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Category: Oil

International Gas Oil

Shell to Write Down $400 Million After Offshore Namibia Oil Discovery Deemed Unviable

Shell has announced it will write down approximately $400 million following its decision to deem an offshore oil discovery in Namibia commercially unviable. This setback deals a blow to the southern African nation’s ambitions to become a crude oil producer. The company informed Reuters that the oil and gas resources discovered in offshore block PEL39 “cannot currently be confirmed for commercial development.” Shell and its partners, QatarEnergy and Namibia’s national oil company, initially discovered hydrocarbons

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International Gas News Oil

Biden Bans New Offshore Oil and Gas Development, Defying Trump’s Future Plans

US President Joe Biden has announced a ban on new offshore oil and gas development along most US coastlines, a decision that could be difficult for President-elect Donald Trump, who has promised to boost domestic energy production, to reverse. The White House confirmed on Monday that Biden would use his authority under the 70-year-old Outer Continental Shelf Lands Act to protect federal waters off the East and West coasts, the eastern Gulf of Mexico, and

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International Exploration Gas Oil

Azule Energy’s Farm-In Deal Boosts Namibia’s Role in Africa’s Energy Landscape

Azule Energy’s successful farm-in agreement for Block 2914A in Namibia’s Orange Basin marks a pivotal moment in Africa’s offshore oil and gas exploration. The deal underscores the enormous hydrocarbon potential of the Orange Basin and Namibia’s emergence as a key player in the global energy sector. This agreement highlights the growing trust in Africa’s abundant offshore energy resources. Azule Energy now holds a 42.5% interest in Block 2914A, a significant step toward unlocking the basin’s

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International Exploration Gas Oil

Global Petroleum Pursues Farm-In Agreement for Namibian Offshore Exploration

Australian-based Global Petroleum, an AIM-listed upstream oil and gas exploration company, is in early commercial discussions to secure a farm-in agreement with an undisclosed potential operating partner for its Petroleum Exploration License (PEL) 94 in Block 2011A, located in Namibia’s Walvis Basin. With increased offshore exploration activity in Namibia, particularly in the Walvis Basin—where Chevron recently acquired an 80% operated interest in PEL 82—Global Petroleum has reported heightened interest in the PEL 94 data. The

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Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Angola’s oil production is projected to remain steady at 1.173 million barrels per day in 2025, following a 3.6% increase to 1.170 million barrels per day in 2024, according to a report by Oxford Economics. The British consultancy highlighted that Angola achieved its government-set production targets in November, with a slight rise in crude oil output. Analysts forecast a modest growth in production from 2024 to 2025, marking continued stability in the sector. Oxford Economics’

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Corporate News International News Oil

Shell Approves Final Investment Decision for Nigeria’s Bonga North Deepwater Project

Shell, through its Nigerian subsidiary, has finalized its decision to invest in the Bonga North Deepwater Development project in Nigeria. Located within an extension of the active Bonga field in Oil Mining Lease (OML) 118, the project is designed to sustain production at the Bonga facility, with first oil expected by 2030. The development aims to achieve a daily production target of 100,000 barrels of oil and includes 16 wells—eight oil production wells and eight

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Local News Oil

Angola’s Oil Production Falls Short of OPEC Targets Amid Structural Challenges

Angola’s oil production is set to remain below the targets previously set by the Organization of Petroleum Exporting Countries (OPEC), contributing to the country’s decision to exit the organization in late 2023, according to the report The State of African Energy in 2025. The report highlights Angola’s departure from OPEC as a significant development, triggered by the allocation of a smaller production quota than the country intended. Angola’s oil output is projected to average just

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International Oil Petroleum

Uganda to Launch Third Round of Petroleum Exploration Licensing

Uganda’s government is preparing to launch its third round of petroleum exploration licensing in the 2025/2026 fiscal year (July-June), according to Energy and Mineral Development Minister Ruth Nankabirwa. The upcoming licensing round will open new areas for oil and gas exploration, although specific regions, including the Albertine Graben or northern and northeastern basins, have not yet been confirmed. Uganda, which discovered crude oil in the Albertine Graben nearly 20 years ago, aims to commence production

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International News Oil

Libya Achieves Highest Oil Production in Over a Decade, Targets 2 Million BPD by 2027

Libya’s crude oil production reached 1.4 million barrels per day (bpd) in December 2024, marking the country’s highest output since 2013. This achievement represents a key milestone in Libya’s goal to reach 2 million bpd by 2027. The National Oil Corporation (NOC) announced that the upcoming public bidding round for oil and gas in 2025 will support these production targets, attracting investments from major international companies. By increasing crude output, the NOC aims to boost

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International News Oil

Al-Harouge Oil Operations Unveils Advanced Oil Flow Measurement System to Boost Production

Al-Harouge Oil Operations, a subsidiary of Libya’s National Oil Corporation (NOC), has launched an advanced oil flow measurement system to enhance performance and increase production efficiency at the Amal oil field. The system features three main platforms: one to measure oil produced from the Amal field, another for oil received from NOC subsidiaries Gulf and Sarir, and a third for oil transferred to the Ras Lanuf port for export. Equipped with cutting-edge measurement technologies, the

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