‘The OPEC and non-OPEC alliance of 25 countries are currently producing too much oil to reverse an oil price decline that has seen Brent crude fall by about US$10 a barrel over the last month and reduce their total revenue by US$500mn a day’
Exploration & Production
Panoro Energy to acquire OMV Tunisia Upstream GmbH
London-based independent E&P company Panoro Energy’s Norwegian subsidiary Panoro Tunisia Production AS has signed an agreement with OMV Exploration and Production GmbH to acquire 100 per cent of the shares of OMV Tunisia Upstream GmbH for a transaction value worth US$65mn
RAKGas signs oil exploration agreement with Zanzibar
RAKGas, through its international subsidiary RAKGas Zanzibar Limited, has signed an oil and gas production sharing agreement with the government of Zanzibar, the first of its kind agreement Zanzibar has signed following its implementation of the oil and gas (Upstream) act of 2016
BHGE, AFRC partner to push limits of advanced manufacturing for oil and gas
The University of Strathclyde’s Advanced Forming Research Centre (AFRC) and Baker Hughes, a GE company (BHGE), have partnered to explore how some of the latest advanced manufacturing tools and processes can drive more efficient, smarter ways to reduce cost and increase productivity across BHGE’s operations
Eni, BP and NOC sign agreement to resume Libyan oil exploration
The agreement will see Eni acquire a 42.5 per cent stake and become operator of three of BP’s Libyan oil exploration areas in order to restart exploration activities and to fast track exploration outcomes to production
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