Latest news with #hydrocarbons
Zawya
2 days ago
- Business
- Zawya
Egypt: EGAS awards 6 natural gas exploration blocks worth $245mln
Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies, with expected investments totaling approximately $245 million, as per a statement. The awards include four offshore blocks in the Mediterranean, offered under the 2024 international bid round through the Egypt Upstream Gateway (EUG), along with two onshore blocks in the Nile Delta and North Sinai. The agreements involve drilling at least 13 new exploratory wells during the designated exploration period. Chevron Egypt and Shell secured two offshore blocks, North Samian and Northwest Atoll, where they plan to drill two exploratory wells in each. IEOC Production, a subsidiary of Eni, was awarded the North Ras El Tin offshore block and will drill three wells. Cheiron Egypt obtained the East Alexandria offshore block, also committing to three exploratory wells. IPR will operate the North Tanta onshore block in the Nile Delta and plans to drill two wells. Perenco was awarded the El Fayrouz onshore block in North Sinai and intends to carry out a 3D seismic survey along with one exploratory well. These developments are in line with the Ministry of Petroleum and Mineral Resources' broader efforts to enhance the exploration landscape and increase Egypt's hydrocarbon output. Additional investment opportunities remain available through the EUG, including several undeveloped offshore discoveries in the Mediterranean. Bidding for these areas is open until July 2nd, 2025, with results to be announced shortly after. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Northern Ocean Chief Executive Officer (CEO) to Speak at African Energy Week (AEW) 2025 Amid African Market Expansion
Africa's premier energy event, African Energy Week (AEW) 2025: Invest in African Energies, will welcome Arne Jacobsen, CEO of international drilling contractor Northern Ocean, as a featured speaker. As operator of two of the world's most advanced offshore drilling rigs, Northern Ocean's participation is vital to discussions on Africa's offshore hydrocarbons potential and the strategic role that service companies play in unlocking that potential. Under Jacobsen's leadership, Northern Ocean has expanded its footprint across Africa with its Deepsea Mira and Deepsea Bollsta rigs supporting major offshore projects since 2022. Notably, the Deepsea Mira played a key role in appraising TotalEnergies' landmark Venus oil discovery offshore Namibia in 2024 and continued operations in the Orange Basin with the Tamboti-1X exploration well in early 2025. 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. In Q2 2025, the Deepsea Bollsta completed a one-well contract with a Chevron subsidiary in Namibia. Currently undergoing maintenance, the rig will remain stationed in Africa throughout 2025, underscoring Northern Ocean's commitment to expanding its presence in the continent's upstream oil and gas sector. In Ghana, Northern Ocean is advancing its strategic partnership with Springfield Group, following a successful well test on the Afina 1X appraisal well in Q4 2024. Plans are underway for a long-term field development contract utilizing the Deepsea Bollsta, expected to commence by mid-2025. 'Increasing offshore exploration is key to unlocking Africa's vast energy resources and driving sustainable economic growth across the continent. Northern Ocean's advanced drilling capabilities and steadfast commitment will play a critical role in transforming Africa's estimated reserves into tangible development outcomes that benefit millions,' says NJ Ayuk, Executive Chairman, African Energy Chamber. As major operators prepare to scale up exploration activities in South Africa and Namibia through 2025 and beyond, Northern Ocean is well-positioned to capitalize on this growth. AEW 2025: Invest in African Energies provides an ideal forum for Jacobsen to engage with governments, national oil companies and private sector leaders to forge long-term partnerships and secure new contracts. Distributed by APO Group on behalf of African Energy Chamber.
Yahoo
4 days ago
- Business
- Yahoo
CNOOC Limited Subsidiary Signed EPC on the Zhylyoi Subsoil Area
HONG KONG, June 24, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces its wholly owned subsidiary, CNOOC Hong Kong Holding Limited, has entered into the Contract for Exploration and Production of Hydrocarbons (EPC) on the Zhylyoi Subsoil Area with Ministry of Energy of the Republic of Kazakhstan and Joint Stock Company National Company KazMunayGas (KMG). The Zhylyoi Subsoil Area is located partially in the Atyrau region and partially in the Kazakhstan sector of the Caspian Sea, with an area of approximately 958 square kilometers. According to the terms of the contract, the first stage of the exploration period shall be 9 years. CNOOC Hong Kong Holding Limited and KMG shall each hold 50% interests. The two parties shall establish a joint operating company and act as the operator. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel: +852 5540 0725Fax: +852 2111 1103Email: View original content to download multimedia: SOURCE CNOOC Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Khaleej Times
19-06-2025
- Business
- Khaleej Times
UAE's real GDP expected to expand at 4.8% this year
The UAE's real GDP growth is expected to grow at 4.8 per cent this year, following a 4.0 per cent expansion in 2024, driven by a pick-up in activity in the hydrocarbons sector, a leading financial institution said. According to a note from Emirates NBD Research, the growth in the hydrocarbons sector is based on adjusted baseline targets and a change of strategy from Opec+, which recently raised production quotas for its members. Oil sector growth is projected at 5.0 per cent, up from just short of 1.0 per cent last year. Emirates NBD anticipates a modest slowdown in non-oil growth to a still robust 4.7 per cent, from 5.0 per cent in 2024, with Abu Dhabi likely growing at a faster pace than Dubai once again. 'Transport and storage, construction, and financial services are likely to remain key growth drivers across the emirates. In 2026 we forecast GDP growth of 4.6 per cent,' Daniel Richards, Senior Economist at Emirates NBD, said. The UAE's current account surplus is expected equivalent to 8.1 per cent of GDP, down from 9.1 per cent last year. 'The modest fall is on the back of lower oil prices which we forecast at an average $68 per barrel in 2025, from $80 in 2024. As a result, we expect a pick-up in the current account balance to 9.0 per cent of GDP in 2026 as both oil production and global oil prices are likely to be higher,' Richards said. The UAE's fiscal surplus is expected to decline to 1.8 per cent of GDP in the UAE this year, down from 3.4 per cent in 2024, as lower oil prices constrain revenue. This will be the fifth straight year of surplus: since 2017 there has only been a deficit in 2020, in the midst of the Covid-19 pandemic. In Dubai, the government committed to an expansionary budget of Dh86.3 billion in 2025, marking a nine per cent expansion on the Dh79.1 bilion that was allocated for 2024, with the government projecting a surplus equivalent to 4 per cent of GDP. Dubai's monthly CPI inflation is expected to average around 2.5 per cent year on year this year, which would mark the slowest pace of price growth since 2021. 'Annual inflation over the first five months of the year has averaged 2.8 per cent, moderately higher than our full-year forecast. However, most components of the basket continue to show only moderate price growth and we anticipate that inflation should be maintained around current levels through the rest of the year, a slowdown from the 3.2 per cent pace seen at the start of 2025,' Richards said.
Zawya
18-06-2025
- Business
- Zawya
TotalEnergies-QatarEnergy partnership awarded Ahara Block in Algeria
A partership between France's TotalEnergies and Qatar's QatarEnergy has been awarded the Ahara block in Algeria's Illizi Basin, following the country's 2024 hydrocarbons bid round, TotalEnergies said in a statement on Wednesday. Ahara covers an area of approximately 14,900 square kilometres (sq km), and is located at the intersection of the prolific Berkine and Illizi Basins, the statement noted. TotalEnergies and QatarEnergy will each hold a 24.5 percent interest in the license, while Algeria's national oil company Sonatrach will retain a 51 percent majority stake, the statement said, adding that TotalEnergies will serve as the operator of the block. Algeria Bid Round 2024 was the first to be launched under Algeria's new hydrocarbon law No. 19-13 and was conducted by the National Agency for the Valorisation of Hydrocarbon Resources (ALNAFT). A partnership between Italian oil and gas giant Eni and Thailand's PTT Exploration and Production Public Company (PTTEP) was awarded the Reggane II Block under the 2024 round. (Writing by Majda Muhsen; Editing by Anoop Menon)
