Latest news with #Block53
Observer
2 days ago
- Business
- Observer
OQEP reports RO 317.4 million half-year EBITDA
MUSCAT: OQ Exploration & Production (OQEP) posted earnings before interest, tax, depreciation and amortisation (EBITDA) of RO 317.4 million ($825.6 million) for the first half of 2025, with revenue of RO 428.1 million ($1.1 billion), according to its audited results. Adjusted cash flow from operations rose 20 per cent to RO 289.2 million, while return on capital employed reached 24.4 per cent (25.8 per cent in Q2). The cash balance increased by 31 per cent year-on-year. The Board recommended basic quarterly dividends of RO 57.7 million for the second and third quarters of 2025, and a performance-linked H1 dividend of RO 44.2 million, to be paid in September and November. Operationally, average daily output was 222.3 thousand barrels of oil equivalent (kboe/d). Strategic projects advanced, including the early commissioning of the Basat C expansion, extension of the Block 53 exploration and production agreement to 2050, and the start of construction at the Marsa LNG project in Sohar. CEO Eng Ahmed bin Saeed al Azkawi said performance was strong despite softer oil prices, driven by higher sales volumes and efficiency gains, and reaffirmed OQEP's commitment to growth in line with Oman Vision 2040. Average daily volumes comprised 120.1 thousand barrels of oil and condensates and 102.3 thousand barrels of gas. The Basat C expansion added 37 thousand barrels per day of processing capacity, improved production facilities and increased well tie-in capacity. The Block 53 agreement extension adds an estimated 800 million barrels of oil to future output. The $1.6 billion Marsa LNG project with TotalEnergies will be among the lowest-carbon LNG terminals globally. New exploration agreements with Genel Energy and Turkish Petroleum Corporation cover promising concessions, with drilling planned in Blocks 54, 47 and 11. Up to $25 million will be invested over three years. Additional concessions (18, 36, 43A, 66 and 15) will be marketed through 2025–2026 to attract foreign investment, keeping production between 220,000 and 230,000 boe/d, while tightly managing costs. — ONA
Yahoo
30-06-2025
- Business
- Yahoo
TotalEnergies acquires 25% interest in Block 53 offshore Suriname
TotalEnergies has announced the signing of an agreement with Spanish company Moeve (formerly CEPSA) to acquire the 25% interest held by Moeve in Block 53, offshore Suriname. This acquisition positions TotalEnergies as a partner in the licence alongside APA, which holds a 45% stake and operates the block, and Petronas, which owns 30%. Block 53 is situated directly east of Block 58, where TotalEnergies serves as operator with a 40% stake. The Block 53 licence encompasses the Baja-1 discovery, which was drilled close to the boundary of Block 58 by operator APA. The discovery was reported to contain 34m (112ft) of net oil pay when drilled to a depth of 5,290m (17,356ft) below sea level. This discovery can leverage existing infrastructure and extend the production plateau of the planned Gran Morgu project in Block 58. TotalEnergies announced the final investment decision for the Gran Morgu development in October 2024. TotalEnergies Americas exploration and production senior vice-president Javier Rielo said: 'This acquisition brings new resources to the development of our low-cost and low-emission Gran Morgu project. 'It also proves how TotalEnergies will leverage GranMorgu infrastructure to develop profitably additional resources and extend its production plateau, strengthening the position of the company in the offshore of Suriname.' The Gran Morgu development is estimated to hold more than 750 million barrels of recoverable resources and represents a significant investment of $10.5bn. With a 200,000bpd capacity, the Gran Morgu is expected to initiate production in the first half of 2028. The floating offshore production unit for Gran Morgu is expected to be one of TotalEnergies' largest projects to date. TotalEnergies has already invested more than $1.4bn in exploration activities in Suriname, reported Reuters. Suriname has yet to produce hydrocarbons but aims to replicate the success of neighbouring Guyana, where Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas. Earlier this month, TotalEnergies acquired 25% interest in 40 offshore exploration leases in the US from Chevron. The offshore leases cover an area of approximately 1,000km² and are situated between 175km and 330km from the shore. "TotalEnergies acquires 25% interest in Block 53 offshore Suriname" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
27-06-2025
- Business
- Time of India
TotalEnergies buys 25% stake in offshore Suriname from Moeve
TotalEnergies has acquired a 25 per cent stake in Block 53 offshore Suriname from Spanish company Moeve , it said on Friday without giving financial details. The block is adjacent to the $10.5 billion Gran Morgu development , on which Total took a final investment decision in October and which is estimated to hold more than 700 million barrels of recoverable resources . The South American country has yet to produce hydrocarbons, but has ambitions to emulate neighbouring Guyana, where a consortium led by Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas. Total said Block 53 contains an oil and gas discovery drilled near the border of Gran Morgu, and will allow for project expansion. Spain's second largest oil company Moeve, formerly known as CEPSA , has sold 70 per cent of its oil production assets since 2022 as part of an 8-billion-euro $9.4 billion) plan to pivot toward low carbon businesses. Houston-based APA, which operates Block 53, holds a 45 per cent stake, while Petronas owns 30 per cent.
Zawya
27-06-2025
- Business
- Zawya
TotalEnergies buys 25% stake in offshore Suriname from Moeve
PARIS - TotalEnergies has acquired a 25% stake in Block 53 offshore Suriname from Spanish company Moeve, it said on Friday without giving financial details. The block is adjacent to the $10.5 billion Gran Morgu development, on which Total took a final investment decision in October and which is estimated to hold more than 700 million barrels of recoverable resources. The South American country has yet to produce hydrocarbons, but has ambitions to emulate neighbouring Guyana, where a consortium led by Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas. Total said Block 53 contains an oil and gas discovery drilled near the border of Gran Morgu, and will allow for project expansion. Spain's second largest oil company Moeve, formerly known as CEPSA, has sold 70% of its oil production assets since 2022 as part of an 8-billion-euro $9.4 billion) plan to pivot toward low carbon businesses. Houston-based APA, which operates Block 53, holds a 45% stake, while Petronas owns 30%. ($1 = 0.8537 euros)
Reuters
27-06-2025
- Business
- Reuters
TotalEnergies increases Suriname position with new offshore block interest
PARIS, June 27 - French oil major TotalEnergies ( opens new tab has acquired a 25% interest in Block 53 offshore Suriname from Spanish firm Moeve, it said on Friday. The block is adjacent to the Gran Morgu development, which Total took a final investment decision on in October.
