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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.
Enhanced completions onshore and subsea tiebacks offshore are contributing to production gains, but low commodity prices are taking away profit potential.
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.
Block 8 West Badr el Din and Block 9 South East Meleiha cover 6,714 square kilometers (2,592 square miles or 1.7 million acres) in total.
Mozambique officials expect more than $30 billion will be invested initially in the natural gas sector, Reuters reported.
James Phillips, president and CEO of Africa Energy, said that PEL 37 contains a series of extensive base-of-slope fan prospects with significant combined resource potential. The fans directly overlie a mature oil-prone source rock of Aptian age, he said.
The company, founded by Australian businessman Frank Timis, has equity interests in eight remaining licenses in Senegal, Gambia, Ivory Coast and Sierra Leone, Reuters reported.
Overall reserves discovered in Mozambique's Rovuma Basin in recent years amount to about 85 Tcf, with enough gas to supply Germany, the U.K., France and Italy for nearly two decades, Reuters reported.
Libya’s National Oil Corp. (NOC) confirmed on Dec. 20 that pipelines leading from Sharara and El Feel fields had reopened, saying it hoped to add 270,000 barrels per day (bbl/d) to national production over the next three months.
Under the contracts, SBM Offshore will perform front end engineering and design for the FPSO vessel and, subject to a final investment decision on the project in 2017, will construct, install and operate the vessel.
Mozambique’s National Hydrocarbons Co. (ENH) said on Nov. 23 it had approved its investment plan for the Coral South gas project, offshore Mozambique, being led by Italian energy company Eni.
Nigeria, Africa's largest economy and top oil producer, is in its worst crisis in more than 20 years, brought on by low oil prices that have slashed government revenues, hammered the currency and caused chronic dollar shortages, Reuters reported.
Full-scale projection requires a 890-kilometer (560-mile) pipeline, costing about $2.1 billion. The government said in October it aimed to sign a joint development deal for the pipeline soon, 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.”
Employees went on strike after ExxonMobil on Dec. 12 began to issue letters to around 150 Nigerian workers without informing the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Lumumba Okugbawa, the union’s acting general secretary, said.
The agreement would also ensure that future Nigerian payments to production JVs with oil majors would be paid in time, says the country's oil minister.
Mozambique has about 85 trillion cubic feet of gas reserves--enough to supply Germany, Britain, France and Italy for nearly two decades, Reuters reported.
In November, Congo Republic lowered oil and gas royalty rates under a new petroleum code approved by Parliament as part of efforts to encourage investment in new exploration.
The Sonatrach-Cepsa contract for Ourhoud was due to expire in 2019, the statement said. The agreement was signed by Sonatrach chief Amine Mazouzi and Cepsa CEO Pedro Miro Roig.