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Oil and Gas Radar: What’s up in October 2024?

Oil and Gas Radar: What’s up in October 2024?

Summary of oil and gas industry's developments

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Energy Radar
Nov 17, 2024
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Oil and Gas Radar: What’s up in October 2024?
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Summary/Key developments:

  • Eni finalized its transformation and relaunch plan for chemicals business.

  • ADNOC completes acquisition of OCI Global’s stake in Fertiglobe.

  • Macquarie to support roll out of EV charging infrastructure in UK.

  • Phillips 66 to sell its 49 percent interest in Coop Mineraloel AG.

  • ADNOC signs first sales agreement Ruwais LNG project.

  • TotalEnergies to deliver LNG to Sinopec for 15 years.

  • SONATRACH, CEPSA to study feasibility of hydrogen projects.

  • Masdar and EMSTEEL complete a pilot project to produce green steel.

  • Trafigura to source natural gas from NuVista Energy.

  • Eni publishes the 23rd edition of the World Energy Review.

  • TotalEnergies publishes its TotalEnergies Energy Outlook 2024.

Upstream:

  • Chevron Canada sells some upstream assets. Chevron Canada Limited have entered into a definitive agreement to sell their 20 percent non-operated interest in the Athabasca Oil Sands Project, 70 percent operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Limited. The US$6.5 billion all-cash transaction has an effective date of September 1, 2024, and is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

  • Libra Consortium announces first oil at third FPSO in Brazil pre-salt. Shell Brasil announced the start of production of the floating production storage and offloading facility (FPSO) Marechal Duque de Caxias in the Mero field, in the pre-salt area of the Santos Basin, offshore Brazil. Also known as Mero-3, the FPSO has an operational capacity of 180,000 barrels of oil per day. (Shell share 19.3%).

  • TotalEnergies reports additional gas condensate resources in Harald field. Harald East Middle Jurassic nearby exploration well (HEMJ-1X) has discovered additional gas condensate resources in the Harald field, in the Danish North Sea. The HEMJ-1X well will be immediately connected to the Harald platform and is expected to start producing before the end of the year through the existing Harald and Tyra facilities. TotalEnergies is the operator of the Danish Underground Consortium with a 43,2% working interest, alongside Joint Venture partners BlueNord (36,8%) and Nordsøfonden (20%).

  • Equinor strengthens position in the Norwegian Sea. Equinor signed an agreement to acquire Sval Energi’s 11.8% share in the Halten East Unit. With this acquisition, Equinor increases its ownership to 69.5%. Halten East is an ongoing offshore development located in the Kristin-Åsgård area in the Norwegian Sea. The development comprises six gas discoveries and three prospects, which will utilise existing infrastructure and processing capacity at Åsgard B. The recoverable reserves in Halten East are estimated to be around 100 million barrels of oil equivalents, of which approximately 60% is gas that will be exported to Europe via Kårstø.

  • Petrobras’ Maria Quitéria platform ship produces first oil. The Maria Quitéria platform ship produced its first oil in the Jubarte field, pre-salt in the Espírito Santo portion of the Campos Basin. The unit can produce up to 100,000 barrels of oil a day and process up to 5 million cubic meters of gas. It will be interconnected to a total of eight producing wells and eight injectors. FPSO Maria Quitéria's entry was brought forward; it was initially scheduled for 2025, according to the 2024-2028 Strategic Plan. Petrobras is the sole holder of the production rights for the Jubarte field, located in the area known as Parque das Baleias in Espírito Santo.

  • Petrobras to invest BRL 60 million in new sea wind testing. Petrobras will invest BRL 60 million in a new sea wind testing and measuring phase by releasing new BRAVO buoy units to collect, monitor, and assess offshore wind resources. The technology, designed in an unprecedented way for the Brazilian sea, is the outcome of a successful R&D I project by the Petrobras Center for Research, Development, and Innovation (Cenpes) in partnership with the SENAI Institute of Renewable Energy Innovation (ISI-ER), and the SENAI Institute of Onboard System Innovation (ISI-SE). The first five new units will start operating in December, while the others will be in late 2025.

  • PETRONAS to advance technology in upstream development. PETRONAS, through Malaysia Petroleum Management (MPM), signed two Memoranda of Understanding (MoUs), to advance technology and operational efficiency in Malaysia’s Exploration and Production (E&P) sector.

    • The first MoU, signed with Schlumberger, focuses on enhancing technical capabilities in artificial intelligence (AI), machine learning (ML) and generative AI technologies.

    • The second MoU, with Velesto Drilling and NOV Inc (NOV), establishes a framework to deploy NOV’s drilling automation system and robotics technology on Velesto-operated rigs.

  • KMG, CNOOC sign Geological Exploration Agreement. The parties signed the main terms of cooperation on the new Zhylyoi subsoil project, which included the basic project activities, agreed between the companies, as follows:

    • 2D (processing and interpretation of the data from 400 l.km) and 3D (field operations, processing and interpretation of the data from 400 square kilometers) seismic surveys;

    • drilling of one postsalt exploration well (independent stage) 2000 m deep;

    • drilling of one presalt exploration well (non-independent stage) 4,500 m deep based on the results of 3D seismic data.

    According to the preliminary assessment made by KMG, the mineral site's oil reserves may be over 185 million tons.

  • MOL Group to cooperate with Turkish Petroleum Corporation (TPAO). MOL Group signed a Memorandum of Understanding with Turkish Petroleum Corporation (TPAO) to cooperate as strategic partners in the exploration and production of hydrocarbons. The MoU also covers potential joint participation in exploration, field development and production projects in the Caspian region, Türkiye, North-Africa and Middle East as well as in Central and Eastern Europe.

  • MOL Group to sign commercial terms for gas development in Azerbaijan. MOL Group and its Joint Venture (JV) partners signed commercial agreements for the development of gas reserves in Azerbaijan. After SOCAR and BP, MOL is the third largest shareholder in the giant ACG field, where non-associated gas reservoirs were identified beneath and above the producing oil reservoirs. The commercial agreements amend the existing ACG production sharing agreement (PSA) framework, enabling the parties to progress the exploration, appraisal, development of and production from the gas reservoirs of the ACG field. ACG non-associated gas resources are believed to be significant, with up to 4 trillion cubic feet (ca. 112 billion cubic meters) in place. Drilling of the initial producing well has already started from the West Chirag Platform, with first gas expected in 2025. The well is important as it will deliver appraisal through production which is expected to underpin future development plans.

Downstream & Chemicals:

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