Exploration/discoveries
The Loran Phase 2 license award builds on BP’s growing presence in Venezuela as it seeks to develop offshore projects, particularly shared fields near Venezuela’s maritime border with Trinidad and Tobago.
Gran Tierra will refocus its investment strategy to strengthen its portfolio in Canada and Azerbaijan while Maurel & Prom, majority owned by Pertamina’s international upstream arm, grows its South American footprint in Colombia and Ecuador.
After acquiring the block more than a decade ago, Petrobras has finally found oil in the deepwater area of the Equatorial Margin with the Morpho-1 exploration well.
-
Updates about global exploration and production activities and developments. -
Sale 262 will be the first new auction covering leases in US Gulf federal waters in 2 years.
-
Oil and gas companies drilled 75 “high-impact” wells in 2024, representing 5.2 billion BOE.
-
The $2.9 billion Shah Deniz Compression project, expected online in 2029, will enable additional production of around 50 Bcm of gas and 25 million bbl of condensate.
-
Updates about global exploration and production activities and developments.
-
The Göktepe-3 discovery boosts Turkey’s gas reserve estimates by 10%, supporting Ankara’s ambitions to become a regional gas export hub.
-
The new policy aims to accelerate the leasing timeline and expand access to public lands.
-
The contracts build on Cairo’s decades-long strategic energy alliance with Moscow, which will soon include nuclear energy.
-
Global majors remain committed to boosting investment in Egypt’s offshore gas production as they eye Cairo’s underutilized LNG capacity.
-
EVP Giulia Chierchia and Chairman Helge Lund are stepping down amidst difficult Q1.
