Latest news with #energyselfsufficiency
Reuters
01-07-2025
- Business
- Reuters
Indonesia seeks to attract new technology for oil drilling
JAKARTA, July 1 (Reuters) - Indonesia has issued a new regulation to attract investment from oil drilling technology providers in an effort to boost production from existing wells, officials said on Tuesday. The policy is mainly aimed at the reactivation of idle wells, deputy energy minister Yuliot Tanjung told reporters, as part of efforts to lift oil output to 1 million barrels per day (bpd) in 2029-2030 from currently less than 600,000 bpd. Once a net exporter of oil and gas, Indonesia's production in the past decade has been on a steady decline due to ageing wells and a lack of new investment. President Prabowo Subianto aims to reach energy self-sufficiency under his leadership and energy minister Bahlil Lahadalia has said in the past that reactivation of idle wells could potentially increase oil production by around 200,000 bpd. Under the new policy, oil and gas block operators will be allowed to partner with technology providers to increase output from old or idle wells or fields, which operators often focus less on in favour of newer, more economical wells. "Many of these operators need partnership from vendors that have the latest technology," Yuliot said. The government has identified around 2,500 wells and more than 100 fields or structures that operators can open up to partnership with such vendors. Meanwhile, to increase production in the long term, the government is preparing 74 new oil and gas blocks to offer to companies in coming year, Yuliot said.
Zawya
24-06-2025
- Business
- Zawya
Jordan's NPC unveils plan to raise gas output to 418mln cubic feet daily by 2030
AMMAN — Director General of the National Petroleum Company (NPC) Mohammad Khasawneh on Sunday welcomed the Cabinet decision allowing the company to retain JD3.4 million in government returns from 2024, to support key gas development projects at the Risha gas field. Khasawneh stressed that the decision is critical to enabling the company to implement its strategic plan to achieve energy self-sufficiency. The plan aims to boost daily natural gas production to 418 million cubic feet by 2030, through a three-pillar approach focused on expanding drilling operations, upgrading infrastructure, and integrating with regional gas networks, the Jordan News Agency, Petra, reported. The retained funds will be used to drill 80 wells in the Risha field as part of the first phase of development, Khasawneh said adding that this move comes under the production-sharing agreement between the government and NPC, which grants the company the right to temporarily retain the state's share of revenues to reinvest in production capacity expansion. Khasawneh noted that the company operates under a concession framework, which stipulates equal revenue sharing between the government and NPC after cost recovery. He stressed that achieving the 2030 target requires significant upfront investment, particularly over the next three years, that far exceeds current revenues, highlighting that the government has agreed to temporarily forgo its share to bridge the funding gap, starting with the 2024 allocation. He also explained that the company's strategic plan includes drilling 145 wells between 2025 and 2030. "NPC has already launched the procurement process to contract international companies for turnkey drilling services using three rigs, he said. "The prequalification phase has been completed, and shortlisted companies have received the tender documents. Technical and financial bids are currently being prepared, with the initial 80-well phase subject to expansion." In parallel with drilling activities, NPC is advancing the second pillar of its plan: infrastructure development. This includes upgrading gas processing stations and constructing pipelines to link production wells with treatment facilities. The third pillar focuses on connecting the Risha field to the Arab Gas Pipeline, allowing gas to reach major consumption hubs across Jordan, from Aqaba in the south to the northern border, thus maximising distribution efficiency and national benefit, he said. Currently, NPC supplies gas primarily to the Risha power plant. However, the company has begun delivering compressed natural gas (CNG) to the industrial sector, with two companies already receiving supply and a third expected to start soon, via Jordan Gas Company and Watani Company. Additionally, two new gas compression and liquefaction stations are under development, aiming to extend gas delivery to a broader range of industrial clients. Khasawneh said that the expansion would significantly boost the company's revenue, enhance its financial sustainability, and reduce energy costs for the industrial sector by 30 to 60 per cent. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Reuters
17-06-2025
- Business
- Reuters
Vaca Muerta shale formation propels Argentina closer to energy self-sufficiency, analysts say
June 17 (Reuters) - Soaring oil and gas production from Argentina's Vaca Muerta shale formation in the first quarter of 2025 is fueling the nation's push for energy self-sufficiency and ambitious plans to become an important liquefied natural gas exporter, Rystad Energy analysts said on Tuesday. Vaca Muerta, a vast unconventional oil reserve, is pivotal for Argentina to cut costly imports and bolster its economy. Oil output there climbed 26% year-on-year to more than 447,000 barrels per day in March, Rystad estimates showed. New drilling increased only marginally, Rystad said, partly as existing pipelines were unable to handle more volume - a constraint expected to ease with an April pipeline expansion. Production of dry gas – natural gas primarily composed of methane after heavier liquids and water are removed – in the first quarter jumped to 2.1 billion cubic feet per day, up 16% from a year ago. "Gas is stealing the spotlight," said Radhika Bansal of Rystad Energy, noting Argentina "could soon become a pivotal player in global gas supply." The burgeoning output is key to Argentina's plan to meet LNG demand abroad, Rystad said. Initiatives underway include the Southern Energy (SOU.V), opens new tab LNG project, which plans two floating LNG vessels with a combined 6 million metric tons per annum capacity, with first output targeted for late 2027. State-owned YPF ( opens new tab is also making headway on larger projects with partners Shell (SHEL.L), opens new tab and Eni ( opens new tab, with Rystad projecting them to reach full capacity by the late 2030s. Norwegian energy firm Equinor ( opens new tab also reversed an earlier decision to exit Vaca Muerta, citing improved infrastructure and export viability, which Rystad said signals renewed investor confidence in the zone. Vaca Muerta is attracting sizeable investments, Rystad argued, adding that in the first quarter, merger and acquisition deals in the formation accounted for 43% of all upstream, or oil and gas exploration and production, transactions across Latin America.
Zawya
03-06-2025
- Business
- Zawya
Zimbabwe's Gas Future Gains Momentum as Invictus Energy Joins African Energy Week (AEW) 2025
Scott Macmillan, Founder and Managing Director of Invictus Energy, will speak at African Energy Week (AEW): Invest in African Energies – taking place September 29 to October 3 in Cape Town -, bringing critical insight into Zimbabwe's burgeoning upstream sector. His participation comes at a pivotal time, as Invictus spearheads Zimbabwe's first confirmed commercial gas discovery at the Cabora Bassa Basin, marking a major milestone in the country's pursuit of energy self-sufficiency and regional trade integration. The Mukuyu gas field, located in the Cabora Bassa project area, represents Zimbabwe's entrance into the league of African gas producers. Following successful exploration results and the award of Environmental and Social Impact Assessment approvals, Invictus is now advancing the project towards commercialization. The company recently secured the green light to begin pilot production activities, including supplying gas to the Eureka Gold Mine gas-to-power project – a step that not only monetizes gas resources but also supports domestic power generation. Building on this momentum, Invictus has selected the Musuma-1 well for its next high-impact drilling campaign. Situated outside the Mukuyu discovery area, the well targets an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate, unlocking further potential within the greater Cabora Bassa Basin. This next phase aims to de-risk additional stacked targets and expand Zimbabwe's upstream footprint in a region with significant geological potential. 'Invictus Energy's progress in unlocking Zimbabwe's natural gas potential exemplifies the critical role upstream exploration and development play in Africa's energy transition. The Cabora Bassa project is a flagship example of how new resources can power economic growth while supporting cleaner energy solutions,' said NJ Ayuk, Executive Chairman of the African Energy Chamber. Invictus' progress aligns with the broader goals of AEW: Invest in African Energies 2025 – the continent's premier platform for energy investment and project development. As Zimbabwe works to diversify its energy mix and leverage its natural resources for industrial growth, the participation of companies like Invictus sends a clear message to global investors: Zimbabwe is open for energy business. With a focus on exploration, development and monetization of African gas, Invictus Energy's involvement at AEW: Invest in African Energies 2025 will showcase the company's strategic vision, technical capability and role in unlocking new frontiers for investment. Distributed by APO Group on behalf of African Energy Chamber. About African Energy Week (AEW): AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
