Latest news with #hydrocarbon
Times of Oman
4 days ago
- Business
- Times of Oman
Oman's public revenues decline by 7% to reach OMR2.63bn by end of Q1 2025
Muscat: The State's public revenues decreased by 7% to reach OMR2,635 million by the end of Q1 2025 compared to OMR2,826 million recorded during the same quarter of 2024. This decline is primarily attributed to a reduction in hydrocarbon revenue, according to the Fiscal Performance bulletin issued by the Ministry of Finance. Net oil revenue amounted to OMR1,468 million as of the end of Q1 2025, representing a 13% decrease from OMR1,688 million collected during the same quarter of 2024. Net gas revenue reached OMR436 million as of the end of Q1 2025, reflecting a 2% decline from OMR444 million recorded in the same quarter of 2024. Current revenue stood at OMR725 million as of the end of Q1 2025, indicating a 5% increase, i.e., OMR34 million, from OMR691 million collected during the same quarter in 2024. By the end of Q1 2025, public spending reached OMR2,771 million, marking a 4% increase, i.e., OMR107 million, from OMR1,978 million recorded during the same quarter of 2024. This growth is primarily attributed to increased development expenditure compared to the same period in 2024. Moreover, current expenditure amounted to OMR1,967 million as of the end of Q1 2025, reflecting a 1% decrease, i.e., OMR11 million, from OMR1,978 million reported during the same quarter of 2024. Development expenditure of the ministries and government units reached OMR254 million as of the end of Q1 2025, representing 28% of total development expenditure, i.e. OMR900 million, allocated for 2025. Contribution and other expenses stood at OMR490 million as of the end of Q1 2025, indicating a 1% increase, i.e., OMR4 million, from OMR486 million recorded in the same quarter of 2024. The subsidies allocated to the social protection system and oil products amounted to OMR144 million and OMR27 million, respectively, as of the end of Q1 2025. Furthermore, OMR100 million was transferred to the future debt obligations budget item. By the end of Q1 2025, spending on social sectors and basic services reached OMR1,668 million. Moreover, the Ministry of Finance had paid over OMR304 million to the private sector, received through the financial system with complete documentation. This reflects the Ministry's commitment to settling fully documented private sector dues within an average of five working days. Furthermore, the government repaid several outstanding financial obligations, leading public debt to stand at OMR14.3 billion by the end of Q1 2025, down from OMR15.1 billion at the end of the same quarter in 2024.
Zawya
23-05-2025
- Business
- Zawya
Oman invites bids for new oil sites
Petroleum Development Oman (PDO), Oman's the largest producer of oil and gas has invited Expressions of Interest (EoIs) from local and international operators in the development of a potentially hydrocarbon-rich field within its sprawling Block 6 license. The majority state-owned national oil company announced in a post on Thursday that a 130 square kilometre (sq km) land, dubbed Area A, is being offered for investment and development in the Qarn Alam Cluster, within the prolific Ghaba Basin in northern Oman. 'This represents a strategic opportunity to access a discovered resource with more than 1 billion barrels of STOIIP (stock tank oil initially in place), located within Area-A, which spans over 130 sq km. The area offers proximity to existing infrastructure and holds significant development potential,' PDO said in its post. Operators interested in the exploration, appraisal and development of Area-A have been invited to submit a letter confirming their willingness to participate in a competitive process, along with supporting documents to demonstrate their relevant experience. The deadline for submission of EoIs is June 5, 2025. The move is in line with PDO's broader strategy of engaging specialised operators to manage specific assets within its portfolio. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Yahoo
18-05-2025
- Business
- Yahoo
Rhino Resources, Halliburton complete two exploration wells in Block 2914 in Namibia
Rhino Resources and Halliburton have delivered the first two exploration wells in Block 2914 within Petroleum Exploration License 85 offshore Namibia. This marks a significant milestone as these wells are the first to be completed entirely using in-country infrastructure, leveraging Halliburton's operational bases in Walvis Bay, Swakopmund and Lüderitz. The completion of these wells is evidence of the growing appeal of Namibia's offshore basins to international investors. Halliburton sub-Saharan Africa vice-president Antoine Berel said: 'This success is an example of what is possible when world-class technology, local collaboration and a shared long-term vision come together. 'Our newly established infrastructure across Namibia enabled this discovery, which will help unlock Namibia's energy potential and build the capacity to support the country's future as an energy hub in Africa.' In February, Rhino Resources confirmed the presence of a hydrocarbon-bearing reservoir with the completion of the Sagittarius 1-X well at the PEL85 licence in the Orange Basin. The Sagittarius 1-X well was spudded on 18 December 2024 and reached its total depth on 6 February 2025, utilising Noble's Noble Venturer drill-ship. Rhino Resources, with a 42.5% interest, operates the PEL85 licence, alongside Azule Energy Exploration Angola, also holding a 42.5% stake. NAMCOR Exploration and Production and Korres Investments have a 10% and 5% interest, respectively. Additionally, Halliburton's collaboration with Sekal in February has led to the deployment of what is claimed to be the world's first automated on-bottom drilling system for Equinor in the North Sea. This innovative system combines Halliburton's LOGIX automation and remote operations with Sekal's Drilltronics solution and the rig automation control system, aiming to optimise drilling parameters and enhance well placement accuracy in real time. "Rhino Resources, Halliburton complete two exploration wells in Block 2914 in Namibia" 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
15-05-2025
- Business
- Zawya
Libya's Bid Round Draws 40+ Applicants as ConocoPhillips Signals Renewed Investment in Africa
Libya's latest upstream licensing round has already attracted more than 40 applicants, a signal of the country's re-entry into the global energy arena and growing interest in its largely untapped hydrocarbon potential. This update was shared by Abdolkabir Alfakhry, Advisor to Libya's Minister of Oil and Gas, during a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris on Wednesday. 'More than 40 companies have already applied to the bid round,' said Alfakhry, noting that results are expected around November. 'This will open a new environment for international companies to work in Libya.' Framing Libya's assets as underexplored, particularly offshore, Alfakhry pointed to the country's strategic location on the Mediterranean and its proximity to European markets as key competitive advantages. 'The bid round signals Libya's integration into the global energy market,' he said. That outlook was echoed by Steiner Våge, President for Europe, the Middle East and Africa at ConocoPhillips, who confirmed the U.S. major's intention to deepen its engagement in Libya and across the African continent. 'Libya is a place where we can work – over the last few years, we've significantly increased production at the Waha concession,' said Vaage. 'We want to see Libya prosper. We'd also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.' While capital remains globally competitive, Vaage emphasized that Africa – alongside Libya and Equatorial Guinea in particular – remains in strong contention for future investment. 'We see a future in Equatorial Guinea in terms of stranded assets and getting more gas,' he said. 'The country needs more gas to keep its facilities and sustain production. There's a good opportunity to do more.' Ultimately, the decision on where to deploy capital, he added, comes down to the fundamentals: 'It's about finding the place where there [are] good rocks, good fluids, [and] you have a surface system that works in terms of predictability [and] capacity to execute.' Distributed by APO Group on behalf of Energy Capital&Power.
Yahoo
10-05-2025
- Business
- Yahoo
Pemex aims to increase oil production by reactivating closed wells
Pemex, Mexico's state energy company, is taking steps to reopen old wells to increase oil production, which has been in decline. This move comes as the company faces challenges in meeting the government's production target of 1.8 million barrels per day (mbbl/d), with an expected fall to 1.58mbbl/d this year, according to a report by Reuters, citing sources. The company, which currently produces around 1.6mbbl/d, has seen a steady decrease in output due to the depletion of its older fields in the Gulf of Mexico (GOM) and the underperformance of newer fields. Pemex's exploration and production arm head Angel Cid Munguia mentioned in an internal document the progression of "reactivation of closed wells" without specifying numbers, the report said. The decision on which wells to reopen will be based on risk assessments and potential for rapid production increases, according to four sources familiar with the plans. Mexico has more than 31,000 wells, with approximately one-third closed. Of these, around 4,800 are considered operational for hydrocarbon production. The reactivation strategy involves evaluating geological data, funding availability, well mechanics and the recovery factor of each well. While the documents did not detail the technology to be used, other global operators in mature fields have employed advanced equipment to maintain production. The focus is on wells that can produce crude oil, natural gas and condensate. Budget limitations have slowed the reactivation plans at Pemex, which is heavily indebted. Some wells were closed due to water intrusion or low pressure, requiring more specialised equipment for production. Pemex has also been exploring secondary recovery methods for wells in the GOM, including Ku, Maloob, Zaap, Akal and Ayastil. These projects have been hindered by financial constraints, despite their potential to significantly increase production. In addition to the reactivation efforts, Cid Munguia's document from 6 May indicates the appointment of two individuals to oversee strategic exploration projects. Amidst these developments, Pemex is also seeking new markets for its crude oil in Asia and Europe in response to US tariffs, which include a 25% levy on Mexican crude. "Pemex aims to increase oil production by reactivating closed wells" 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
