1. The number of oil and gas drilling licenses issued in Texas increased by 60% year on year in April
Texas energy industry regulators are currently releasing data showing that Texas issued 732 drilling permits in April, more than 60 percent more than last year (456) compared with the previous year.
2. Egypt spends $1 billion on oil exploration in Western Sahara
Two oil companies under the Egyptian Ministry of petroleum are planning to invest more than $1billion in oil exploration in the western desert.
Among them, khalda petroleum is expected to invest about $830million in the 2021-22 fiscal year, part of the company’s plan to explore oil and gas and develop oil fields in the Western Sahara concession. The plan requires 87 wells to be drilled, including 35 exploration wells and 52 development wells.
Qaran petroleum plans to invest $252million in Western Sahara fields, including drilling 24 development wells and 5 exploration wells.
3. Total starts production in Angola
Total, the French energy group, said on May 6 that it has started to produce oil in Angola’s zinia phase II project, with an estimated resource of 65 million barrels.
Total said the project includes drilling nine oil wells and is expected to produce 40000 B / D of oil by 2022. It connects to the existing pazflor FPSO.
4. Survivtec completes acquisition of Norwegian famous protection brand Hansen protection
Survivtec, the UK provider of safety and survival solutions, announced yesterday that it had acquired Hansen protection, a Norwegian provider of professional life jackets and protective equipment. Hansen protection is a well-known manufacturer of protective clothing and life jackets in Norway. Founded in 1877, Hansen protection has a history of more than 100 years in the industry. The deal reinforces survivtec’s position as a leader in survival technologies in the marine, energy and aerospace markets.
5. High oil prices stimulate Brazil to sell more assets
Petrobras has restarted its bid for the golfinho offshore oil field cluster. The cluster is located in the Espirito Santo basin, 60 km from the coast of Brazil, with a water depth of 1300-1460 M. The reserves are estimated at 450 million barrels. The announcement of reopening coincides with rising oil prices, which will make such products more attractive and commercially viable again. The sale is in line with Petrobras’ previous plan to divest a number of assets and focus more on deep-water sub salt assets.
Brazil is now the largest oil producer in the region and the eighth largest in the world. In 2020, Brazil will produce an average of more than 2.9 million barrels of crude oil per day, 69% of which will come from its offshore ultra deep sub salt fields. The country still has billions of barrels of undeveloped oil in the sub salt zone. Brazil will become one of the main driving forces of offshore oil production in the future.
6. EQT announced US $2.9 billion transformation deal with Alta resources
EQT, the largest natural gas producer in the United States, recently announced that it has signed an acquisition agreement with Alta resources development. According to the agreement, EQT will acquire all member interests of Alta’s upstream and midstream subsidiaries at a price of US $2.925 billion. The deal is expected to close in the third quarter of 2021.
7. U.S. energy production in 2020 is the largest decline on record
U.S. energy production fell 5 percent last year, the largest annual decline on record, due to the economy’s response to the pandemic, the energy information administration said on Thursday. Earlier this year, the EIA said that due to the sharp decline in drilling activities under low oil prices, US crude oil production decreased by nearly 1 million barrels per day last year, the largest annual decline in history.
Post time: May-07-2021