Latest news with #upstream
Zawya
11 hours ago
- Business
- Zawya
African Energy Week (AEW) 2025 Upstream E&P Track to Foster Dialogue and Deals Amid African Exploration Surge
Amid Africa's ongoing exploration and production surge, this year's African Energy Week (AEW): Invest in African Energies conference will host a dedicated Upstream E&P Track. The track - taking place as part of the main conference agenda from September 29 to October 3 – will tackle the most pressing challenges and opportunities across the upstream oil and gas sector, delving into topics such as deepwater development, onshore prospects, the role of independent firms and balancing African priorities with global supply dynamics. As the largest event of its kind on the continent, AEW: Invest in African Energies 2025 represents the platform of choice for Africa's upstream sector. Africa's upstream oil and gas sector is on the precipice of significant growth, boosted by a $54 billion capital expenditure drive expected by 2030. Across the continent, both established oil and gas markets and frontier players are seeking capital to bolster production while unlocking new basins in deepwater and onshore basins. The continent's exploration surge is further supported by growing demand in African markets as well as a rise in global gas imports. The AEW: Invest in African Energies 2025 Upstream E&P Track will explore these shifting dynamics, offering a platform for new exploration and production deals to be signed. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. To entice greater spending across the upstream sector, many African countries are laying the foundation for new investments by both majors and independent energy companies. A string of licensing rounds is being launched in 2025, offering exploration opportunities across a variety of acreage. Licensing rounds are planned in Angola, the Republic of Congo, Tanzania, Mauritania and South Africa, while Libya, Nigeria, Algeria and Liberia have already launched their respective bid rounds. The Upstream E&P Track will explore the impact of these rounds. Sessions include What's Next for African Upstream in 2026; Exploration Hotspots; and Basins Without Borders: Unlocking the Full Potential of Cross-Border Basins in the Transform Margin. Additionally, panel discussions will examine emerging prospects in frontier basins, with sessions taking place on Frontier Plays Within Africa's Mature Basins; Offshore and Deepwater Plays; and Unlocking Africa's Onshore and Shallow-Water Potential. While global energy majors expand their portfolios in Africa, independent oil and gas firms are taking on a more prominent role in exploration and production. International oil company divestment has opened-up new pathways for African independents, and as such, more companies are taking the lead on asset development. AEW: Invest in African Energies will host panel discussions on The Making of an African Independent; Technology and Innovation: Rethinking Asset Development to Accelerate Upstream Success; as well as Crude Value Benchmarking with Ever-Changing Light, Heavy Balance, exploring opportunities for independents in Africa. Meanwhile, with global gas demand projected to increase 10% between 2021 and 2030, African countries are strategically positioned to accelerate exploration and play a more central role in global supply chains. With over 620 trillion cubic feet of proven gas reserves on the continent – most of which remains under-developed – Africa has a unique opportunity to leverage its resources to produce low-carbon, cost-effective fuel. Panel discussions on Decarbonizing Pathways for African Oil and Gas; The Outlook for Global LNG; and The Role of African LNG in a Dynamic Export Market will address these opportunities, while a session on Beyond Exports: Developing Commercially Viable Domestic Gas Markets, will examine how the continent can leverage its resources for domestic growth. The track will also feature panel discussions on strategic oil and gas markets in Africa, including Algeria, Equatorial Guinea, Angola, and more. These sessions are geared towards companies seeking growth opportunities in proven markets and are expected to unlock new deal-signing and partnerships prospects. Beyond panel discussions, the Upstream E&P Track will feature a series of fireside chats, with participating companies including Renaissance Africa Energy, Northern Ocean, Seplat Energy and more. 'Africa's upstream oil and gas market is witnessing a surge of investment, as operators seek to expand their portfolios and governments target near-term production. Amid this growth, strategic financing gaps have emerged. The AEW: Invest in African Energies 2025 Upstream E&P Track seeks to address these challenges by bringing together major players from the market to engage and sign deals,' says Oré Onagbesan, AEW: Invest in African Energies Program Director. Distributed by APO Group on behalf of African Energy Chamber.
CNA
4 days ago
- Business
- CNA
Malaysia's Petronas expects ENI upstream joint venture to be set up in 1-2 years
KUALA LUMPUR :Malaysian state energy company Petronas said on Tuesday it expects to take one to two years to set up a planned joint venture with Italian energy group Eni on upstream assets in Indonesia and Malaysia. The companies announced a joint venture framework, moving forward with a pact signed in February that they said can deliver up to 500,000 barrels per day of oil equivalent (boe), combining about 3 billion boe of reserves with an additional 10 billion boe of potential exploration upside. "Asia has huge, huge potential," Eni CEO Claudio Descalzi told Reuters on the sidelines of the Energy Asia conference in Kuala Lumpur. "The cooperation between countries, to find synergies and exchange energies and put together resources and competencies, is essential. And that is a very strong example, Indonesia and Malaysia together," Descalzi said. The asset combination focuses on Indonesia's Kutai Basin, where Eni's portfolio includes developments in the Northern and Gendalo-Gandang hubs, which hold substantial gas reserves. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice-president and CEO - upstream at Petronas, said at the conference. Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned joint venture, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there. However, Petronas said it would exclude Indonesian assets recently awarded to the company, such as the Binaiya and Serpang blocks.
CNA
4 days ago
- Business
- CNA
Petronas expects set-up of proposed ENI JV will take one to two years
KUALA LUMPUR :Petronas expects to take one to two years to set up a proposed joint venture with Italian energy group Eni on some upstream assets in Indonesia and Malaysia, an executive of the state-run energy company said on Tuesday. The companies signed a pact in February on the joint venture that aims to combine about 3 billion barrels of oil equivalent (boe) of reserves with an additional 10 billion boe of potential exploration upside. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice president and chief executive of upstream for Petronas, said at the Energy Asia conference in the Malaysian capital. Guido Brusco, Eni's chief operating officer, said, "This is a game changer for us in the region. We are combining assets from Malaysia and Indonesia, particularly in the Kutai Basin." Eni's Kutai Basin assets include developments in the Northern and Gendalo-Gandang hubs, which have massive gas reserves. Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned joint venture, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there.
CNA
4 days ago
- Business
- CNA
Petronas says proposed joint venture with ENI to take 1-2 years to set up
KUALA LUMPUR :Petronas' proposed joint venture with Italian energy group Eni on several upstream assets in Indonesia and Malaysia is expected to take one to two years to set up, said a Petronas executive on Tuesday at the Energy Asia conference. "The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," said Mohd Jukris Abdul Wahab, executive vice president and chief executive of upstream for Petronas.
Bloomberg
5 days ago
- Business
- Bloomberg
Malaysia's Oil Giant Petronas Looks Abroad to Help Cut Production Costs
Petroliam Nasional Bhd., Malaysia's state-owned oil and gas company, is looking to expand output from more affordable assets abroad in an effort to cut production costs and rein in declining profits. Petronas, as the company is known, is seeking to produce oil at a break-even level of $50 per barrel, from $60 to $70 in the past five years, said Mohd Jukris Abdul Wahab, the chief executive officer of Petronas' upstream business, which includes exploring, developing and extracting oil and gas.
