Chevron is excited about its portfolio in the Eastern Mediterranean. (Image source: Adobe Stock)

With an aim to advance reach in the West Star block, US energy major Chevron has initiated talks with the Egyptian government

The area lies in the south of ExxonMobil’s major Cairo and Masry blocks in the deep offshore near the Cyprus border.

This is an addition to Chevron's earlier bid for two out of the 12 blocks that the Egyptian Natural Gas Holding Company (EGAS) had opened for investors. Chevron is awaiting finalisation of the awards in the next few months.

Following a US$5bn acquisition of Noble Energy in 2020, Chevron has been strengthening its footprint in the East Mediterranean, undeterred by the current industry turbulences.  

“We are excited about our entire portfolio in the Eastern Mediterranean,” believes CEO Mike Wirth. “We have got some good exploration acreage in the offshore Egypt area that we brought to the table as well and the expectation is for some exploration wells there in the coming couple of years,” he said.

Chevron is willing to invest around US$$120mn in the West Star concession in the northeast Mediterranean following approval from the Ministry of Petroleum.

Each block revealed 10 billion barrels of crude. (Image source: Adobe Stock)

Turkey has recovered commercially viable hydrocarbons from two out of the three exploration blocks that it operates in Somalia 

Promising 10 billion barrels of crude from each of the blocks, the discovery puts the East African country in line with the globally reputed, resources-rich West African regions.

While preliminary drilling is completed and geological surveys conducted in both the blocks, the third block is still under exploration. Turkey will be doing laboratory analysis to determine the quality and grade of the oil from the third block, presumably by August. 

Turkey has got itself a sweet deal with Somalia agreeing to 90% stake in revenues for Ankara from offshore oil production. While it has drawn considerable scepticism, Somalia's President Hassan Sheikh Mohamud said that "This is not about favoring Turkey." He added, "Rather, Turkey is the first to step up and show real commitment to invest."

Shane Harris, ExxonMobil’s managing director in Nigeria paid a courtesy visit to the chief executive of NUPRC, Gbenga Komolafe. (Image source: NUPRC)

In a clear move for startegic expansion, ExxonMobil has confirmed the initiation of planned investments of US$1.5bn for deepwater exploration and development in Nigeria 

The announcement was made by Shane Harris, ExxonMobil’s managing director in Nigeria, during a courtesy visit to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.

Expected to be implemented between Q2 2025-2027, the initiative will include production revitalisation from the Usan field, several funding approvals, and a field development plan approval during the late Q3 2025. Other activities include accelerated development of the Owowo and Erha fields, among others. 

Emphasising the importance of collaboration between investors and regulators in meeting Nigeria's production optimisation goals, Komolafe said, “The Commission is committed to the implementation of Section 109 of the PIA which addresses the subject of willing buyer, willing seller and we urge producers to comply with the Domestic Crude Supply Obligation.” 

The Capricornus 1-X well falls under PEL 85. (Image source; Adobe Stock)

Rhino Resources has found good petrophysical properties minus water contact from Capricornus 1-X exploration well in Namibia’s Orange Basin

Spudded with the Noble Venturer drillship, the Lower Cretaceous target was reached at total depth, revealing 38m of net pay. Hydrocarbon samples and sidewell cores were collected through intensive wireline logging operations. The rig will now be released following temporary plugging and abandonment of the well. 

A production test was also conducted across the light oil-bearing reservoir. The well achieved a surface-constrained flow rate in excess of 11,000 stb/d on a 40/64” choke. The light 37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide. Fluid samples collected from the test will be put to laboratory studies.

The Capricornus 1-X that falls under Petroleum Exploration License 85 is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), Namcor (10%), and Korres Investments (5%) – bp and Eni each hold a 50% interest in Azule Energy.