webvic-b

twitter Facebook linkedin acp

Exploration

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 .

Deals & Showcases Track at AOG 2025.

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 programme aims to upskill participants in the energy sector.

With an aim to advance the Energy Jeel Initiative, the African Energy Chamber has entered a strategic partnership with the Ministry of Oil and Gas of Libya

The programme aims to upskill participants in the energy sector, keeping in mind a just and inclusive energy future that is currently driving Africa. Areas of focus will include skills development, innovation, entrepreneurship and gender inclusion in the energy workforce, with an approach designed to integrate Libya into the nation’s energy community. The AEC will work closely with the Ministry to facilitate on-the-job training and internships; host joint ventures, workshops and youth summits; provide visibility and endorsement through AEC platforms and publications; and enable access to Africa’s vast energy networks.

By investing in youth-led growth, the Energy Jeel Initiative will help address critical challenges in Africa’s energy future – including energy poverty, workforce gaps and the need for greater regional collaboration. With over 600 million Africans lacking access to electricity and 900 million still reliant on traditional biomass for cooking, Africa’s oil, gas and renewable energy resources pose a strong opportunity to drive industrialisation. Building a skilled and inclusive workforce is key to cultivating this sustainable development.

Libya’s energy sector offers vast potential for both fossil fuel and renewable energy development. With significant oil and gas reserves, alongside world-class solar and wind resources, the country is uniquely positioned to play a major role in Africa’s energy security and transition. Through the Energy Jeel Initiative, the Ministry of Oil and Gas aims to ensure that this development benefits all segments of society, particularly young people and women. 

The Energy Jeel Initiative also stands to benefit from Libya’s renewed upstream momentum, with recent developments such as ExxonMobil’s MoU with the country’s National Oil Corporation signaling fresh investment and exploration activity. As global players re-engage with Libya’s oil and gas sector, the Initiative will equip young professionals with the technical skills and industry knowledge they need to participate in and lead future projects. This alignment ensures Libya’s youth are directly connected to the country’s expanding role in Africa’s energy landscape.

 

 

A MoU was signed between the Ministry of Petroleum and Mineral Resources and UEG. (Image source: Ministry of Petroleum and Mineral Resources)

While paying an official visit to the United Arab Emirates, Karim Badawi, Minister of Petroleum and Mineral Resources, held a meeting with Song Yu, chairman and executive director, Kamel El-Sawi, the company's Regional President for Africa, and the accompanying delegation

UEG's investment expansion interests in Egypt and its strategic partnership with the Egyptian petroleum sector in Iraq were acknowledged during the meeting.

A memorandum of understanding (MoU) was signed between the Ministry of Petroleum and Mineral Resources and UEG to establish a strategic framework for cooperation in exploring investment opportunities in the oil and gas sectors inside and outside Egypt, while exploring the possibility of expanding renewable energy projects and energy trading activities.

Following the signing, Song Yu appreciated the fruitful cooperation with the Egypt's petroleum sector, highlighting that the successes achieved on the ground reinforce the company's desire to continue expanding the partnership, especially in light of the strategic pillars and efforts by the Ministry of Petroleum, under the leadership of the Minister of Petroleum, to attract investment and develop the sector.

ExxonMobil will conduct a detailed technical study offshore Libya. (Image source: NOC Libya)

Libya's National Oil Corporation has signed a memorandum of understanding (MoU) with the American international oil company ExxonMobil 

The MoU will enable the oil major to conduct a detailed technical study to identify hydrocarbon presence on four offshore blocks located near the northwest coast and the Sirte Basin.

The collaboration reinforces resumption of the partnership between NOC and ExxonMobil, which aims to restart its activities in Libya after a decade-long hiatus.

In a speech at the signing ceremony, the chairman of the NOC Board of Directors, Engineer Masoud Suleman, emphasised the corporation’s commitment to expanding partnerships with major American energy companies, particularly ExxonMobil. He expressed confidence in the potential for positive outcomes based on the history of their collaboration. He also noted that the contract terms are now more favorable than in the past, reflecting global changes in the energy sector, and that the conditions are ideal for achieving success.

He praised the value of Libyan expertise and technical personnel in exploration, development, and drilling by highlighting their ability to conduct essential preliminary studies that provide the data companies need to initiate exploration activities.

It is worth noting that ExxonMobil was one of the companies that expressed interest in participating in the public bidding round initiated by the NOC for exploration in Libya, which includes 22 offshore and onshore blocks available for investment.

More Articles …