Eco Atlantic Oil & Gas (AIM:ECO, TSX-V:EOG) chief executive Gil Holzman highlighted significant progress, as the explorer released financial results for its three-month period ended June 30. "Our active farm-out processes in both Namibia and Guyana have seen Eco actively engaged with a number of potential high-calibre partners as we work to monetise these licences as fast as is practically possible for the benefit of all involved,” Holzman said in the results statement. “We look forward to providing updates on material developments to all our stakeholders over the coming months." The company held $1.185 million in cash and cash equivalents with no debt as of the end of June 2024. Total assets stood at $29.65 million, with total liabilities amounting to $0.791 million. Following the recent completion of a farm-down of a 13.75% participating interest in Block 3B/4B offshore South Africa, Eco expects to boost its... More at #Proactive #ProactiveInvestors http://ow.ly/HEpX105H8OM
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It is no longer news that international oil companies are beginning to divest their Assets in the upstream operations especially onshore. One could wonder what may constitute “triggers” for the divestment, whether they are policy oriented or increase in participation of indigenous companies in the upstream sector. Well,the bare truth for the divestment is here. #oil and gas #finance #divestment
Why Total Energies chose Angola over Nigeria for $6 billion energy project – CEO, Pouyanne
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#Energyinsurance101 Oil and gas asset divestment in Nigeria refers to the process where major oil companies sell off or transfer their interests in oil and gas fields to local or independent operators. This trend is driven by several factors: 1. Strategic Shift by Multinational Oil Companies: International oil companies (IOCs) like Shell, ExxonMobil, Chevron, and TotalEnergies have been shifting focus from onshore and shallow water assets in Nigeria to deepwater and other global projects. This is partly due to: Operational challenges: Onshore oil operations in Nigeria are often disrupted by issues like oil theft, pipeline vandalism, and community conflicts. Environmental and regulatory pressures: Stricter global environmental regulations and the need to reduce carbon footprints are influencing companies to focus on cleaner energy sources. Profitability concerns: Deepwater and offshore assets are often considered more profitable and less susceptible to local operational challenges. 2. Local Content and Indigenous Participation: Nigeria’s Local Content Act (2010) encourages more participation of indigenous companies in the oil and gas industry. Asset divestment by IOCs has created opportunities for local players like Seplat Energy, Oando, and others to acquire valuable assets, leading to an increase in indigenous ownership of oil blocks. 3. Economic and Political Impacts: Revenue generation: For the Nigerian government, these divestments create opportunities to raise funds through taxes, royalties, and sale agreements. Challenges for local companies: Indigenous companies may face difficulties in managing these assets due to financing, technical expertise, or infrastructure issues, which could limit operational efficiency. 4. Energy Transition and Global Trends: The global shift towards renewable energy and cleaner sources of fuel is another driver of divestments. Major oil companies are under pressure to reduce their reliance on fossil fuels and align with climate goals, which is influencing their exit from high-carbon operations like onshore oil production in Nigeria. 5. Implications for the Nigerian Energy Sector: Potential for local growth: Indigenous operators may bring new investments and technologies, but challenges such as funding, technical capacity, and government regulations could impact the success of these transitions. Operational risks: The handover of assets may lead to disruptions, especially if indigenous operators struggle to manage aging oil infrastructure or ongoing security issues. Gas sector opportunities: While oil assets are being divested, there may be increased investment in gas operations as Nigeria seeks to develop its natural gas resources, including LNG and domestic gas markets. In summary, It is reshaping the country's energy landscape by increasing indigenous participation but also presenting hurdles related to financing, expertise, and operational efficiency for the new asset owners.
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E&P Co. To Restart Drilling in Equatorial Guinea: https://ow.ly/YTr250Rnnnf Panoro Energy ASA's drilling contract will allow production in EG to return to growth, according to an Auctus Advisors research note. $PEN:OSE #energy #oil #oilstocks Panoro Energy
E&P Co. To Restart Drilling in Equatorial Guinea
streetwisereports.com
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Tullow Oil reaffirms its commitment to Kenya's oil project with an annual investment of Sh1.6 billion ($10 million). Capital spending across its global operations will be reduced to $250 million, with Kenya's budget representing 4%. Setbacks include the exit of partners TotalEnergies and Africa Oil Corp., creating opportunities for partnerships. SAMUEL NGEI Domnick Mitiro Kaikai Naipamei 🇰🇪 Lawrence Njenga, MPRSK Dakim Dung Petlong Dakhling Ikechukwu Promise Obialor Follow The African Energy Council for more energy news. #oilandgas #energyinvestment #aecouncil #kenya #oilindustry #oilexploration #OilandGasInvestment #energy #OilfieldInvestment #energysector #OilProject #globalenergy #EnergyDevelopment #oilproduction
Tullow to Invest Sh1.6bn Annually in Kenya Oil Project
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#TotalEnergies is set to make a final investment decision on #Suriname’s first #offshore oil and gas #development, a project valued at over $10 billion. With the Gran Morgu field estimated to hold 700 million barrels of oil, this development represents a significant step forward for Suriname and the region. This #groundbreaking project, operating at depths of 100 to 1,000 meters, is poised to start production by #2028, bolstering Suriname's #energy capabilities alongside international partners like APA Corporation. The project will implement state-of-the-art environmental technologies, including a 'Tesla-like FPSO' designed for zero routine flaring, reflecting TotalEnergies' commitment to sustainable energy development. As Suriname embarks on this transformative journey, #Brunel remains dedicated to supporting our clients in Suriname and the broader region. Our presence in Suriname positions us uniquely to provide comprehensive services, ensuring that as the energy sector grows, opportunities for local content and job creation grow with it. #EnergySector #OilAndGas #SustainableDevelopment #Suriname #Brunel
TotalEnergies to sign $10 billion deal for Suriname’s first offshore oil project
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🇦🇺 𝗡𝗲𝘄𝘀 𝘀𝘁𝗼𝗿𝘆: 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮'𝘀 𝗪𝗼𝗼𝗱𝘀𝗶𝗱𝗲 𝗽𝘂𝗹𝗹𝘀 𝗼𝗶𝗹, 𝗴𝗮𝘀 𝘀𝘁𝗮𝗸𝗲𝘀 𝗳𝗿𝗼𝗺 𝘀𝗮𝗹𝗲 | 𝗔𝗿𝗴𝘂𝘀 𝗠𝗲𝗱𝗶𝗮 Australian independent Woodside Energy has decided against selling stakes in its offshore Macedon domestic gas venture and Pyrenees oil project, following a sales process that began in mid-2023. Woodside said following completion of the sale process it has decided to retain its current ownership in both Carnarvon basin assets, adding that Macedon continues to be a critical supply source of gas to the Western Australian domestic market. By Tom Major: https://okt.to/o0jeWc Argus provides exclusive pricing and daily intelligence on the global and specialist local markets for the crude oil industry. Find out more: https://okt.to/tWC3Lb #ArgusMedia #OffshoreDrilling #crudeoil #naturalgas #Australia
News story: Australia's Woodside pulls oil, gas stakes from sale | Argus Media
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CAPP FORECASTS CAPITAL INVESTMENT FOR CANADIAN OIL AND NATURAL GAS SECTOR TO REACH $40.6 BILLION IN 2024 The Canadian Association of Petroleum Producers (CAPP) is forecasting capital expenditures for the upstream oil and natural gas sector will reach $40.6 billion in 2024, rising slightly from an estimated actual investment of $39 billion for 2023. #OilandGas #Investment #EnergySector Read more: https://hubs.ly/Q02mrvpF0
CAPP forecasts capital investment for Canadian oil and natural gas sector to reach $40.6 billion in 2024 | BOE Report
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TotalEnergies reinforces its position in Namibia's oil discovery, acquiring an additional 10.5% in block 2913B and 9.39% in block 2912 from Impact Oil and Gas. The move, subject to approval, signifies a step in advancing Venus' development. TotalEnergies plans to share the interest with joint venture partner QatarEnergy. This transaction, valued at $99 million, secures financing for all partners and underscores Namibia's growing appeal in the energy sector. Fausto Mendes Pr. Eng. Nicolaas van Wyk Shiwana Ndeunyema JOHANNES MBUNDU Ikechukwu Promise Obialor Dakim Dung Petlong Dakhling Follow The African Energy Council for more energy news #totalenergies #oilandgas #aecouncil #namibia #oilproduction #energyinvestment #VenusDiscovery #strategicpartnerships #EnergyExploration
TotalEnergies Boosts Namibian Oil Stake
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To know more, read the full article on #theenterprise https://lnkd.in/gS6BNsw2 #OilMergers #ConocoPhillips #MarathonOil #EnergyIndustry #StockDeal #OilAndGas #EnergyConsolidation #globalbusiness #theenterprisenews #followformore #global #finance
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🇦🇺 𝗡𝗲𝘄𝘀 𝘀𝘁𝗼𝗿𝘆: 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮'𝘀 𝗪𝗼𝗼𝗱𝘀𝗶𝗱𝗲 𝗽𝘂𝗹𝗹𝘀 𝗼𝗶𝗹, 𝗴𝗮𝘀 𝘀𝘁𝗮𝗸𝗲𝘀 𝗳𝗿𝗼𝗺 𝘀𝗮𝗹𝗲 | 𝗔𝗿𝗴𝘂𝘀 𝗠𝗲𝗱𝗶𝗮 Australian independent Woodside Energy has decided against selling stakes in its offshore Macedon domestic gas venture and Pyrenees oil project, following a sales process that began in mid-2023. Woodside said following completion of the sale process it has decided to retain its current ownership in both Carnarvon basin assets, adding that Macedon continues to be a critical supply source of gas to the Western Australian domestic market. By Tom Major: https://okt.to/AsiO9L Argus provides exclusive pricing and daily intelligence on the global and specialist local markets for the crude oil industry. Find out more: https://okt.to/WrUhqQ #ArgusMedia #OffshoreDrilling #crudeoil #naturalgas #Australia
News story: Australia's Woodside pulls oil, gas stakes from sale | Argus Media
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