Portuguese energy company Galp Energia is in advanced talks with several major oil companies to divest a 40% stake in its Mopane field offshore Namibia, reported Reuters. According to Galp executive board member Nuno Bastos, the company aims to select a partner by the end of this year. Galp intends to sell half of its 80% stake in the Mopane field, which is estimated to contain reserves of at least ten billion barrels (bbbl). The selected partner will take on the role of operator for the offshore field. ...

Core Insights - Brazil's environmental agency Ibama has authorized Petrobras to conduct exploratory drilling in the Foz do Amazonas region, indicating a significant step for the state-run oil company in expanding its exploration activities [1] Company Summary - Petrobras has received approval from Ibama, which allows the company to proceed with exploratory research through drilling in a new region, potentially enhancing its oil reserves and production capabilities [1] Industry Summary - The authorization from Ibama reflects ongoing developments in Brazil's oil and gas sector, particularly in exploration activities, which may impact the overall dynamics of the industry and investment opportunities [1]

BP confirmed on Monday an oil and gas discovery in the Orange basin offshore Namibia, where supermajors have made several major discoveries in recent years.   The UK-based energy giant, which is a co-venturer in the exploration license via its 50/50 company with Italy’s Eni, Azule Energy, can confirm the preliminary results of the Volans-1X exploration well, as reported by operator Rhino Resources earlier this month. Petroleum Exploration License 85 (PEL85), where the well was drilled, is operated by Rh ...

Core Viewpoint - DNO ASA, a Norwegian oil and gas operator, is set to release its Q3 2025 operating and interim financial results on November 6, 2025, and has provided an update on production and sales volumes for the quarter [1]. Production and Sales Volumes - Gross operated production in Kurdistan for Q3 2025 was 46,572 barrels of oil equivalent per day (boepd), a decrease from 74,760 boepd in Q2 2025 and 84,212 boepd in Q3 2024 [2]. - North Sea production reached 11,508 boepd in Q3 2025, up from 5,526 boepd in Q2 2025 [2]. - Net entitlement production in Kurdistan was 14,449 boepd in Q3 2025, down from 18,675 boepd in Q2 2025 and 17,607 boepd in Q3 2024 [2]. - North Sea net entitlement production increased to 77,323 boepd in Q3 2025 from 33,348 boepd in Q2 2025 [2]. - Sales volumes in Kurdistan were 14,449 barrels in Q3 2025, consistent with net entitlement production [2]. - North Sea sales volumes rose to 79,419 barrels in Q3 2025 from 32,393 barrels in Q2 2025 [2]. - Equity accounted production in Côte d'Ivoire was 3,143 barrels in Q3 2025, slightly down from 3,174 barrels in Q2 2025 [2]. Financial Highlights - DNO paid a dividend of NOK 0.375 per share in Q3 2025, totaling USD 36.2 million, which annualizes to NOK 1.50 per share [3]. - The company made two tax installments totaling USD 52.9 million in Norway related to estimated 2025 taxable results on the Norwegian Continental Shelf [3]. - DNO repaid a USD 300 million bank bridge loan facility during the quarter, which was used for the acquisition of Sval Energi Group AS [4]. Exploration Activities - DNO participated in two exploration wells on the Norwegian Continental Shelf (NCS) during the quarter [5]. - The Vidsyn well in PL586, in which DNO holds a 25 percent interest, was spudded on June 14 and completed on July 31, being announced as a discovery [5]. - The Page well in PL1086, where DNO has a 50 percent operated interest, was spudded on September 1, with drilling ongoing at the end of the quarter [5].

Core Insights - Libya's National Oil Corporation (NOC) has announced the resumption of exploration work by Eni in the north-west offshore area of Libya, specifically in Block 16/4, after more than five years of inactivity [1] Group 1: Exploration Resumption - Eni's exploration activities in offshore Block 16/4 have restarted, focusing on the exploratory well C1-16/4 (BESS-3) [1] - The drilling at this location initially began on March 11, 2020, but was suspended due to the Covid-19 pandemic after reaching a depth of 1,012 feet [2] - The Scarabeo-9 rig, operated by Saipem, is now re-entering the well to complete drilling to a planned total depth of 10,520 feet [2] Group 2: Location and Context - The exploratory well is located in Contract Area D, approximately 95 km off the coast of Libya, at a water depth of around 743 meters, and is about 15 km from the Bahr Es Salam gas field [3] - Eni and BP restarted exploration work in Libya's Ghadames Basin in October of the previous year, marking a significant return to the region [3] Group 3: Historical Context - The resumption of exploration comes after a ten-year hiatus, with onshore drilling halted in 2014 due to political instability following the overthrow of Muammar Gaddafi in 2011 [4] - In July 2025, Mellitah Oil and Gas, a joint venture between NOC and Eni, contracted Hill International to oversee the Structures A&E project, which aims to boost local gas production and support exports to Europe [4][5]

Core Insights - Energy security and affordability have become more important than concerns about stranded assets, leading major oil and gas companies to refocus on exploration after years of prioritizing clean energy solutions [1] - Major oil companies have reduced investments in renewable energy due to poor returns and challenges related to demand, costs, and regulations [2] Exploration and Production Focus - European majors BP and Shell have reversed their earlier commitments to reduce oil and gas production, now focusing on increasing production and exploration in key regions [3] - Significant oil discoveries have been made in Guyana, Suriname, Namibia, and Brazil, indicating a resurgence in exploration efforts [3] U.S. Supermajors' Strategies - U.S. supermajors Exxon and Chevron are investing heavily in Guyana's Stabroek offshore block, with Exxon operating the block and Chevron acquiring a minority stake through a multi-billion-dollar deal [4] - TotalEnergies is also developing resources in Suriname and plans to advance projects in Namibia [4] Regional Developments - Shell has reported exploration success in Namibia and is planning drilling activities in South Africa's Orange Basin, although these efforts face environmental challenges [5] - BP has made a significant oil and gas discovery in Brazil's Santos Basin, marking its largest find in 25 years [6] BP's Recent Discoveries - BP's exploration well in the Bumerangue block has identified a gross hydrocarbon column of approximately 500 meters in a high-quality pre-salt carbonate reservoir, covering over 300 square kilometers [7] - BP's executive vice president highlighted the discovery as part of a successful year for the exploration team, reaffirming the company's commitment to upstream growth [8]

The world needs to spend $540 billion a year looking for oil and gas to maintain current output by 2050, the IEA says https://t.co/vXPNndnIjf ...

Core Insights - Reconnaissance Energy Africa Ltd. has provided a drilling update on the Kavango West 1X exploration well, which commenced on July 31, 2025 [1][3] - The drilling operation is progressing efficiently and safely, with expectations to reach total depth by the end of November 2025 [2][3] Drilling Progress - The Kavango West 1X well is currently drilling at a depth of approximately 1,910 meters, with plans to set the final casing string at around 2,400 meters [3] - The drilling plan includes penetrating approximately 1,500 meters of the Otavi reservoir, with a total depth target of 3,800 to 4,250 meters [3] Company Overview - ReconAfrica is engaged in oil and gas exploration in the Damara Fold Belt and Kavango Rift Basin, holding petroleum licenses over approximately 13 million contiguous acres [4] - The company is committed to minimal habitat disturbance and adheres to international environmental and social best practices [4]

Summary of the Conference Call on Exploration Resurgence Company and Industry - **Companies Involved**: Apache Corporation and Armstrong Oil and Gas - **Industry**: Oil and Gas Exploration and Production (E&P) Key Points and Arguments 1. **Exploration Focus**: Apache Corporation emphasizes its commitment to exploration, spending $65 million on exploration in 2025 and over $850 million from 2020 to 2025, highlighting the importance of exploration in the E&P sector [6][7][9] 2. **Production Anchors**: Apache's production is primarily anchored in the Permian Basin (75% of free cash flow) and Egypt, with additional developments in Suriname and Alaska [7][8][12] 3. **Long-term Exploration Strategy**: The company believes in the long-term value of exploration, stating that the industry has reduced conventional exploration spending by 50% since 2014, positioning Apache favorably for future production needs [9][10] 4. **Alaska Exploration**: The North Slope of Alaska is highlighted as a significant unexplored region with high potential, with Apache having made two discoveries and a strong success rate of 90% in wildcat drilling [25][29][30] 5. **Global Exploration Hotspots**: Guyana is identified as the hottest exploration play globally, with ExxonMobil's success there influencing significant industry movements, including Chevron's acquisition of Hess for $60 billion [23][35] 6. **Emerging Opportunities**: Other regions of interest include Namibia, the Eastern Mediterranean, and a promising project in Aruba, which is described as having significant potential [36][38][42] 7. **Exploration Challenges**: The challenges of exploration in Alaska include environmental concerns, the need for winter drilling, and the high costs associated with building infrastructure [56][58] 8. **Talent Gap in Exploration**: There is a concern about a talent gap in the exploration sector, with many experienced professionals retiring and fewer younger professionals trained in traditional exploration methods [90][91] Additional Important Content 1. **Exploration as a Core Competency**: Both speakers stress that exploration is the lifeblood of the oil and gas industry, with Apache's commitment to maintaining a diversified portfolio that includes exploration [46][48] 2. **Technological Advancements**: Advances in seismic technology and data analysis have improved the chances of successful exploration, with success rates for well-chosen wildcats approaching 30% [50][84] 3. **Mentorship and Training**: Apache is focused on mentoring younger professionals in exploration, emphasizing the importance of experience and instincts in identifying viable prospects [85][92] 4. **Future Production Needs**: The speakers highlight the need for new production sources as shale plays begin to decline, indicating that exploration will be crucial for meeting future oil demand [45][70] This summary encapsulates the key discussions and insights from the conference call, focusing on the importance of exploration in the oil and gas industry and the strategic positioning of Apache Corporation and Armstrong Oil and Gas.

Exploration and Development - Exxon signed a deal to explore for oil and gas off the coast of Trinidad and Tobago [1] - This deal comes a decade after Exxon's major discovery in Guyana [1]