Author: Rigs & Barge World
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Italian energy company Eni has signed a 25-year production contract with Venezuela’s state-owned oil company PDVSA to develop the giant Junín-5 heavy oil field in the Orinoco Belt, taking exclusive operatorship of the project. Under the new contract, Eni will assume full responsibility for the field’s technical, financial, and commercial management. The contract can be extended beyond its initial 25-year term, according to a press release by Eni. Junín-5 contains around 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day (bbl/d). Eni previously said the field could be rapidly developed to reach a…
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The project has been disrupted by the ongoing regional war Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
British Petroleum (bp) has agreed to sell stakes in several exploration assets to Shell as part of its strategy to streamline its portfolio and strengthen capital allocation, bp said in a press release. Under the agreements, Shell will acquire a 50% stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil, while bp will retain the remaining 50% interest. Shell will also acquire a 30% stake in five deepwater leases containing the Conifer exploration prospect in the Paleogene of the Gulf of America. bp will retain a 70% interest in the leases. bp will continue to operate both…
The country is trying to reduce its reliance on imported fuel Source link
Speaking at the Middle East Energy Conference in Dubai this week, UAE Minister of Energy Suhail al-Mazrouei highlighted the value of Gulf interconnection and grid resilience throughout the last six months of regional conflict. Long an afterthought in the region, the GCC Interconnection Authority (GCCIA) played a crucial role this year, allowing member states with excess generation capacity to supply those hit especially hard by the conflict (MEES, 5 June). “We need, as well, to ensure that interconnectivity between countries and continents is a project to be pursued,” he said on 1 September, adding, “The value is huge between the…
On the sidelines of the Africa Down Under Mining and Energy Conference in Perth, Australia, Minister of Petroleum and Mineral Resources Karim Badawi met with chairmen and executives from major Australian, Chinese, and South African mining companies. The discussions focused on attracting new investments into Egypt’s mining sector, particularly in gold and critical mineral exploration, and leveraging the ongoing opportunities made available through Egypt’s open-door sector mechanism. Badawi met Craig Jones, Managing Director and CEO of Australian gold producer Perseus Mining, to discuss potential investment and cooperation in Egypt’s gold mining sector. The minister invited Perseus to consider Egyptian opportunities…
As part of the build-own-operate-transfer contract, the operator would be required to develop facilities at Ras Al-Khair Port capable of receiving, handling, forming and exporting up to 9,500 metric tonnes of molten sulphur a day Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link