Chevron and Venezuela's PDVSA have formally requested a 15-year extension for their Petropiar joint venture in the Orinoco Belt, aiming to boost crude production from 110,000 bpd to 150,000 bpd. This extension, spanning 2033 to 2047, includes plans for $2.39 billion in investments and drilling up to 386 new wells. The outcome of this request will significantly impact Venezuela's oil production landscape and economic stability. Read more: https://lnkd.in/e6xr2djn #OilAndGas #EnergyIndustry #Chevron #PDVSA #Venezuela #Petropiar #EnergyInvestments #AriesOne #EnergyConsultants #OilAndGasConsultants #PetroleumConsultants #DrillingConsultants #OilAndGasConsultingFirms #OilAndGasProjectManagementServices #OilAndGasStaffing #OilfieldStaffingAgency #OilAndGasRecruitingAgency #OilAndGasWorkforceSolutions
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It’s the dawn of a new day in the Nigerian Oil and Gas Sector For a long time, oil exploration continued to be a business ventured into by mostly International Oil Companies (IOC) but this is about to change. Shell Petroleum Development Company of Nigeria Limited (SPDC) a long time IOC has reached an ageeement with a consortium of indigenous companies led by Renaissance oil in which Shell is set to divest majority of its investments within its onshore operations. This comes on the heels of Shell’s decision to concentrate in deep water exploration efforts. For most analysts, the best take out of this is the introduction of local companies into the drilling and exploration business in Nigeria. While we await the final go ahead from regulatory authorities, it is hoped that an approved deal will help infuse a more broader local content in exploration which has been at a low percentage
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#Fuel_Oil Market Positioned for Noteworthy Growth During the Assessment Period 2023-2032 https://lnkd.in/dCszSkjJ Rising crude oil processing activities and growing transportation industry are factors to provide significant pace to the #market #growth. The market growth varies greatly across region.The #demand from Europe region is predicted to fade during the #forecast #period while some region such as Middle East and Asia Paciifc exhibits gain in growth. Eni PetroChina Kuwait Petroleum Corporation PETRONAS Valero Energy Ltd (UK) China National Offshore Oil Corp. Marathon Petroleum Corporation ExxonMobil PDVSA Petrobras #Fuel_Oil #industrial_equipment #business_opportunities #marketanalysis #marketresearch #opportunities #business #future
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Let's start the #OGC_EnergyAnalytics section, which will focus on oil and gas companies worldwide and in Kazakhstan based on key indicators. 🛢 ExxonMobil Corp is a global oil and gas giant, operating in all segments of the industry: exploration, production, refining, and marketing. The company has been actively involved in Kazakhstan for over 30 years through its Tengizchevroil (TCO) joint venture. It also holds a stake in the North Caspian PSA and the Caspian Pipeline Consortium (CPC). The corporation's subsidiaries operate in about 200 countries and territories around the world. 📊 Exxon Mobil's key indicators: proved reserves (1P) have been declining over the past 3 years. As of the end of 2023, 1P reserves amount to 16.9 billion boe*. The breakdown of product categories is dominated by oil reserves (57%). In comparison, the proved reserves (1P) of the National Oil Company KazMunayGas amount to 3.9 billion boe. As of the end of 2023, 1P (proved) oil and gas reserves will last for 12 years, which is lower than KazMunayGas's 1P reserves (17 years). KazMunayGas's forecasts are based on 2P (proved plus probable) reserves, which have a much longer depletion period. As of the end of 2023, production was 3.7 million boed**, which is six times KazMunayGas's production (0.6 million boed). The number of employees is 61,500. In comparison to KazMunayGas, the national company employed over 47,500 people in 2022. *boe - barrel of oil equivalent **boed - barrels of oil equivalent per day
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More than 12 companies show interest in Namibia oil discovery: More than 12 oil companies, including Exxon, Shell and Brazil’s national oil company, have expressed interest in buying a 40% stake in Galp Energia’s major oil discovery offshore Namibia, it has been reported. Galp’s Mopane discovery, which is estimated to hold at least 10-billion barrels of oil and gas equivalent,
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#Libya’s #NOC begins drilling in partnership with #TotalEnergies and #ConocoPhillips by Dean Mikkelsen #Libya's NOC begins T1-31 well #drilling with TotalEnergies and #ConocoPhillips in Concession Area 31 to boost oil production Libya’s state-owned National Oil Corporation (NOC) announced on Friday, December 22, the initiation of drilling operations at the T1-31 exploratory well. The operation, carried out by NOC’s subsidiary, Waha Oil Company, is in collaboration with international oil firms TotalEnergies and ConocoPhillips, as part of a joint venture in Concession Area 31. Libya, an OPEC member, holds the largest proven oil reserves in Africa. The commencement of operations at T1-31 is expected to make a significant contribution to the country’s oil output, reinforcing its position in the global oil market.
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#Libya’s #NOC begins drilling in partnership with #TotalEnergies and #ConocoPhillips by Dean Mikkelsen #Libya's NOC begins T1-31 well #drilling with TotalEnergies and #ConocoPhillips in Concession Area 31 to boost oil production Libya’s state-owned National Oil Corporation (NOC) announced on Friday, December 22, the initiation of drilling operations at the T1-31 exploratory well. The operation, carried out by NOC’s subsidiary, Waha Oil Company, is in collaboration with international oil firms TotalEnergies and ConocoPhillips, as part of a joint venture in Concession Area 31. Libya, an OPEC member, holds the largest proven oil reserves in Africa. The commencement of operations at T1-31 is expected to make a significant contribution to the country’s oil output, reinforcing its position in the global oil market.
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Oil Majors Show Interest in Galp's Namibia Offshore Oil Prospect More than 12 major oil companies, including Exxon, Shell, and Chevron, are showing interest in acquiring a 40% stake in Galp Energia's significant oil discovery offshore Namibia. Galp's Mopane discovery, estimated to hold at least 10 billion barrels of oil and gas equivalent, could be valued at over $10 billion. Galp launched the sale process for half of its 80% stake in Petroleum Exploration Licence 83 in April. Several companies have already signed agreements to access geological data and placed non-binding offers. Source: https://lnkd.in/ejCi7pXh #OilIndustry #EnergyNews #OffshoreDrilling #GalpEnergia #NamibiaOil #Exxon #Shell #Chevron #OilExploration #EnergyTransition #FossilFuels #EnergyConsultants #OilAndGasConsultants #PetroleumConsultants #DrillingConsultants #OilAndGasConsultingFirms #OilAndGasProjectManagementServices #OilAndGasStaffing #OilfieldStaffingAgency #OilAndGasRecruitingAgency #OilAndGasWorkforceSolutions
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Pakistani petroleum exploration and production companies are set to invest more than $33 million under new agreements, as announced by the country's energy ministry. These agreements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), were signed for eight blocks by various companies, including Oil & Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and United Energy Pakistan (UEP). The minimum investment by these companies for prospecting in these blocks is expected to be over $33.3 million within three years. The investments aim to develop hydrocarbon reserves and contribute to bridging the energy demand and supply gap in Pakistan. The country heavily relies on costly oil imports as it is only 16.35 percent self-sufficient in oil production. #country #investments #Pakistani #petroleum #production #energy #LatestNews #247updatenews
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Pakistani petroleum exploration and production companies are set to invest more than $33 million under new agreements, as announced by the country's energy ministry. These agreements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), were signed for eight blocks by various companies, including Oil & Gas Development Company Limited (OGDCL Official), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and United Energy Pakistan (UEP). The minimum investment by these companies for prospecting in these blocks is expected to be over $33.3 million within three years. The investments aim to develop hydrocarbon reserves and contribute to bridging the energy demand and supply gap in Pakistan. The country heavily relies on costly oil imports as it is only 16.35 percent self-sufficient in oil production. #country #investments #Pakistani #petroleum #production #energy
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#OGC_EnergyAnalytics 💼 Chevron is an American energy company and one of the largest corporations in the world. Its main energy resources are located in the United States, Australia and Kazakhstan. In 1993, Chevron became the first foreign energy company to operate in Kazakhstan by establishing Tengizchevroil LLP. The Company actively participates in the share of the CPC Consortium (15%). It is also a shareholder of Tengizchevroil (50%) and Karachaganak Petroleum Operating B.V. (KPO) Petroleum Operating B.V. (18%). 18% of Chevron's oil reserves are held by Tengizchevroil (TCO). TCO provided 1/3 of the Kazakhstan's tax revenue. The company's key performance indicators: proved reserves (1P) have been stable around 11 billion boe* for the last three years. By product category in 2023 - oil 43%, gas 46%, NGL 11%. Previously we wrote about ExxonMobil, whose 1P reserves was 16,9 billion boe last year. National Company KazMunayGas 1P reserves - 3,9 billion boe. Chevron's production for 2023 was 3,1 million boed**, which is five times more than KazMunayGas's production (0,6 million boed) and 0,6 million less than ExxonMobil's. The number of Chevron employees is 45 600 people. For comparison, according to KazMunayGas 2022 data, the national company employed over 47 500 people. *boe - barrel of oil equivalent **boed - barrels of oil equivalent per day
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