Latest news with #deepwater
Trade Arabia
3 days ago
- Business
- Trade Arabia
Fugro secures gas field development deal in Southeast Asia
Fugro has signed a letter of award to perform a site characterisation programme for a deepwater gas field development in Southeast Asia. This significant award represents the largest geotechnical and geophysical survey project for Fugro in the Asia Pacific region to date, reflecting the positive momentum of deepwater developments in the region, the company said. This complex project builds on a combination of Fugro's onshore, nearshore and offshore geophysical and geotechnical survey services. Geo-data acquisition is scheduled to commence in the third quarter of 2025, with fieldwork estimated to last approximately one year. Detailed testing and consulting deliverables will continue into 2027. Supporting site planning and engineering design, the resulting ground model will be made available to project owners in near real-time, to facilitate faster decision-making by project engineers and improved collaboration with stakeholders including regulatory agencies.
Zawya
23-05-2025
- Business
- Zawya
Shell tasks Nigerian companies on offshore oil and gas projects
Shell Nigeria Exploration and Production Company Ltd (SNEPCo) has urged the Nigerian companies to take advantage of more opportunities in its offshore and shallow water oil and gas projects for their benefits Speaking at the 5th Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State, SNEPCo Managing Director, Ronald Adams, said projects such as Bonga Southwest Aparo, Bonga North and Bonga Main Life extension could grow Nigerian businesses and improve their expertise if they applied themselves seriously to executing higher value contracts. 'SNEPCo pioneered Nigeria's deepwater frontier with the Bonga development as the first deepwater oilfield exploration and production venture in the country,' Ron said in remarks which were delivered by Head Supply Chain, Charles Oranyeli. 'Our operations have greatly benefitted Nigerian businesses, and we expect them to get ready to take up more opportunities, ' he said. Adams said Nigerian companies could upscale their skills and continue to offer services in logistics, drilling, fabrication and construction of subsea manifolds, mooring and loading systems, pressure vessels and provision of gas processing equipment in deep-water, as well as procurement and civil works in shallow water. Since starting production at Bonga in 2005, SNEPCo has been supporting Nigerian contractors and service providers to grow their capacity through the development of systems and a competent workforce with the aim to deliver projects safely, on time and within budget not only in Nigeria but also in the West Arican subregion. The efforts have enabled Nigerian companies to play prominent roles in the safe and efficient operations of the Bonga Floating, Production, Storage and Offloading (FPSO) vessel which produced the 1-billionth barrel of oil from the field on February 3, 2023. Adams added: 'SNEPCo sees Nigerian content development as a business driver and not a regulatory requirement and will continue to support our companies to lay even bigger roles in their support for oil and gas operations.' The three-day NOGOF is being hosted by the Nigerian Content Development and Monitoring Board (NCDMB) with the theme: 'Driving Investment and Production Growth: Shaping a Sustainable Future for Nigeria's Oil and Gas Industry Through Indigenous Capacity Development.' SNEPCo is among the sponsors of the event, and is hosting an exhibition, highlighting its contributions to the development of the Nigerian economy and communities.
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Petrobras Plans Return to Nigeria Amid Upstream Realignment
Petrobras PBR, Brazil's national oil and gas company, is preparing a strategic return to Nigeria's oil industry, with plans to pursue deepwater exploration in the West African nation. After a decade-long absence, PBR is signaling renewed interest in Nigeria's offshore frontier acreage. This is in sync with its aggressive investment blueprint through 2029. This renewed engagement is expected to unlock mutual benefits for both nations, revitalizing a relationship that dates back to the 1980s when Brazil's state-controlled oil company operated in Nigeria's continental shelf. The resurgence of Petrobras in Nigeria's upstream sector reflects a larger ambition within its $111-billion five-year investment strategy, aiming to expand footprint beyond Brazil and tap into high-potential deepwater plays. Strategic Bilateral Dialogue and MOUs to Catalyze Investment The momentum for Petrobras' re-entry comes ahead of the Strategic Dialogue Mechanism ('SDM') between Nigeria and Brazil. Stanley Nkwocha, senior assistant in the office of Nigeria's vice president, says the SDM offers a "golden opportunity" to strengthen collaboration between the two countries. 'We have not maximally capitalized on the fraternity between us and Brazil, but it is better late than never,' Nkwocha noted. Nigeria's Ministry of Foreign Affairs has confirmed Petrobras' eagerness to re-engage, especially in deepwater frontier acreage where it sees untapped potential. These discussions are expected to result in sector-specific Memoranda of Understanding (MOUs) designed to streamline capital inflows and encourage robust foreign direct investment. Petrobras' Investment Surge: $77 Billion for Oil and Gas Brazil-based integrated oil and gas company plans to allocate $77 billion of its $111 billion capital expenditure plan between 2025 and 2029 solely to exploration and production (E&P) activities. This figure reflects a $4 billion increase from the previous E&P estimate, highlighting a clear strategic emphasis on both domestic and international upstream growth. While the majority of funds will boost operations in Brazil, PBR has reserved significant capital for new discoveries and international ventures, with Nigeria considered a key target. Given Nigeria's expansive offshore reserves, the synergy with Petrobras' technical expertise in deepwater production positions it for strong returns. Nigeria's Push to Attract Foreign Oil Investment Nigeria is actively seeking international and national oil companies to reinvigorate its petroleum sector. The government of Nigeria is intensifying efforts to raise production levels from declining mature fields and stimulate deepwater exploration to meet energy targets. In early 2025, Nigeria scored a win with Exxon Mobil Corporation XOM announcing a $1.5 billion investment in offshore development. Petrobras' interest, if finalized, would add significant momentum to Nigeria's quest to regain its position as Africa's top oil producer. Deepwater Nigeria: A Critical Frontier for Global Oil Players Nigeria's deepwater region, encompassing blocks in the Gulf of Guinea, remains largely underexplored but highly prospective. Past discoveries by companies like Shell plc SHEL and Chevron Corporation CVX have confirmed the region's hydrocarbon richness. With technological advancements in ultra-deepwater drilling, these reserves are more accessible than ever before. Petrobras, with its extensive offshore experience in Brazil's pre-salt fields, is uniquely positioned to bring advanced deepwater extraction techniques to Nigeria. The potential synergy between Petrobras and the Nigerian National Petroleum Company Limited could yield transformative outcomes for both nations. PBR and Nigeria: A Renewed Strategic Energy Partnership The impending return of Petrobras marks a potential strategic realignment of Nigeria's upstream oil sector with South America's largest oil producer. With mutual energy goals, geopolitical alignment and economic incentives, the two countries are poised to create a dynamic oil and gas alliance. Petrobras' reinvestment would not only inject capital but also technology, innovation and capacity development into Nigeria's energy sector. Nigeria, in return, offers PBR frontier opportunities with high growth potential in a liberalizing market environment. Conclusion: A New Chapter in Nigeria-Brazil Oil Relations Petrobras' move to re-enter Nigeria's oil market represents more than a corporate expansion, it is a strategic pivot that could reshape regional energy dynamics. As Nigeria seeks to boost its oil output and attract credible global partners, PBR appears as a heavyweight contender. With billions in planned investment and a deepwater focus, Petrobras' re-entry into Nigeria could stimulate offshore exploration, generate employment and drive technological exchange. The Strategic Dialogue Mechanism between both nations offers a critical platform to finalize these engagements, unlocking a new era in Nigeria-Brazil energy collaboration. PBR's Zacks Rank & Key Picks Currently, PBR has a Zacks Rank #4 (Sell), while XOM and SHEL carry a Zacks Rank #3 (Hold) each and CVX holds a Zacks Rank #5 (Strong Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Exxon Mobil Corporation is a global giant in the exploration, production and marketing of oil and natural gas. It operates through four main segments—Upstream, Energy Products, Chemical Products and Specialty Products—covering a wide range of energy, petrochemical and specialty product offerings. ExxonMobil also focuses on low-emission and sustainability solutions, including carbon capture, hydrogen and renewable energy opportunities. Shell is an integrated energy and petrochemical company operating worldwide, involved in the exploration, extraction and distribution of oil and natural gas, as well as producing a range of chemicals and renewable energy solutions. The company has a strong presence in sectors such as transportation fuels, electric vehicle charging and carbon capture, with a growing emphasis on hydrogen, wind and solar power. Chevron is a multinational corporation engaged in energy production and refining, focusing on both upstream and downstream operations. It explores, develops and produces crude oil and natural gas while refining and marketing petroleum products and petrochemicals. Chevron is also exploring sustainable energy initiatives such as carbon capture, renewable fuels and energy transition technologies. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): Free Stock Analysis Report Petroleo Brasileiro S.A.- Petrobras (PBR): Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL): Free Stock Analysis Report
Irish Times
08-05-2025
- Entertainment
- Irish Times
Tarrac na Farraige review: RTÉ documentary about fishing livelihoods is both stunning and heartbreaking
Who'd be a deepwater fisherman? The hours are punishing, the working conditions precarious and, amid questions about the high environmental price of industrialised fishing, the future is murky. But there are some things in life that defy logic – and that is the case with the call of the open water, as RTÉ demonstrates in its rewarding new documentary Tarrac na Farraige (RTÉ One, Thursday, 7pm). This beautifully made two-part series offers an engaging portrait of a way of life that may soon be gone forever – with ever greater consolidation in the industry, fewer and fewer 'skippers' have a boat of their own. It is also a love letter to the gorgeous Irish coastline, featuring lush overhead shots of Castletownbere in Cork , Baile na nGall in the Waterford Gaeltacht and Inis Mór off the Galway coast. You could watch it with the sound down. The fishing captains profiled are a fascinating bunch – passionate about the sea to the point of obsession. Standing outside his bungalow on Inis Mór, Enda Dirrane talks about his need for connection to the sea. Even before he became a full-time fisherman at 16, it was a constant in his life. 'I wouldn't live anywhere else,' he says as the sun twinkles on the water. 'I definitely couldn't live in the middle of the country. I'm always thinking about fishing.' Tarrac na Farraige is far beyond the traditional RTÉ realm of stodgy, Nationwide-style documentaries Several of those featured have had more than their share of private loss. In Castletownbere, Larry Murphy recalls discovering his son Wayne died while they were returning to port. 'Buried him on his 26th birthday,' Murphy recalls. 'He died on our way back from Norway . Bought the boat in 2004; he died in 2004. He was married with one kid. It was a bad, bad blow.' READ MORE Tragedy has also befallen Co Waterford's Fionn Ó Corraoin. 'Not many members of my family were fishermen,' Ó Corraoin says. 'My uncle and my grandfather on my mother's side…The others were farmers. But I grew up two miles down the road [from the sea].' Ó Corraoin says he was inspired by his sister, Caoilfhionn, to pioneer a sustainable model of fishing – shortly afterwards she received a terminal cancer diagnosis. Everything he has done since has been in her memory. Ó Corraoin is determined 'to show you can make a living doing this'. He says this while guiding his boat into the deep blue waters off the coast. It is a stunning image that sits heartbreakingly alongside the challenges he has had to overcome – and which elevates Tarrac na Farraige far beyond the traditional RTÉ realm of stodgy, Nationwide-style documentaries bodged together on the cheap.
Bloomberg
07-05-2025
- Business
- Bloomberg
Nigeria Says Exxon Commits $1.5 Billion to Deepwater Development
Exxon Mobil Corp. plans to invest $1.5 billion in a deepwater oil field in Nigeria as Africa's top producer looks to boost output, according to the nation's regulator. The investment, expected within the next two years, will focus on reviving production in the Usan field and is in addition to funding earmarked for planned developments in Owowo and Erha, the Nigerian Upstream Petroleum Regulatory Commission said in a statement Tuesday, citing a visit by Shane Harris, Exxon's managing director in Nigeria.
