The partners have decided to defer the drilling programme offshore Equatorial Guinea, until they can find another rig and drilling contractor.
The Leipzig-based company, controlled by EnBW Baden-Wuerttemberg AG, is the first German gas trader to reach such an agreement with the North African country, said the people who asked not to be named as the business is private.
“We will continue to drill … because everybody is excited. We have another exploration potential well on the south of Venus and we continue to appraise what has been discovered.”
The Equinor CEO said he had regular discussions with turbine makers on improving costs. “I’m sure that in time offshore wind will be back with lowering the levelised cost of energy.”
The local content regulations give "line of sight for the next five to 10 years. There’s another six or seven projects that I can see coming, which allows me to double down with investments into hiring and expansion.”
“Currently, this approach is more attractive than issuing equity to fund our 2024 development activities and working capital needs,” Simões added.
“Another chapter starts now with its own challenges. We will never stop to rest on our laurels and we regularly need to reinvent ourselves by injecting new energy.”
“The sentiment for oil and gas stocks is on the very low side, at least in European markets,” Nordin continued. “There is a clear misalignment in valuations”, he continued, when contrasting market cap with how Tethys is valued within the industry.
The company said this was larger than its previous largest order, which was for 16 methanol-power containerships, worth 3.95trn won ($3bn).
“Under our analysis, we see Brazilian production starting to decline around 2029-30,” Welligence’s Fagundes said. “Given how long it takes to develop a big field, [Petrobras] needs to start finding new reserves.”
“We are concerned about the uncertainty created by postponing the Presidential elections,” the Foreign, Commonwealth & Development Office (FCDO) said.
Saipem’s initial assessment attributed the problem to a software anomaly. This appeared to have led to a tensioner failing.
An Equinor representative confirmed to Energy Voice the company was “now in the market again with concept and feasibility studies related to the Bay du Nord development project”.
“The access to capital is no problem for anybody that understands how to present the asset. And that's what we do. We know how to present the opportunities in the right language.”
“The first target has an NPV of $4bn, for a $30mn well. We know it’s frontier exploration and the chance of success is maybe 20%, but it stands up.”
The statement went on to say Descalzi planned to visit Malabo in the near future to present agricultural and energy projects.
However, Savannah said it is still making progress on the various parts of the deal. These include “in-country approvals”, which are required to complete the deal for Petronas’ assets.
"They spend millions lobbying our politicians to double down on unaffordable and dirty fuels, locking us into a future of struggle. Their profit is our loss.”
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time,” said OMV CEO Alfred Stern.
“By awarding these contracts, we are taking an important step towards realising the full potential of Al-Shaheen field, which produces around half of Qatar’s crude oil today,” said Minister of State for Energy Affairs, and CEO of QE, Saad Sherida Al-Kaabi.
In February 2022, it said it was terminating the contract. Sapura complained that it had been misled about the state of the soil at the Yunlin offshore wind farm site.
The Australian listed company said it had made progress on the project during the last few months, with total costs now estimated to be $325 million. Costs to reach first production are $250mn. Previously, it had forecast total costs to be $303mn.
Aramco’s move to cut investments was, Baker Hughes' Simonelli said, a “temporary aspect”.
Citing talks with Aramco this morning, Borkhataria said projects that had reached a final investment decision (FID) would continue as planned.
The union went on to say Saipem's Castorone would have to return to Broome and probably be down manned.