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Latest news about Oil and gas Industries-07.03.25
On March 3, 2025 VAALCO Energy acquired a 70% working interest and 100% paying interest in the CI-705 block offshore Côte d’Ivoire, becoming the operator through a commercial carry arrangement with partners Ivory Coast Exploration Oil & Gas SAS and PETROCI. Located in the Tano Basin, the block spans approximately 2,300 km² and is situated near Vaalco’s CI-40 Block, home to the Baobab and Kossipo oil fields, and ENI’s Calao discovery. With only three wells drilled to date, the block is considered lightly explored, offering significant potential. Vaalco has invested $3 million to secure its interest and plans to conduct seismic reprocessing, interpretation, and potentially drill two exploration wells to assess the block’s oil and gas prospects.
George Maxwell, Vaalco’s CEO, expressed enthusiasm about expanding the company’s presence in Côte d’Ivoire, highlighting the block’s favorable location in a proven petroleum system and proximity to existing infrastructure. He emphasized the region’s investment-friendly environment and growing domestic market as key advantages. Under the farm-in agreement, Vaalco will carry its partners through the initial exploration phases, including geological analysis, to mature the block’s prospectivity. This move aligns with Vaalco’s strategy to strengthen its West African portfolio and capitalize on the region’s energy potential.
On March 4, 2025, Global oil demand is projected to reach a record high this year, driven by increased consumption in Asian countries, particularly China and India, according to Saudi Aramco CEO Amin Nasser. Oil use is expected to rise by 1.3 million barrels per day (bpd) to over 106 million bpd, supported by demand for petrochemicals and jet fuel. This forecast slightly exceeds the International Energy Agency’s estimate of 1.05 million bpd growth. Nasser’s comments follow OPEC+’s decision to gradually unwind production cuts, a move that could benefit Aramco and other producers through higher sales. Despite weak economic growth prospects, Aramco remains optimistic about demand, especially in China, even as the country’s recovery from the pandemic has been slow.
Saudi Arabia’s oil production has remained near its lowest level in over three years, contributing to subdued oil prices and a slight miss in Aramco’s 2024 net income estimates. The company also reduced its total dividend for 2025 as previously planned. Brent crude prices dropped to nearly $70 a barrel this week, well below the $90 needed by Saudi Arabia to balance its budget. Nasser emphasized that Aramco’s growth strategy includes expanding liquefied natural gas (LNG) and petrochemical projects, highlighting their importance for the company’s future. These developments come as global oil markets navigate fluctuating demand and production dynamics.
On March 5, 2025 Libya’s oil and gas sector entered a transformative phase with the launch of its first exploration bid round in 17 years, marking a significant step in revitalizing its energy industry. The 2025 bid round is expected to attract foreign investors and boost exploration activities across Libya’s resource-rich basins, offering global energy companies access to a largely untapped market. Recent developments, such as Mellitah Oil and Gas Company resuming gas production at Well CC18 and Eni’s offshore drilling campaign in the Sirte Basin, highlight Libya’s renewed focus on growth. Additionally, bp’s multi-well drilling campaign in the Ghadames Basin and ongoing offshore infrastructure projects, including Eni’s Structures A&E Project and the Bouri Gas Utilization Project, underscore the country’s commitment to expanding its energy supply and leveraging its natural gas reserves. These efforts position Libya as a key player in Africa’s energy landscape.
The African Energy Week (AEW): Invest in African Energies 2025 will serve as a pivotal platform for Libya to showcase its projects and attract foreign investment. The event will facilitate discussions on regulatory stability, infrastructure expansion, and strategies to maximize Libya’s resource potential, bringing together stakeholders, investors, and industry leaders. NJ Ayuk, Executive Chairman of the African Energy Chamber, emphasized that the 2025 bid round represents a unique opportunity for global investors to engage with one of Africa’s most promising energy markets. With increasing production, advancing infrastructure projects, and growing private sector participation, Libya is positioning itself as a vital contributor to Africa’s energy revolution and a key player in the global energy sector.
Visit: https://worldoil.com/news/2025/3/5/libya-launches-first-oil-exploration-bid-round-in-17-years/
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