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(World Oil) – Chevron Corp. and TotalEnergies SE are competing in Libya’s first energy exploration tender since the 2011 conflict, the country’s state-run oil firm said, as the OPEC member looks to oil majors to help ramp up production to a record. Waha Oil Co., Eni SpA and Exxon Mobil Corp.
The country, which has the biggest-known crude reserves in Africa, is split between two governments that frequently feud over control of under-invested oil resources. Ever since the civil war, which led to a slump in Libya’s production by about 18-fold to around 100,000 bpd in 2011, output has been volatile. million to 1.3
(Oil Price) – In a major U-turn in energy policy, Mexico has unveiled a 10-year plan to reverse a years-long decline in oil and gas production by tapping more unconventional resources through fracking. government data. However, Peña Nieto’s successor, Andrés Manuel López Obrador, cancelled the contracts. and Mexico.
rival Hess after the companies prevailed in a legal dispute with Exxon over Hess’ 30% stake in Guyana’s fast-growing Stabroek oil block. Stabroek is a highly attractive asset, with 11 billion barrels of oil reserves and production costs of only around $20 a barrel, among the lowest in the world, according to consultancy Rystad Energy.
TIPRO also highlights strong tax contributions by the state’s oil and gas industry that continue to offer essential support of government coffers and provide important funding for public services. In May, Texas energy producers paid $411 million in oilproduction taxes, according to the Texas comptroller’s office.
The government of pro-market libertarian Javier Milei said it would appeal the ruling to “defend national interests.” 4 for shale oil, into a key global energy-producing region that would help bring in foreign currency needed to prop up the economy. .” 2 shale gas reserve and No. 2 shale gas reserve and No.
in Mechanical Engineering from the University of Alberta and has held previously roles at Sanjel Corporation, Zodiac Exploration, and Pinnacle Technologies, specializing in hydraulic fracturing in unconventional reservoirs. At Liberty, he focuses on technology innovation, service quality, efficiency, and optimization. Ron holds a B.Sc.
A new, robust and more predictable five-year offshore leasing program should be developed that includes expanded access and consistent lease sales, which reflects the reality of global energy demand and the many long-term benefits of OCS production.” offshore production accounts for 14% of total U.S. According to the U.S.
The success of the Bibi Heybat well attracted attention from entrepreneurs, engineers, and governments, and it sparked what could be considered the first true oil rush in world history. Azerbaijan’s early achievements in oil extraction highlight the industry’s deep historical roots and its role in global development.
(Oil & Gas 360) – Register for EnerCom Denver – The Energy Investment Conference, August 17-20, 2025 , featuring a broad group of public and private energy companies at www.enercomdenver.com at The Westin Denver Downtown. Sponsorship opportunities are available by contacting Blanca Andrus at bandrus@enercominc.com.
The presenting company lineup as of August 5, 2025, includes: Advantage Energy (TSX: AAV) Amplify Energy (NYSE: AMPY) Anschutz Exploration APA Corp. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations, and government agencies. Department of Energy
The presenting company lineup as of August 11, 2025, includes: Advantage Energy (TSX: AAV) Amplify Energy (NYSE: AMPY) Anschutz Exploration APA Corp. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations, and government agencies. Department of Energy
But the explorers have also hit dry wells, prompting them to write off drilling costs as they learned more about the fields. Namibia is targeting first oil output in the next five years, as it seeks to become a producer before crude demand is overtaken by low-carbon and renewable sources of energy.
The change would allow oil and gas operators to more accurately track production and calculate the royalties drillers pay to the federal government and to tribes for fossil fuels produced on public and tribal lands, the department said.
The companies plan to help explore and extract oil and gas and produce power to help get the economy running as the government seeks to put Syria back on the map. The plan is to begin with areas west of the Euphrates River, under control of the Syrian government. The move marks a swift turnaround as U.S.
Turkey Ends ITPA- Submission to Blackmail or Preservation of Iraqi Sovereign Rights and National Interests The Turkish government officially ended, on 21 July 2025, the Iraqi Turkish Oil Pipeline Agreement-ITOPA, effective on 27 July 2026. [1] So far, no formal position was announced by the Iraqi government on the Turkish move. [3]
Nigerias government is urging the oil companies operating in the country to collaborate to increase oil output in the producer that hasnt been able to pump to its OPEC quota for years. Nigerias crudeoilproduction averaged 1.4 Nigerias crudeoilproduction averaged 1.4
(World Oil) – Libyas oil and gas sector is set for a new era of growth and investment following the announcement of its first exploration bid round in 17 years. This increase in production from existing fields underscores the countrys commitment to stabilizing and expanding its energy supply.
(Oil & Gas 360) –HOUSTON(BUSINESS WIRE) Chevron Corporation ( NYSE: CVX ) announced today that it started oil and natural gas production from the Ballymore subsea tieback in the deepwater Gulf of America. This reduces our development costs and is expected to drive higher returns for shareholders.
(Oil Price) –Crudeoil and natural gas investments in Colombia could rise to $4.68 billion in 2024, the countrys oil and gas industry association said, adding that this will not lead to higher production. billion, would be spent on production, with the remainder of $740 million channeled into exploration.
(Oil Price) –The UK could produce about half of the energy it consumes locally, in the North Sea, the energy industry association, Offshore Energies, said this week, as quoted by the Financial Times. That would be on top of projected economic value creation of 200 billion pounds, or $258 billion, from domestic oil and gas production.
“This proposed lease sale demonstrates BOEM’s commitment to advancing American Energy Dominance and fostering the production of affordable, reliable energy resources for the nation.” BOEM estimates the broader Gulf outer continental shelf holds about 48 billion barrels of undiscovered oil and 141 Tcf of natural gas.
(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The agreement is for an initial phase that includes oil and gas production of more than 3 billion barrels of oil equivalent.
We are excited to execute on this unique opportunity that is immediately accretive to our per-share metrics and meets our strict criteria for acquisitions high quality acreage with exploration upside, competitive with our current inventory, gained at an attractive price, continued Yacob. About EOG Resources EOG Resources, Inc.
and previously led Shell Nigeria Exploration and Production Co. Kyari was the longest-serving CEO of the NNPC, which become a company in 2021 under a new petroleum law passed by the West African nations government. Bashir Ojulari will replace Mele Kyari as head of NNPC Ltd.
The seminar covers the basics: geology, petroleum engineering, differences between conventional and unconventional plays, the basics of shale and offshore drilling, the economics of oil and gas exploration and production, geologic storage of CO 2 , and reserves estimations. About NSAI Netherland, Sewell & Associates, Inc.
The seminar covers the basics: geology, petroleum engineering, differences between conventional and unconventional plays, the basics of shale and offshore drilling, the economics of oil and gas exploration and production, geologic storage of CO 2 , and reserves estimations. About NSAI Netherland, Sewell & Associates, Inc.
Jinapor emphasized that the government’s decision to acquire crudeoil without relying on dollars through this innovative approach had significantly curtailed the depreciation of the Ghana Cedi, playing a crucial role in bolstering the national economy.
.” Strategic Rationale Solidified Position Within the Large-Cap Universe: The combined company will have an enterprise value of $15 billion 1 and 370,000 boe/d 2 (63% liquids) of corporate production with significant overlap across both unconventional and conventional assets. million acres in Alberta.
(World Oil) – The media are reporting new predictions that oilproduction in America is in irreversible decline. Apparently, peak oil is back in vogue, like it’s 2005 instead of 2025. And nowhere is that dynamic clearer than in Texas, the powerhouse of American oil and gas. He was right—for a time.
Membership includes major integrated energy companies, national oil companies, regional players, small to mid-size independents, niche players, and start-ups, as well as government licensing authorities. is a Canadian-based exploration and production company specializing in tight gas development. CanCambria Energy Corp.
Indeed, Big Oil has finally accepted it will not transform into Big Green Power and has gone back to what it does best: hydrocarbons. In late February, when it made its very unsurprising admission, BP said it would boost spending on oil and gas production by 25% annually while slashing investments in transition-related business by 70%.
I wish Bill the very best in retirement and look forward to Andys ongoing leadership as he assumes his new role. # # # About ConocoPhillips As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas.
WesternZagros , a privately owned US exploration and production company, has announced its acquisition of the Topkhana block in the Kurdistan Region of Iraq. The acquisition is seen as a strategic milestone in enhancing the Kurdistan Regional Government's (KRG) energy security and electricity provision plans. By John Lee.
The presenting company lineup as of June 18, 2025, includes: Advantage Energy (TSX: AAV) Amplify Energy (NYSE: AMPY) Anschutz Exploration Armstrong Oil & Gas APA Corp. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations, and government agencies.
It covers the basics: geology, petroleum engineering knowledge, differences between conventional and unconventional plays, the basics of shale and offshore drilling, the economics of oil and gas exploration and production, geologic storage of CO 2 , and reserves calculations.
The acquisition further consolidates assets in core counties in the CBP defined by shallow declines, high margin production and undeveloped inventory that immediately competes for capital, and provide for near-term opportunities for field level synergies and cost savings. ABOUT RING ENERGY, INC. Ring Energy, Inc.
The launchwhich follows the merger of PetroSA, iGas and the Strategic Fuel Fundsignals the rise of an integrated oil company in South Africa, paving the way for greater accountability, efficiency and profitability in the countrys petroleum sector.
Gulf Keystone Petroleum (GKP) has published details of its payments to governments for the year 2024: Introduction This report sets out details of the payments made to governments by Gulf Keystone Petroleum Ltd and its subsidiary undertakings ('Gulf Keystone') for the year ended 31 December 2024 as required under Disclosure and Transparency Rule 4.3A
Im proud to showcase Saturns ongoing operational efficiency with an average 20% well outperformance while our spending remains on budget, providing valuable flexibility in a tumultuous market, and positioning us to reallocate capital as may be needed without impacting our production guidance, said John Jeffrey, Chief Executive Officer of Saturn.
The government of his successor, President Nicolas Maduro, has called the auction “the theft of the century.” ” The case overseen by Stark was first introduced by Canadian gold miner Crystallex in 2017 after winning an arbitration case, allowing other creditors in similar situations to join.
Pipeline vandalism, militant attacks on infrastructure, protests and lawsuits are among the issues that have plagued Nigerias oil industry for years. Recently, the Nigerian government demanded more than $60 billion in back royalties under a production sharing agreement with the supermajors operating in the country.
In addition to the potential for high returns, oil and gas investments also come with significant tax advantages, which further enhance their appeal. government offers a variety of tax incentives aimed at encouraging domestic energy production.
Over the past two years, 2023 and 2024, production levels have soared, investment strategies have shifted, and new regulatory frameworks have emerged. How will new policies impact production and investment strategies? 2023 Production: ~6.0 2024 Production: 6.3 MMBbl/d production increase in 2024. MMBbl/d , a 0.3
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