GAC Malaysia’s Post

Malaysia’s oil and gas (O&G) upstream services segment could anticipate a stable outlook for the next three years, supported by crude oil price projections of US$70-US$80 per barrel, according to the Petronas Activity Outlook 2025-2027.

ExxonMobil has outlined a 5-year plan to increase investment in oil and gas, boosting output. #exxonmobil #oil #gas #usoil #shale

Petrobras hits record refinery output in 2024: 24.4B liters of gasoline & 26.3B liters of S-10 diesel. With a refinery utilization rate of 93.2%, Brazil's oil & gas giant is fueling growth while cutting 2025 capex to $17B. #Petrobras #OilAndGas

Oil and Natural Gas Corporation Ltd confirms key elements of my report on its deal with @bp for the #MumbaiHigh fields. 1. Oil Production to increase by 44% over 10 year contract period 2. Gas output to rise by 89% over 10 year contract period 3. Increased production to start flowing in six months 4. Shell did not put a price bid. All elements confirmed by Oil and Natural Gas Corporation Ltd in a press statement Read My Story Here

Chinese state oil and gas company CNOOC has set its 2025 production target at a record high, between 5.6% and 8.3% above 2024's output. The offshore oil and gas specialist pumped about 720 million barrels of oil equivalent (boe) in 2024, meeting the high end of its target, CNOOC said in a statement outlining its annual strategic outlook on Wednesday. That was up 6.7% from 2023's 675 million boe. CNOOC said it was targeting net production at between 760 million and 780 million boe for 2025, and 780 million to 800 million boe for 2026. That is slightly lower than the company's guidance a year ago for 780 million to 800 million boe for 2025 and 810 million to 830 million boe in 2026. Under the latest guidance, the goal for 2027 is 810-830 million boe. https://lnkd.in/dQNDXSff

ExxonMobil considers transferring operations of two Malaysian PSCs to PETRONAS Sources said the transfer includes assets such as the Tapis oilfield, which has been in production since 1978. This development follows a report that Exxon had agreed to sell its oil and gas assets in Malaysia, which the company has now clarified as a transfer of operations without any change to its working interest. In a statement, ExxonMobil Exploration and Production Malaysia (EMEPMI) stated: “This is not a sale and there will be no changes to EMEPMI’s working interest in the Production Sharing Contracts.  “This does not impact our other businesses in Malaysia – we remain committed to conducting business here as we have for more than 130 years.”  For the full article click the link below: https://lnkd.in/eCfMnwS3 #oilandgas #oil #gas #offshore #energy

Shell’s $1.3 Billion Onshore Asset Sale to Renaissance Gains Regulatory Approval Shell International Plc has received approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its onshore assets to Renaissance, a consortium of Nigerian and international companies, in a deal valued at $1.3 billion. The sale includes Shell’s 75-year-old onshore oil assets, which will boost Nigeria’s oil production and government revenue while supporting naira stability and advancing gas development initiatives. The final approval, however, rests with President Bola Tinubu, who also serves as Nigeria’s... Read more on the link below https://lnkd.in/gsA9dTJ8

Why Permian oil and gas production growth has been on hiatus lately. Permian Gas Processing Plans Hint at Impending Rebound in Production Among other things, we cited capital discipline by E&Ps, acreage consolidation and optimization, and gas takeaway constraints, the last of which producers have been dealing with (in part) by reducing their drilling activity and shifting to areas with lower gas-to-oil ratios (GORs). In that same blog, however, we noted that despite the current plateauing of Permian production, midstreamers continue to design and build new gas processing capacity, virtually all of it backed by producer commitments. That suggests that E&Ps and integrated production/refining giants like ExxonMobil and Chevron expect to ramp up their production of Permian crude oil and associated gas over the next year or two. https://lnkd.in/gV9_UQQE

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,