Saipem Begins Suriname Operations
Saipem has tapped Solstad Maritime’s Normand Navigator to begin operations on the offshore GranMorgu project in Suriname. The vessel arrived at the commercial port of Jules Sedney Harbor in Paramaribo in late June, where it will begin preliminary activities.
The GranMorgu project is located in Block 58, 150 km off the coast of Suriname. According to the company, it will be the country’s first large-scale offshore oil development.
Awarded to Saipem in 2024, the contract covers the engineering, procurement, supply, construction, installation, precommissioning, and support for commissioning and startup of the subsea umbilicals, risers, and flowlines (SURF) package, in water depths ranging from 100 to 1,100 m.
The company has also secured a major logistics hub at the commercial port of Jules Sedney Harbor, spanning 30,000 to 40,000 m2, where the reception, handling, and storage of all incoming pipes, equipment, and standard containers will be held before they are loaded onto supply vessels bound for the offshore fields.
Saipem will utilize the DORDT marine support base in Paramaribo to receive, store, and manage heavy subsea structures and manifolds.
TotalEnergies serves as the operator of the GranMorgu project and holds 40% interest, with partners APA Corp. (40%) and Staatsolie (20%).
Repsol Expands Venezuelan Exploration
Repsol signed a memorandum of understanding (MoU) with Venezuela's state-owned oil company Petróleos de Venezuela (PDVSA) to explore the potential development of a new area southeast of Lake Maracaibo, known as Horcón. The Horcón area sits between the Barúa and Motatán fields, both already included in Repsol’s portfolio in Venezuela. This portfolio also includes the Petroquiriquire and Petrocarabobo oil-producing fields, as well as the Cardón IV gas asset.
At the MoU signing, the operational progress of Repsol's assets in Venezuela and the investments to continue exploration and growth in the region were discussed.
Repsol has had consistent operations in Venezuela since 1993.
Petronas Makes Another Block 52 Discovery
Suriname’s President Jennifer Simons announced Malaysia's state-controlled energy producer Petronas has made another gas discovery at offshore Block 52 in Suriname. The block is located about 170 km offshore north of the coast of Paramaribo and covers 4,749 km2.
“To date, we have made eight successful exploration discoveries, unlocking over more than one BBOE, while continuing advancing lower-carbon solutions, safe operations, and investment in people, technology, and capability to create long-term value for the country," said Petronas COO Mohd Jukris Abdul Wahab at an energy conference.
Oxy Acquires Trinidad and Tobago Stake From ExxonMobil
Occidental Petroleum purchased a 10% stake in ExxonMobil’s deepwater exploration block, UD(1), offshore Trinidad and Tobago. The block was wholly owned by ExxonMobil prior to Oxy’s purchase—the financial details of which were not disclosed. ExxonMobil acquired the block in August of last year.
UD(1) lies in water depths of 2,000 to 3,000 m and lies close to Guyana’s Stabroek Block, where more than 30 discoveries have been made since 2015.
The block is currently undergoing a seismic survey, with ExxonMobil's executive vice president stating that data acquisition is expected to be completed by the end of July and interpretation potentially finalized by the end of 2026.
Shell Reports Positive Results in Namibia
Shell has reported “encouraging exploration results” from its Merlin-1X well in offshore Namibia. The company, along with partners QatarEnergy and NAMCOR, announced it successfully penetrated the Coniacian play, which has delivered the most promising subsurface results to date in petroleum exploration license (PEL) 0039. The Merlin-1x well is the 10th well drilled in PEL 0039.
The supermajor also announced it is considering further drilling in the license later in 2026.
Murphy Oil Discovers Oil in Côte d’Ivoire
Murphy Oil Corp. announced it has discovered oil at its Bubale-1X exploration well in Block CI-709, located approximately 40 miles offshore Côte d’Ivoire. Drilled to a total depth of 20,548 ft and in 7,795 ft of water, the well encountered 100 ft of net oil pay across two reservoirs.
“Early results at Bubale reinforce the prospectivity of our Côte d’Ivoire acreage,” said Eric Hambly, Murphy Oil Corp. CEO and president.
Bubale-1X is the third and final well in the company’s Côte d’Ivoire exploration campaign. The company will continue to move forward with the exploration and announced one well is planned this year to test the extent of the discovery.
Murphy Oil Corp. serves as operator of Bubale-1X with 90% interest, with partner Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire holding the remaining 10%.
BP Begins Production at Azeri–Chirag–Gunashli Field
BP has started nonassociated gas (NAG) production operations at the Azeri–Chirag–Gunashli (ACG) field. The ACG field is located off the coast of Azerbaijan in the Caspian Sea. This announcement marks the first commercial gas output at the field.
The NAG well was drilled from the existing West Chirag platform and delivered early production, as well as important reservoir and flow data. According to BP, the “NAG resources of ACG are believed to be significant, with an estimated 4 Tcf of recoverable reserves and a potential upside to 6 Tcf.”
The well targets two priority NAG reservoirs, the shallower Qirmaki Upper Sand and the deeper Qirmaki Lower Sand, both located beneath the currently producing oil reservoirs.
Gas and condensate from the well will now be directed to the Sangachal Terminal via the existing ACG infrastructure.
“ACG has a long and successful history and now, nearly 3 decades into oil production, the field continues to hold potential to deliver value for the nation and its investors as it starts this new chapter,” said Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia, and Turkey.
MOL Group Signs PSA To Explore Mediterranean Sea
MOL Group signed a production-sharing agreement with its joint venture partners, Repsol and Türkiye Petrolleri A.O. (TPAO), for an offshore exploration area in the Mediterranean Sea. MOL Group entered the country earlier this year after earning an exploration license bid for the O7 offshore block, located approximately 140 km northwest of Benghazi, with its partners.
Covering more than 10,300 km², the O7 block is located in water depths exceeding 1,500 m. The companies’ exploration agreement includes the acquisition of 1,500 km 2D and 2,300 km² 3D seismic data, as well as the drilling of one exploration well.
Repsol serves as the operator of the block and holds 40% interest, with TPAO (40%) and MOL Group (20%).
