Sonatrach, Eni sign $1.35 billion production sharing deal
Total investments for exploration and development work in the so-called Zemoul El Kbar contractual perimeter are estimated at $1.35 billion, the statement said.
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BBC News
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- BBC News
North Sea operators 'running out of time' to plug old oil wells
North Sea operators have been warned that they could be fined if they continue to delay on the decommissioning of oil and gas wells. Industry regulator the North Sea Transition Authority (NSTA) said firms were "running out of time" to tackle a backlog of more than 500 wells to be cost - estimated at £41bn - is shared between the private sector and the taxpayer. It said that further hold-ups would cost a further £4bn. Offshore Energies UK (OEUK) said "policy instability" in the industry had created uncertainty, but said the sector was still committed to decommissioning. When an oil well comes to the end of its life, its operator has a responsibility to permanently decommission began an investigation after identifying hundreds that had missed plugging said that any delays risk rig operators and others in the supply chain moving their vessels out of the North Sea to seek work elsewhere. The regulator said that this would push up the costs in the long run. If the backlog is not addressed, NSTA said there could be more than 1,000 additional wells due for decommissioning by the end of the decade. Pauline Innes, NSTA director of supply chain and decommissioning, urged operators to act said: "The stark reality is that operators are running out of time to get to grips with the backlog as more contractors consider taking their rigs abroad, which damages the supply chain's ability to meet demand and remain cost competitive."She said NSTA was prepared to help operators when necessary but would "get tough" on those who continually delay. Significant uncertainty In 2024, only 103 wells were decommissioned to the final abandonment stage with some form of work being carried out on 223 300 need to be fully commissioned each year if the backlog is to be body OEUK said businesses were actively progressing their decommissioning obligations but that it was a complex manager Ricky Thomson said: "Policy instability, including the Energy Price Levy and pauses in the Environmental Assessment process, has introduced significant uncertainty for the sector resulting in project delays and cost increases. "The sector is working with the government to provide stable regulatory and fiscal frameworks to continue delivering safe, efficient decommissioning essential to the UK's economy, environment, and long-term energy future."
Reuters
9 hours ago
- Reuters
APA curtails US natgas and NGL production in second quarter on weak prices
July 9 (Reuters) - APA Corp (APA.O), opens new tab said on Wednesday it curtailed about 10 million of cubic feet per day (MMcfpd) of U.S. natural gas production and 750 barrels per day of U.S. natural gas liquids output during the second quarter due to weak prices. The U.S. oil and gas producer also completed the sale of its New Mexico assets in June, a deal announced in May. APA said the transaction reduced its second-quarter U.S. production by about 1,800 barrels of oil equivalent per day, roughly 33% of which was oil. Net proceeds from the sale, after adjustments and costs, totaled approximately $575 million. APA expects second-quarter average realized natural gas prices in the U.S. to be $1 per thousand cubic feet (Mcf) and $4 per Mcf globally.
BBC News
12 hours ago
- BBC News
Peterborough City Council plans to sell Middleholme site
Plans have been put forward to sell a former landfill site in order to build hundreds of 41-acre (16.6 hectare) site in Peterborough, known as Middleholme, is currently part-owned by the city council and Milton Estate, a local has been earmarked for 350 new homes in the city's local plan, a document that serves as a blueprint for future development, but which is being revised.A report being presented to the council's cabinet on Thursday said: "The local plan is currently under review and there may be an opportunity for a higher number of homes on site." According to the current local plan, potential developers would first need to look into flood mitigation measures before planning permission is would also need to examine transport and measures to improve access to the city centre for pedestrians and cyclists, as well as create an "attractive public riverside walk and cycle path" leading to Peterborough area includes the site of an old refuse tip along the Embankment, located east of the Frank Perkins Parkway, as well as the disused council-owned Potters Way car council's cabinet has been recommended to approve plans for the authority to work with Milton Estate to put the site on the market."The value will be dictated by the market interest in the site," the report said. The aim is to invite offers from developers during a tendering process this summer. Follow Peterborough news on BBC Sounds, Facebook, Instagram and X.
