Slightly more than three hours later, Zenith announced the signing of a memorandum of understanding for an asset in Kazakhstan.
APIKUR reported that its members had cut spending by around $400mn in 2023, with plans for 2024 in doubt.
Dana Gas CEO Patrick Allman-Ward said the company had made significant strides energy efficiency and greenhouse gas emissions in the past few years. The company has cut flaring 47% since 2019.
Saipem (BIT: SPM) has been awarded a pair of offshore drilling contracts worth a total of $550 million.
Talks were reportedly under way on the Gaza Marine development plan last year. The Washington Post said development work would cost around $1.4 billion. The report said development would take just over a year from a final agreement.
Gulf Keystone had previously trucked Shaikan crude to the Turkish border, for onward transport via pipeline to Ceyhan in 2015. It ended trucking in 2019.
Olympus will come at a lower cost than Tanin, Energean said, owing to its proximity to the FPSO. As a result, capital expenditure for the next phase of tie-backs will be lower.
ShaMaran said it would return to action only when Kurdistan has solved both the pipeline and payment problems.
Dana reported that at the end of the first quarter its share of trade receivables, via Pearl, was $80mn, up from $64mn at the end of 2022.
The company expects the new discovery will produce 100,000 bpd, doubling Turkey’s current production.
The region owes Gulf Keystone $102mn, for supplies from October 2022 to January 2023. Kurdistan paid $66mn for August and September 2022 sales.
Nigeria’s emissions are 16 kg of CO2 per barrel and Angola’s 17 kg, while on the shelf they rise to an average of 33 kg.
Plans took a long time to progress because of a difference of opinions over terms and shareholding. Iraq had pushed for a higher stake in the project. Initially, its interest was to be held by the Iraq National Oil Co. (INOC), this was abolished in September 2022.
“It is unfortunate it has come to this given the likely impact of a continuing supply disruption on oil prices and at a fragile time in global financial markets,” said DNO executive chairman Bijan Mossavar-Rahmani.
BP said the offer was in line with its "stated strategy and financial frame including current guidance for capital expenditure".
Iraq’s Ministry of Oil has said it would discuss how to export “Iraqi oil through the Turkish port of Ceyhan” with the authorities in Kurdistan and Turkey.
“The business is now determined to add new revenue streams that build a stronger business”, said CEO Paul Weir.
The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Cepsa said the sale was intended to allow it to focus on its Positive Motion strategy. This will make Cepsa a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal, it said.
Receivables in Egypt had fallen in 2021 but began climbing once more in 2022.
“Along with our partners, we are committed to drilling as soon as possible in 2023 an exploration well in Block 9, and our teams are mobilised to conduct these operations.”
Adnoc has awarded a pre-construction award for offshore facilities on the Hail and Ghasha project to a group including National Petroleum Construction Co. (NPCC).
Total production for 2022 reached 41,000 barrels of oil equivalent per day, of which 75% was gas. For 2023, Energean forecasts this will increase to 131,000-158,000 boepd. Virtually all of the increase will come from Israel.
Under the plan, Gulfsands and its peers could return to their blocks, with appropriate sanction and other approvals. Back with operational control, they could improve oilfield practice – reducing the impact on the environment – while also producing oil.
Adnoc has awarded Samsung Engineering a letter of award for pre-construction services on the Hail and Ghasha project.