventional gas discovery and the remaining is a heavy oil discovery, said the report.Europe had five conventional oil discoveries and three conventional gas discoveries in the quarter.Adithya Rekha…
Aker Energy IPO May be in Late 2019 or 2020
Norwegian investment firm Aker could launch its planned initial public offering (IPO) of Aker Energy in late 2019 or in 2020, depending on when Ghana approves the development plan of its Pecan oilfield, the CEO said.The company, controlled by Norwegian billionaire Kjell Inge Roekke, has said it wants to make Aker Energy a leading exploration and production company on Ghana's continental shelf."My educated guess is a late 2019 or during the course of next year," Aker Chief Executive Oeyvind Eriksen told Reuters when asked about the IPO plans.Ghana's authorities are expected to approve Aker Energy's revised $4.4 billion development plan for its offshore Pecan field by late in the third qu