Latest news with #oilexploration
Yahoo
14-07-2025
- Business
- Yahoo
Shell receives environmental authorisation to drill off South Africa's west coast
Shell has secured environmental authorisation to drill up to five deepwater wells off South Africa's west coast, according to a report by Reuters. The approval follows the company's application last year for drilling exploration or appraisal wells in the Northern Cape Ultra Deep Block within the Orange Basin. The planned drilling activities will take place at depths between 2,500m and 3,200m. Shell's authorisation is part of a broader interest among oil companies in the Orange Basin, where significant discoveries have been made in neighbouring Namibia. Competitors such as TotalEnergies are also considering opportunities to drill in this area, which extends southwards into South African waters. Shell highlighted the potential benefits of successful exploration, stating: 'Should viable resources be found offshore, this could significantly contribute to South Africa's energy security and the government's economic development programmes.' However, the company did not provide specific timelines for the drilling operations. The oil major's previous exploration along South Africa's east coast faced setbacks due to legal challenges concerning public consultation and environmental concerns. The ongoing litigation, which is slated for a hearing in South Africa's highest court later this year, could influence the future of oil and gas exploration in the country. The region has experienced challenges in developing its oil and gas potential due to environmental pressures, legal hurdles, and bureaucratic processes. South Africa has seen a decline in refinery capacity over recent years, leading to increased reliance on imported refined petroleum products. In related news, Libya's National Oil Corporation has partnered with BP and Shell to conduct hydrocarbon exploration and development studies in three Libyan oilfields. The memorandum of understanding (MoU) with BP includes detailed studies in the Messla and Sarir oilfields, among others. BP also plans to reopen its office in Tripoli by the last quarter of 2025 to manage projects and oversee progress in Libya. "Shell receives environmental authorisation to drill off South Africa's west coast" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
04-07-2025
- Business
- Zawya
Chevron Reaffirms Long-Term Commitment to Africa as Diamond Sponsor of African Energy Week (AEW) 2025
Chevron's return as a Diamond Sponsor at African Energy Week (AEW): Invest in African Energies 2025 comes as the energy major deepens its footprint across Africa, marking a renewed commitment to unlocking long-term growth opportunities in both mature and emerging markets. Chevron is ramping up its activities across the continent – securing new acreage, expanding gas infrastructure and advancing exploration efforts in high-potential basins across the continent. In Nigeria, Chevron's plan to scale up oil exploration follows a recent discovery in the Niger Delta – the Meji NW-1 well. In February 2025, Chevron extended its contract with Shelf Drilling for the Scepter jack-up rig offshore Nigeria, ensuring continuity of drilling operations through mid-2026. In Equatorial Guinea (EG), Chevron has stakes in three fields and recently entered into two production-sharing contracts for the EG-06 and EG-11 blocks. Chevron is engaged in discussions to monetize gas from the Aseng field and to develop a transboundary field between Equatorial Guinea and Cameroon. The company has also indicated it is considering drilling an exploration well in PEL 82 in Namibia's offshore Walvis Basin in 2026 or 2027, activating its growing African exploration portfolio. In Angola, Chevron has expanded its footprint with new deepwater concessions and the Sanha Lean Gas Connection Project, which achieved first gas in December 2024 and links gas fields in Blocks 0 and 14 to the Angola LNG plant – enhancing monetization of associated gas and strengthening energy security. In 2024, the company signed two Risk Service Contracts for Blocks 49 and 50 in ultra-deepwater acreage in Angola's Lower Congo Basin, laying the foundation for future development. Chevron's active participation in Angola LNG, which is set to undergo expansion to accommodate new gas supplies, and as partner of New Gas Consortium underscores its commitment to the country's gas value chain. Meanwhile, in Egypt Chevron remains excited about its exploration portfolio where it has 3 blocks -- including operatorship of Nargis and North el Dabaa – and continues to look for new opportunities. Chevron recognizes that Algeria holds a world-class hydrocarbon system with the potential for significant oil and gas resources. Earlier this year Chevron signed a study agreement with Algeria's national hydrocarbons agency, Alnaft to assess potential offshore hydrocarbon resources. This expansion supports Algeria's broader objective of boosting foreign investment and developing new reserves to sustain its export-driven energy economy. 'Chevron's commitment to Africa is more than just operational – it's strategic. Their continued investment across Nigeria, Angola and now Algeria and Namibia shows real confidence in the future of African energy. As a Diamond Sponsor of AEW 2025, Chevron is not only driving upstream and gas development, but helping shape the dialogue around sustainability, infrastructure and long-term energy security for the continent,' said Tomás Gerbasio, Vice President of Commercial and Strategic Engagement at the African Energy Chamber. The energy major's presence at AEW 2025: Invest in African Energies in Cape Town – where it will headline as a Diamond Sponsor – reflects this dual focus on opportunity and responsibility. As delegates gather to shape the future of African energy, Chevron brings to the table a proven track record, fresh investment and a long-term view of Africa as a critical pillar in the global energy mix. 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. Distributed by APO Group on behalf of African Energy Chamber.
Russia Today
26-06-2025
- Business
- Russia Today
Russian oil giant to expand presence in Egypt
Russian oil company Lukoil has signed a new agreement with South Valley Egyptian Petroleum Holding Company (Ganope) to begin oil exploration in the Eastern Desert, Egypt's Ministry of Petroleum and Mineral Resources announced on Wednesday. The deal entails carrying out 3D seismic surveys across an area of 200 square kilometers and drilling six exploratory wells in the South Wadi El-Sahl, an area officials described as 'promising' thanks to its proximity to existing infrastructure and processing facilities. According to the ministry, the location is expected to lower development and operating costs. The agreement aligns with Egypt's strategic objective of maximizing domestic oil production and reducing the cost of petroleum products by intensifying exploration and drilling programs, according to the ministry Earlier this year, the Russian oil giant also won the right to work on the neighboring Wadi El-Sahl project, following parliamentary approval of a new agreement with Egyptian General Petroleum Corporation. Last March, a former Egyptian minister of petroleum and mineral resources, Tarek El Molla, noted that the Russian company was interested in expanding its footprint within the country's energy sector. 'They are good partners and they want to expand their business in Egypt, they are discussing new concession areas,' he said, as quoted by TASS. Lukoil has been operating in Egypt since 1995 and currently holds a 24% stake in the Meleiha project in the Western Desert, operated by Italy's ENI. The Russian company also owns a 50% stake in the West Esh El-Mallaha field in the Eastern Desert. The latest agreement is part of Lukoil's broader strategy to expand its presence across Africa. Last September, the company struck a deal with the Republic of Congo to deepen cooperation on oil and gas exploration.
Zawya
16-06-2025
- Business
- Zawya
Egypt: GMC Group incurs 181.9% YoY higher losses in Q1 2025
Arab Finance: GMC Group for Industrial, Commercial, and Financial Investments (GMCI) suffered net losses after tax valued at EGP 430,101 in the first quarter (Q1) of 2025, the financial results showed. The incurred net losses were higher by 181.90% year-on-year (YoY) than the EGP 152,569 reported in Q1 2024. Loss per share hit EGP 0.01 in Q1 2025, versus EGP 0.003 in Q1 2024. Established in 1992, the company is primarily engaged in the provision of petroleum services related to oil exploration, drilling, and maintenance. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
The Guardian
13-06-2025
- Business
- The Guardian
Brazil to auction oil exploration rights months before hosting Cop30
The Brazilian government is preparing to stage an oil exploration auction months before it hosts the Cop30 UN climate summit, despite opposition from environmental campaigners and Indigenous communities worried about the environmental and climate impacts of the plans. Brazil's oil sector regulator, ANP, will auction the exploration rights to 172 oil and gas blocks spanning 56,000 square miles (146,000 sq km), an area more than twice the size of Scotland, most of it offshore. The 'doomsday auction', as campaigners have called it, includes 47 blocks in the Amazon basin, in a sensitive area near the mouth of the river that fossil fuel companies consider a promising new oil frontier. The auction is key to Brazil's plans to become the world's fourth-largest oil producer, an ambition supported by the president, Luiz Inácio Lula da Silva, who argues that oil revenue will bring economic development and fund the energy transition. But a wide range of groups, including environmentalists, federal prosecutors and even oil workers' unions, are pushing for the bidding round to be called off, citing inadequate environmental assessment studies, the violation of Indigenous rights and the incompatibility of increased oil production with Brazil's climate commitments. The International Energy Agency says the development of new oil and gas fields is incompatible with global efforts to reach net zero emissions by 2050. Brazil's Instituto ClimaInfo has calculated that the burning of oil and gas from all 172 blocks on offer, should they move forward to production stage, could lead to the release of more than 11bn tonnes of CO2 equivalent – similar to more than six years' worth of emissions from the country's polluting agribusiness sector, or 5% of the emissions humanity can still produce to keep global heating to within 1.5C. The areas in the Amazon basin alone could release 4.7bn tonnes of CO2 equivalent. 'This auction is posing really serious and grave threats for biodiversity, communities and climate,' said Nicole Figueiredo de Oliveira, the executive director of Instituto Internacional Arayara, a civil society organisation that has filed five lawsuits against next week's auction. Many of the oil exploration blocks on offer have outdated or near-expiry environmental assessment studies. Some overlap with Indigenous territories or conservation areas, including marine reserves around the island paradise of Fernando de Noronha. Arayara also argues that the ANP has failed to transparently assess the true scope of greenhouse gas emissions from exploration and possible future production of oil and gas in these areas. The Amazon basin is at the centre of the debate surrounding the future of oil exploration in Brazil. The state-controlled oil company, Petrobras, has spent years trying to obtain an environmental licence to drill there, and Lula has put pressure on the environmental watchdog, Ibama, to deliver the permit. Sign up to Down to Earth The planet's most important stories. Get all the week's environment news - the good, the bad and the essential after newsletter promotion Areas that would be affected by offshore drilling and related activities onshore include sensitive coral reefs, and Indigenous communities who say they have not been properly consulted. 'We Indigenous people are being flattened by this process, we're not being seen or heard,' said Edmilson Oliveira, a coordinator of a group of Indigenous leaders who publicly oppose exploration activities off Brazil's northern coast. Lucas Louback, a campaign and advocacy manager at Nossas, one of the organisations demanding the cancellation of the auction, said: 'Thousands of people are already saying no to oil exploration in the Amazon basin and the Brazilian government needs to listen. Just a few months away from hosting Cop30, continuing to bet on oil is a glaring contradiction. 'The Amazon is dangerously close to a tipping point, and clinging to this model pushes Brazil and the world closer to climate collapse.'
