Oil Industry

NAMCOR Completes Drilling of Sagittarius-1X Well

The National Petroleum Corporation and its partners have completed drilling the Sagittarius-1X exploration well in Block 2914 of the Orange Basin. NAMCOR’s Manager of Marketing, Communications, and Public Relations, Paulo Coelho: indicates that drilling began on 18 December 2024 using the Noble Venturer drillship and reached total depth on 6 February 2025.

19 February, 2025 69

Business / Economics

Oil giant Chevron slashing up to 20% of its global workforce

Mass layoffs coming to Chevron. The oil major says it's slashing up to 20% of its global workforce as part of a cost-cutting effort. It's the last oil and gas company to cut headcount among lower prices. Toni Waterman has more.

13 February, 2025 45

Business / Economics

TotalEnergies revises Venus oilfield production target

TotalEnergies has delayed its final investment decision on its offshore oil project in Namibia, with a new target set for 2026, according to CEO Patrick Pouyanne. The company has also adjusted its production forecast for the Venus oilfield, now aiming for 150,000 barrels per day, down from the previous expectation of 160,000 barrels per day, following updated projections shared at its investor day in October. According to Reuters, […]

7 February, 2025 66

Business / Economics

Shell’s challenges may reflect wider issues for oil drilling companies

Shell used the Deepsea Bollsta rig, formerly known as West Bollsta for its drilling campaign in Namibia's Orange Basin; Source: Odfjell Drilling Energy lawyer Shakwa Nyambe has cautioned that the challenges Shell is facing in the Orange and Walvis Basins may soon affect other oil drilling companies operating in these regions. His remarks follow the UK-headquartered energy giant's recent write-down of US$400 million in the Orange Basin. Speaking to […]

13 January, 2025 107

Business / Economics

American energy companies pass on Iraqi oil

American energy majors are once again shunning the chance to extract Iraqi oil, leaving the door wide open for Chinese companies to invest instead.

13 May, 2024 66

Africa

Nigeria offers oil blocks to global investors

Nigeria is seeking investors for 17 of its oil blocks. The government offered 12 oil blocks and 5 deep offshore assets for sale as it marketed the assets to global oil sector investors at the ongoing 2024 Offshore Technology Conference in Houston, Texas.

9 May, 2024 67

Africa

Kenya oil facilities face huge losses

A new report says Kenya has lost $200 million worth of oil exports to Uganda. The country has been Uganda's largest regional market since last year. Daniel Kijo reports.

29 January, 2024 62

Business / Economics

BP pauses all Red Sea shipments after rebel attacks

BP has temporarily halted oil shipments through the Red Sea due to recent attacks by Houthi rebels. According to the BBC, the decision was brought on by the deteriorating security situation and follows similar actions by other freight companies targeted by the rebels in Yemen. The Red Sea is a critical route for global oil, fuel, and consumer goods shipments.

18 December, 2023 14

Environment

Al Gore criticises COP28 for oil CEO leadership in climate talks

Former US Vice President Al Gore says the chances for real progress at the upcoming United Nations Climate Change Conference, COP28, were badly damaged when an oil company CEO was appointed to lead the talks. United Arab Emirates’ COP28 president Sultan al-Jaber is allegedly secretly using his role to push oil trade deals with foreign government officials. Gore says using international climate talks as leverage to shore up support for […]

28 November, 2023 34