Africa – Page 6 – Oil & Gas 360

Exxon withdraws from small oil exploration block offshore Guyana

September 29, 2023

Oil Price ExxonMobil and its partner Hess Corp have withdrawn from the Kaieteur exploration block offshore Guyana as they pursue more prolific opportunities in the bigger and highly productive Stabroek block. “Our withdrawal from the Kaieteur block has no impact on our commitment to seeking further exploration and development opportunities and to generating additional value for the government and people

PREVIEW-TotalEnergies to talk about Namibia oil exploration, share buybacks

September 22, 2023

Nasdaq PARIS, Sept 22 (Reuters) – TotalEnergies TTEF.PA is expected to lay out the potential for its oil discoveries in Namibia at an investor day next week as the French energy firm continues to bet on oil and gas to boost profits while also growing its low-carbon business. The group said this month it is considering a $9 billion oil and gas project in Suriname. Analysts

OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds

July 31, 2023

Nasdaq LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found on Monday. The Organization of the Petroleum Exporting Countries has pumped 27.34 million barrels per day (bpd) this month,

Exclusive: Exxon, Guyana in talks to return unexplored offshore oil areas

June 21, 2023

Nasdaq HOUSTON – Exxon Mobil Corp XOM.Nand Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. he

Exxon narrowly avoids oil production halt in Guyana

June 9, 2023

Oil Price An appeals court has suspended an order issued by a lower court that could have seen supermajor Exxon lose its license to operate the Liza-1 offshore well that yields about half of the country’s oil output. According to its contract with the Guyanese government, the consortium that operates the Liza-1 well and explores in the whole Stabroek block,

Exxon and partners made $5.8 billion in Guyana in 2022

May 25, 2023

Oil Price Exxon and its partners in the offshore Stabroek Block in Guyana made almost $6 billion from their operations there, Reuters has reported, citing official documents. According to the documents—audited financial results—Exxon, Hess Corp., and CNOOC earned a combined $5.8 billion from the Guyana business in 2022. Exxon’s individual share from the total was $2.74 billion, the Chinese state

ExxonMobil advances fifth oil development offshore Guyana

April 28, 2023

World Oil (WO) – ExxonMobil made a final investment decision for the Uaru development offshore Guyana after receiving required government and regulatory approvals. The company expects Uaru, the fifth project on Guyana’s offshore Stabroek block, to add approximately 250,000 bbl of daily capacity after a targeted startup in 2026. The $12.7 billion Uaru project plans to include up to 10

Hess shares gain on earnings, new Guyana discovery

April 27, 2023

Oil Price Hess Corporation (NYSE:HES) beat Wall Street estimates in its first-quarter earnings report released on Wednesday and added another discovery in offshore Guyana to its production portfolio, though the good news failed to boost share prices in early morning trading. Despite first-quarter oil prices that were some 20% lower than in 2022, Hess reported Q1 earnings of $346 million, or

Eni makes “significant” gas discovery offshore Egypt

January 16, 2023

World Oil (Bloomberg) — Eni Spa announced a new gas discovery in the East Mediterranean Sea in offshore Egypt, according to a company statement on Jan 15. The discovery is “significant,” but the amount wasn’t disclosed. The Italian energy giant said the gas discovery is in the 1,800 km2 (695 miles2) Nargis offshore area and can be developed leveraging the

REUTERS IMPACT Billionaire Ibrahim decries double standard in West seeking gas from Africa

October 3, 2022

Reuters Sudanese-British billionaire businessman Mo Ibrahim accused developed countries of hypocrisy in warning Africans against developing natural gas reserves while also eyeing such investments in response to the energy crisis in Europe. Speaking at the Reuters IMPACT climate conference in London, Ibrahim, who made his fortune in African telecommunications, criticized those in the global north for dictating how African

ReconAfrica announces extension of environmental clearance certificate to August 26, 2025

August 19, 2022

Oil and Gas 360 Publisher’s Note: Recon Africa was a presenter at the EnerCom Denver- The Energy Investment Conference this past week. Please click here for replays. VANCOUVER, BC, Aug. 17, 2022 /CNW/ – Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces that it has received a three year extension to its Environmental Clearance Certificate (the

Buhari’s Exxon sale flip-flop could discourage investment in Nigeria’s oil production

August 15, 2022

World Oil (Bloomberg) — Nigerian President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite

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