Algeria’s National Agency for the Valorisation of Hydrocarbon Resources (ALNAFT) has awarded exploration licenses of five regions, out of six, to leading oil companies through the “Algeria Bid Round 2024” competition.
TotalEnergies acquired PETRONAS interests in multiple blocks offshore Malaysia and in one block offshore Indonesia. The blocks are still under operations of exploration, appraisal and development programs.
A consortium led by ADNOC’s (Abu Dhabi National Oil Company) subsidiary, XRG, including the International Energy Investment Company, ADQ (Abu Dhabi Development Holding Company), and global investment firm Carlyle, has submitted a non-binding indicative proposal to acquire global energy company Santos at a cash offer of $5.76 per share, valuing the deal at $19 billion.
The Iraqi Drilling Company (IDC) accelerated the pace of operations in its project to drill 15 oil wells in the Rumaila field, in cooperation with Haliburton and BECL. IDC is a state-owned company working under the supervision of Iraq’s Ministry of Oil. It operates dozens of drilling rigs across the country.
ADNOC Drilling Company has appointed Abdulla Ateya Al Messabi as its new Chief Executive Officer (CEO) succeeding current CEO Abdulrahman Abdulla Al Seiari who is retiring at the end of the year.
The International Energy Agency (IEA) stated in a report that any disruption to transit flows in the Strait of Hormuz (SoH) would have significant consequences for global oil and LNG markets. The report, issued in December 2023, notes that prolonged disruption will trigger a sharp surge in oil prices and lead to swift, widespread supply shortages. Moreover, worldwide LNG supply could fall by approximately 295 mmcm/d.
SoH is a narrow, strategically vital waterway located between the Persian Gulf and the Gulf of Oman, separating Iran to the north and Oman and the UAE to the south. It serves as a crucial route linking oil and gas producers in the Middle East Gulf with global export markets.
Petrofac, a leading international service provider to the energy industry, has been awarded an Engineering, Procurement and Construction Management Services (EPCM) contract by ADNOC Gas to expand gas production facilities on Das Island. The project is valued at $1.2 billion.
ExxonMobil Corporation and the State Oil Company of the Republic of Azerbaijan (SOCAR) signed a Memorandum of Understanding (MoU) to partner on enhancing Azerbaijan’s oil and gas resources. The agreement was signed by SOCAR President Rovshan Najaf and ExxonMobil Vice President John Ardill.
Global oil demand will continue rising in the next 25 years to reach 120 million barrels per day, which is 24 per cent higher than its current level, according to Haitham El-Ghais, the secretary-general of the Organization of Petroleum Exporting Countries (OPEC).
Nigeria and Saudi Arabia’s state oil giant, Aramco, are facing challenges in finalising a landmark $5 billion oil-backed loan, according to Reuters. The falling crude prices have raised concerns among banks expected to support the arrangement. Oil-backed loans allow a company or a country to acquire a loan in exchange for future oil production or returns
