In The Spotlight

Discovered and recoverable oil resources have increased by 5bn bbl over the past year, according to Rystad. (Image source: Adobe Stock)
Discovered and recoverable oil resources have increased by 5bn bbl over the past year, according to Rystad Energy’s latest research, primarily as a result of potential in Argentina’s Vaca Muerta play and the Permian Delaware basin in Texas and New Mexico
Global recoverable oil resources, including estimates for undiscovered fields, stabilised at approximately 1.5 trillion barrels. However Rystad has revised down its projection of yet-to-find resources due to a steep decline in frontier exploration, unsuccessful shale developments outside the Americas and a doubling in offshore costs over the past five years. Rystad Energy expects new conventional oil projects to replace less than 30% of production over the next five years, while exploration would replace only around 10%.
The world’s proven oil reserves currently amount to only 14 years of production. If future global oil demand increases, as forecast by OPEC, supply will struggle to keep up with demand, even at attractive prices for producers. However, if the energy transition continues to make inroads, future oil demand is expected to fall, particularly with the greater electrification of transport vehicles, as seen in China.
“Full extraction of these oil resources will require oil prices stabilising at higher levels and further estimate increases will require new technologies to lower production costs. Over the next decades, the capital needed will likely not be available to meet continuously increasing oil demand, service prices could skyrocket, and there will likely be limited appetite for innovations to sustain such high emissions from oil,” said Per Magnus Nysveen, chief analyst at Rystad Energy.
If oil demand rises over the next few decades, global recoverable resources will not offer the supply needed to meet it, creating a constrained economic environment that would not be able to compete with less capital-intensive energy sources. As a result, Rystad Energy does not expect oil demand to continue to grow steeply towards 2050.
“In a world with flat or growing demand after 2030, another oil super-cycle would be needed. This scenario would require a substantial increase in frontier exploration and drilling success as well as accelerated deployment of secondary recovery and full-scale development of non-core shale plays in North America and globally,” said Artem Abramov, deputy head of Analysis at Rystad Energy .

how The webinar will show how drones such as the Elios 3 are transforming confined space inspections. (Image source: Flyability)
Despite advances in digital technology, many oil and gas sites across the Middle East still rely on manual entry for tank and vessel inspections, resulting in days of downtime, high scaffolding costs and risk to human life
What if you could change all that with drone technology?
Inspections drones such as the Elios 3 are revolutionising the world of confined space inspections, improving safety, reducing downtime and enhancing operational efficiency.
Join us for an exclusive live webinar hosted by Flyability in association with Oil Review Middle East on ‘Transforming oil and gas operations with the Elios 3 drone’ on Tuesday 2 September at 2pm GST. Industrial experts will explain how drones such as the Elios 3 are transforming confined space inspections, and how you can integrate this technology into your operations seamlessly.
Key highlights:
Drone integration: learn how to safety and effectively implement drones in confined space
Safety and training: understand essential safety protocols and training strategies for your team
ROI: discover how to measure and achieve a strong return on investment with drone technology
Real world use cases: hear from the engineers using drone tech in the field on the impact Elios 3 is having on in oil and gas inspections.
Speakers and host:
Fabio Fata – senior sales manager, Flyability (moderator)
Eralp Koltuk – inspection lead engineer, Tüpras
Danijel Jovanovic – director of operations, ZainTECH
Take your operations to the next level! Don’t miss out on gaining valuable insights into how drones can make inspections safer, faster and smarter .
From making inspections in hazardous confined spaces much safer to streamlining the whole process and providing valuable real-time data, you will get to see exactly how the Elios 3 is changing the game.
The Angola Oil & Gas (AOG) conference that will be held from 3-4 September in Luanda is bringing Deals & Showcases Track as part of the main conference agenda
An addition to the Strategic and Technical Tracks, Deals & Showcases will explore the procurement process of some of the country’s biggest operators. The track will also feature presentations that demonstrate youth-led innovation in Angolan oil and gas.
The Deals & Showcases Track is geared towards both Angolan youth as well as the country’s service providers, entrepreneurs and innovators. Led by major players, the track will introduce key solutions across the value chain, with presentations offering insight into innovative methods to drive exploration, production and broader industry development in Angola.
A masterclass on Understanding IOC Procurement: Best Practices for Service Companies will take place during the event. The session will navigate the procurement processes of international companies active in Angola, providing an in-depth look at how companies structure their procurement strategies, what they prioritize in supplier selection and how service providers can optimize their approach to meet industry expectations. The session will be led by Adao Costa, Procurement Manager at ExxonMobil Angola.
A session powered by Angola’s national oil company Sonangol – titled SonaJovem Showcase – will see entrepreneurs and innovators take the stage to present their business solutions to a panel of seasoned investors and executives. With a few minutes to make their case, Angola’s bright minds will showcase the potential of their technology, business model or energy solution. Additionally, a closed-door Carbon Market Session will also take place during this track, followed by a showcase led by energy major TotalEnergies.
Meanwhile, a session on Empowering Local: Forex Solutions for Sustainable Growth in Angola’s Oil & Gas Sector will examine the evolving financial landscape in Angola and the impact on local service providers. The session will feature insights from experts and industry leaders on how to overcome hurdles in securing foreign currency for international payments and how to position local businesses for growth in a US-dollar dominated global market.
The African Energy Chamber (AEC) has launched a new international office in Shanghai, China, marking a strategic step to deepen energy collaboration between Africa and China
This move is aimed at fostering stronger partnerships between African governments, energy companies, and their Chinese counterparts while positioning Africa not just as a player, but as a force in global energy dialogue.
The Shanghai office will serve as a vital link for Chinese companies and government institutions seeking to invest in or collaborate with Africa’s energy sector. Bieni Da has been appointed as the Chief Representative of the AEC in China. He will lead all engagements and ensure the Chamber plays a key role in bridging the two regions. The goal is to encourage long-term cooperation and drive investments that benefit both Africa and China, especially in strategic sectors like energy infrastructure, technology, and development.
A core mission of the new office is to close Africa’s substantial energy financing gap, currently estimated between $31 billion and $50 billion. Although energy demand across the continent is rising, many African companies lack access to capital. The AEC sees China as a prime source of both funding and technical expertise. Under Bieni Da’s leadership, the Shanghai office will actively work to connect Chinese financiers with African energy projects and scale up investment in oil, gas, renewables, and energy infrastructure.
In recent years, Chinese companies have increasingly invested in Africa’s energy landscape. For instance, Wing Wah is leading the US$2BN Bango Kayo oilfield expansion project in the Republic of Congo, focusing on monetising flared gas for domestic use. Meanwhile, CNOOC is expanding across the continent, engaging in deepwater exploration in Angola, pipeline development in East Africa, and offshore projects in Mozambique and Tanzania. CNPC has invested in Mozambique’s Coral South FLNG and signed a major crude oil agreement with Niger.
“The AEC wants to see greater Chinese investment across the entire African oil and gas value chain – from upstream projects to downstream infrastructure to manufacturing, power and technology. China offers significant expertise in these areas and the Shanghai office will unlock new collaborative opportunities in artificial intelligence, electric vehicles, renewable energy and more,” said NJ Ayuk, executive chairman of the AEC.
The Chamber also plans to host high-level investment forums in Shanghai. These events will bring together African and Chinese leaders, government officials, and business executives to explore opportunities and forge lasting partnerships. The office will serve as a base for meetings, workshops, and knowledge exchange aimed at driving cross-border energy progress.
“Africa and China have a common goal: to eradicate energy poverty. It is time to walk the walk and bring Chinese expertise and capital to African projects. Bieni Da, has a strong network in the public and private sector that will drive these engagements, giving Africa a chance to expand to a mutually beneficial relationship that is win-win with China. This office is a testament to making sure we leave our footprint,” added Ayuk.
The AEC’s expansion into China signals a new era of energy diplomacy, where both continents stand to gain through stronger collaboration, smarter financing, and sustainable energy development.

A single well location can now be pinpointed at Oryx prospect. (Image source: Pancontinental Energy)
Pancontinental Energy has released revised estimates of prospective resources for the company's PEL 87 project, Orange Basin offshore Namibia
Pancontinental chief executive officer, Iain Smith, said, "The Pancontinental technical team continues to deliver, such that we are now able to pinpoint a single well location at the Oryx prospect that offers oil potential at three discrete intervals for a combined 2.5 billion barrels of High Case prospective resource, with a Geological Chance of Success upgraded to 26.2%."
The Oryx prospect now incorporates the prospective features previously identified as the Calypso and Addax Channel leads, due to the fact that it has been determined that all three targets may be effectively tested by a single exploration well. As a result the High Case (3U) prospective resource estimate (gross, 100%) for Oryx now stands at over 2.5bn barrels of oil, recoverable.
Of note is that, in general terms, it is the Best Case (2U) prospective resource estimates which have most benefited from the revised inputs, in particular for Oryx and Hyrax (due to their relative maturity, as prospects). The Low Case (1U) and High Case (3U) for each prospect/lead is affected to a lesser degree and the prospective resource estimates for the Addax Fan and Addax South leads remain unchanged, as does the GCoS. The GCoS for the remainder of the prospect/lead inventory has increased, based upon seismic synthetic modelling which provides positive indications for a hydrocarbon fluid effect (interpreted as a low gas-oil-ratio oil). As such the estimated GCoS for the main Oryx prospect now stands at 26.2% (previous estimate 22.5%).
QI screening is currently on, generating a mapping of an additional prospective feature, external to the Saturn Complex. The Phoebe West lead is interpreted as an Albian-to-Aptian basinal turbidite fan feature fed by a long-lived northern channel clastic bypass depositional system. Interpretation of this feature is ongoing at this time and Pancontinental anticipates providing further detail soon.
Oilfield intelligence sees a new upgrade as Halliburton Company has announced the next generation Summit Knowledge digital ecosystem
SK Well Pages features an all-in-one electric submersible pump (ESP) workspace, which operators can rely on to meet production optimisation goals.
The offering draws on deep ESP experience and advanced data science techniques to advance data visibility with customisable and intuitive dashboards for proactive monitoring of real-time pump performance, surface sensors, and production data. The SK digital ecosystem integrates and powers advanced tools such as SpyGlass pump sizing software and the Intelevate® platform for remote monitoring and control. Predictive models, intelligent alerts, and trend analyses help minimize downtime and increase production.
"We provide customers with advanced digital tools that give them clarity and control to make confident decisions. The Summit Knowledge digital ecosystem with SK Well Pages is a powerful step forward in the journey of how we deliver digital innovation for superior ESP optimisation," said Greg Schneider, vice president, artificial lift, Halliburton.
The Agogo FPSO has generated first oil for the National Agency for Petroleum, Gas and Biofuels (ANPG) and Azule Energy, actualising the much anticipated Agogo Integrated West Hub project offshore Angola
This comes in less than three years since the Agogo IWH project began in February 2023, with a phased development approach. It involved appraising-driven process, de-risking the full field exploitation. With a well-coordinated effort to simultaneously manage activities across reservoir, engineering and procurement, the deepwater project is said to have been achieved in record time.
The Agogo project involves the development of two fields, Agogo and Ndungu, in the West Hub of Block 15/06. The Agogo IWH project operated by Azule Energy in Block 15/06, with a 36.84% stake alongside partners Sonangol E&P (36.84%) and Sinopec International (26.32%), is set to add substantial production to Angola's energy landscape. Together, the two fields have estimated reserves of approximately 450 million barrels, with projected peak production of 175,000 barrels per day, produced via two FPSOs (Agogo and Ngoma).
An ode to technological innovation and lower-emissions future, all topsides and marine systems of the Agogo FPSO are designed to be fully electric. Touted as a 'green' FPSO, it features a pilot carbon capture and utilisation/storage (CCUS) unit to recover remaining CO2 volumes. Additionally, the FPSO benefits from combined cycle power generation.
"This new milestone that we have recorded in the Agogo Project reinforces our certainty that we have made the right investment in technological innovation and the valourisation of Angola's natural resources, in an industry where it is essential to combine sustainability, efficiency and inclusion procedures. It is worth highlighting that this is an FPSO prepared to reduce carbon emissions, aligning with energy transition objectives. Furthermore, it demonstrates a strong investment in national human capital, with 80% of the workforce comprised of Angolans,' said the chairman of the Board of Directors of ANPG, Paulino Jerónimo.
"The startup of the Agogo IWH project, sanctioned just months after Azule Energy's formation, represents a defining moment for our company," said Adriano Mongini, CEO of Azule Energy. "It demonstrates not only our technical capabilities but also our firm commitment to supporting Angola's energy landscape. This achievement advances our production goals whilst showcasing our dedication to responsible energy practices through pioneering emission reduction initiatives. We are immensely proud to contribute to Angola's energy future and to set new standards for environmental responsibility in offshore operations."
Mozambique’s state-owned oil company, Petromoc, has entered a strategic deal with a Nigerian energy firm called Aiteo to develop an oil refinery with a capacity to reach 240,000 barrels-per-day
The agreement is a two-way blessing as it not only attracts foreign investments for Mozambique in strategic sectors, but also pushes Aiteo to a further influential position as a local company beyond its Nigerian base.
Signed during a formal ceremony chaired by the Mozambican President Daniel Chapo, the agreement will advance energy independence for the country. It will boost fuel supply security, facilitating the construction of one of the largest refineries in southern Africa, and the Southern African Development Community (SADC).
The engineering procurement and construction activities for the refinery will be covered by an American firm called Deerfield Energy Services LLC. The refinery will be developed in a phased manner with an initial aim to install an 80,000 bpd processing unit within a two-year time frame, and gradually scaled up to the maximum capacity.
While the project promises several benefits, the financial, environmental compliance and execution timelines-based risks involved needs consideration. When ready for operation, the plant will be able to produce petrol, diesel, jet fuel and naptha for domestic as well as regional use.
Calling the project a 'milestone' for its employment generation possibilities, Ransome Owan, Aiteo's group managing director for infrastructure, said, “It will reduce import reliance, create jobs, and lay the foundation for Mozambique to become a leading hub in the region’s downstream energy sector.”
Mozambique is committed to an extensive industrial strategy to advance energy access, economic diversification, and infrastructure development. The refinery falls in line with this strategy as it will ensure greater access to cleaner fuels and advance clean cooking initiatives with the easy availability of liquefied petroleum gas (LPG) distribution.
ADIPEC 2025 will take place in Abu Dhabi, UAE, from 3-6 November 2025, with an expanded conference and exhibition programme aimed at addressing the challenges facing the global energy sector
The event will focus on two critical imperatives: building resilience in the energy system and scaling transformative solutions to accelerate global progress.
The theme for ADIPEC 2025, "Energy. Intelligence. Impact.", underscores the need for secure energy to drive inclusive growth, the intelligence to navigate the complexities of today's energy landscape, and the impact that translates vision into tangible progress for markets, people, and the planet. Over the course of four days, the event will explore four key themes, from new energy technologies and geopolitics to digital transformation and building a resilient, future-ready energy system.
This year, the ADIPEC conferences have been streamlined into two comprehensive programmes: the Strategic Conference and the Technical Conference. The event will feature over 380 sessions, with more than 1,800 speakers, including ministers, CEOs, academics, industry experts, and youth leaders. The aim is to turn dialogue into action by showcasing solutions and catalysing collaborations that drive real, measurable impact across the energy sector. The platform will promote intelligent choices, focusing on leveraging all viable energy sources and technologies to build sustainable systems that can deliver energy to more people, at lower cost, and with reduced carbon emissions.
The ADIPEC 2025 Exhibition will span 17 halls and host more than 2,250 exhibitors from across the global energy ecosystem, including 54 National Oil Companies (NOCs), International Oil Companies (IOCs), National Energy Companies (NECs), and International Energy Companies (IECs). It will also feature 30 dedicated country pavilions and four specialised industry zones focused on decarbonisation, digitalisation, maritime and logistics, and artificial intelligence.
ADIPEC 2025 is expected to attract more than 205,000 attendees from around the world, creating unique opportunities for collaboration, innovation, and progress within the energy sector.