SDX Energy PLC has signed non-binding terms with an undisclosed company to divest all of its Egyptian assets. SDX expects the transaction to close by the end of the fourth quarter, the company said in a press release, adding that the buyer is a “large multinational operator” with existing Egyptian interests. The expected transaction price was not disclosed. Completion of the transaction will be subject, among other conditions, to the negotiation of the final transaction documentation, as well as the approvals of the Egyptian government. If the transaction is completed, the consideration would significantly exceed the alternative investment market’s (AIM)…
Author: Automotivedealernews.com
The Biden administration is offering up to $350 million in grants to reduce methane emissions from oil and gas wells by plugging and monitoring wells. The funding is a rollout of the Methane Emissions Reduction Program, created under section 60113 of the Inflation Reduction Act (IRA) with $1.55 billion in funding from 2022 to 2028. President Joe Biden sign into law in August 2022 to help ensure energy security and climate. resilience. The amount will be channeled “to eligible states for the purpose of mitigating methane emissions from marginal conventional wells (MCWs) by providing financial assistance to well operators/owners to…
Block Energy, a Georgia-based development and production company, has completed drilling operations for the WR-34Z well. The company said in a press release that the well reached full depth and that drilling operations have now ceased. The company also said that testing of the well will begin shortly after completion. Block Energy noted that the drilling operations were successfully carried out by its in-house operations team, without incident, on time and within budget. The drilling of the WR-34Z well follows two successful wells, JKT-01Z and WR-B01Za, which have significantly improved the company’s production profile, the company said. As with those…
The Russian oil price cap imposed by the US and its allies remains in place, a senior US Treasury Department official said, even as Russian crude continues to rise. Since mid-July, Russia’s flagship Urals crude has traded above $60 a barrel, while some refined oil products have exceeded limits set by the US, the Group of Seven and the European Union. The United States is happy to see that Russia is keeping the market well-supplied and does not want to “disrupt the global oil market in a way that could lead to instability,” said Eric Van Nostrand, Acting Assistant Secretary…
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author) One of Rigzone’s regular market watchers takes a look at Iran’s oil production, the state of US crude stockpiles, OPEC’s plans, the price of oil and more. Read on for more details. Rig zone: What were some market expectations that actually played out over the past week, and which expectations didn’t? Barani Krishnan, Senior Commodity Analyst at uk.Investing.com: U.S. crude stockpiles fell for a third straight week in line with forecasts and OPEC continued…
TotalEnergies has officially inaugurated the Absheron gas field which has been producing at a rate of 1.5 billion cubic meters per annum (BCMA) since the beginning of July. The field is located in the Caspian Sea 62 miles southeast of the coast. It is operated by JOCAP (Joint Operating Company of Absheron Petroleum), TotalEnergies said. TotalEnergies said in a press release that the first phase connects a subsea production well to a new gas processing platform, itself linked to SOCAR’s existing facilities at Oil Rocks. It has a production capacity of 4 MCM of gas per day and 12,000 barrels…
Whitecap Resources Inc. has signed a carbon dioxide supply contract extension with SaskPower for volumes delivered to the Weyburn CO2 Unit Enhanced Oil Recovery Project. The agreement for the purchase of carbon dioxide that is captured at the Boundary Dam Unit 3 power plant in Estevan, Saskatchewan runs until Dec. 31, 2034, Whitecap said in a recent news release. The Weyburn project currently produces approximately 15,000 net barrels of oil equivalent per day (boepd) of American Petroleum Institute (API) 30 grade Whitecap crude oil and generates an annual operating netback of more than $200 million at $75 per barrel West…
Wintershall Dea Norge AS has expanded production from the Maria field offshore Norway with the installation of an additional subsea rig. The underwater jig was installed on the seabed at Haltenbraken, a “major milestone” for the Maria Phase 2 project, Wintershall Dea said in a press release on Friday. The project involves the installation of a new six-slot template and four new wells in the southern part of the Maria field, located about 124.3 miles (200 kilometers) off the coast of Norway. The new six-slot template will house three producing wells and a water injector to withstand the pressure. The…
Octopus Energy Ltd. has signed a deal to acquire Shell PLC’s power and domestic gas units in the UK and Germany, the British companies said. The agreement between Octopus and Impello Ltd., a subsidiary of Shell Petroleum Co. Ltd., to buy Shell Energy Retail Ltd. in both countries follows Shell PLC’s announcement on June 6 that it intended to exit its domestic energy businesses in Germany, the Netherlands and the United Kingdom. The move announced separately on Friday by Octopus and Shell Petroleum transfers 1.4 million home energy customers and 500,000 broadband customers to the new owner, according to an…
Malaysia’s national oil and gas company has reported after-tax income of $8.63 billion (MYR40.2 billion) for the first six months of 2023, down 13 percent from the same period last year because of the lower prices. Petroliam Nasional Berhad (Petronas) collected $36.57 billion (MYR170.3 billion) in revenue in the January-June period, down from $36.59 billion (MYR170.4 billion) in the first two quarters of 2022. “This is primarily due to lower average realized prices for major products in line with lower reference prices, partially offset by improved sales volumes, primarily of petroleum and petrochemical products and the favorable impact of foreign…