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To better gauge resource potential, ExxonMobil said the discovery is being evaluated with two sidetracks drilled. A well test is underway.
The news is encouraging for the FPSO sector, where activity has drastically slowed. Analyst says FPSO orders will increase in 2017.
The supermajor says it has discovered between 500 million and 1 billion barrels of potential recoverable resources in the Owowo Field offshore Nigeria.
Egypt’s offshore sector is leading the way in attracting large investments and pioneering the use of high-end subsea production systems despite the depressed industry environment.
TEN is one of the main developments offshore Ghana that the company is depending on to help it sustain and grow cash flow as it also moves forward on exploration.
Anadarko Petroleum has decided to terminate its charter of the Dolphin Drilling drillship Belford Dolphin in September this year, with the unit currently working for the operator off east Africa’s Mozambique.
The battle to win the contract to design and build a world-class FLNG unit to be used by Eni and its partners on a mega-gas project offshore Mozambique is coming to the boil.
Various subsea equipment will be delivered throughout 2015 and 2016.
UK independent Sterling Energy has had the exploration period for two frontier blocks northwest of Madagascar extended.
The contract is for a firm charter period of 15 years with five yearly extension options exercisable by the client.
Qatar, a member of OPEC, shipped 76.4 million tonnes of LNG in 2014, or 32% of global supply, according to the International Group of Liquefied Natural Gas Importers, Reuters reported.
The Nafoura Field has reserves of 7.5 billion barrels, according to energy consultant WoodMackenzie, Reuters reported.
The inquiry will investigate whether the $1.3 billion purchase of OPL 245 involved "acts of conspiracy, bribery, official corruption and money laundering," the court papers said.
The partnership aims to find commercial hydrocarbon deposits in the Chad Basin and other inland areas, a statement from the Nigerian National Petroleum Corp. said, Reuters reported.
Tullow estimated the development phase of the project would cost $5.2 billion, of which $3 billion will be required to reach first oil production, Reuters reported.
"The production of Block 15/06 will reach this year approximately 150,000 barrels of oil per day," Sonangol said in a statement, Reuters reported.
Production is taking place through the Armada Olombendo FPSO vessel, which can generate up to 80,000 barrels of oil per day (bbl/d) and compress up to 3.4 million cubic meters of gas per day.
Eco Atlantic also owns several licenses to drill offshore Namibia, one of which is also in partnership with Tullow, Reuters reported.
A good-quality reservoir was found in both wells, according to the operator, Royal Dutch Shell Plc (NYSE: RDS.A), in the press release.
Egypt's oil sector has signed 73 oil and gas exploration deals with international oil companies in the past three years worth at least $15 billion so far, Molla said in Dec. 28's statement, Reuters reported.
Italian energy company Eni will sell a 30% stake in its giant Egyptian offshore gas field Zohr to Russia’s Rosneft for $1.575 billion, pressing ahead with asset sales to fund investments and offset weak oil prices.
BP has agreed to buy 10% of Eni’s Shorouk concession offshore Egypt, which includes the giant Zohr gas field, for $375 million, joining other oil majors in increasing bets on the growing gas market.
Somalia looks more likely to strike oil than gas in its long pursuit of offshore riches, making it easier for the African state to exploit any windfall but also potentially upsetting the fragile recovery led by its Western-backed government.
Continued exploration efforts, undeterred by a crippling downturn, have led Exxon Mobil Corp. to potential recoverable resources of up to 1 Bbbl of oil offshore Nigeria nearly 3 km (2 miles) below the seafloor.
An issue with the turret bearing of the FPSO Kwame Nkrumah that is operating on the Tullow Oil-operated Jubilee oil field development offshore Ghana “has resulted in the need to implement new operating and offtake procedures.”
Timothy J. Cutt, CEO, said that Houston-based Cobalt “has been and is firmly committed to conducting its operations in compliance with all applicable laws and regulations, including the FCPA.”
The Italian probe is one of several threads of inquiry underway into the acquisition of OPL-245, including current cases in Holland and Nigeria, Reuters reported.
Reuters reported that Canadian Natural Resources' Ivory Coast operations produce about 70 million cubic feet per day of gas, and between 40,000 barrels per day (Mbbl/d) and 45 Mbbl/d of crude, for gas-fired power plants and export, respectively.
China National Petroleum Co., Malaysia's Petronas and India's ONGC Videsh are the main oil firms involved in South Sudan, which produced about 245 Mbbl/d until fighting flared at the end of 2013, Reuters reported.
Nigerian oil workers at ExxonMobil Corp. (NYSE: XOM) have decided to end a strike over layoffs of staff after earlier agreeing to halt crude oil production, a union official said Dec. 21.