According to a report from the International Energy Agency (IEA), over $500 billion (£391.13 billion) was invested in oil and gas last year, undermining environmental activists’ calls for a halt to new fossil fuel development.
Oil and gas production investment increased by 9% last year, reaching $530 billion, and is expected to rise another 7% this year to around $570 billion. The IEA noted that this surge was driven by producers in the Middle East and Asia.
Similarly, the World Energy Investment 2024 report indicated that investments in coal production rose by 6% last year, primarily due to demand in China, India, and Southeast Asia.
Corcel PLC (LSE: CRCL) saw its shares climb in Friday’s trading after the oil and gas junior announced its near-term focus in Angola will be on geological and geophysical (G&G) activities.
The company confirmed it has received all necessary approvals to acquire new G&G data and plans to conduct an ‘enhanced full tensor gradiometry’ survey (eFTG) across three blocks (KON 11, KON 12, and KON 16). Scheduled for the third quarter, this survey, along with other G&G activities, aims to provide fresh geological insights into the Tobias and Galinda fields, as well as other potential leads and prospects.
Upland Resources Ltd (LON: UPL) Notification of Major Shareholding: announces that the Company received the following TR1 notification from Mohamad Norza Bin Zakaria Mr Zakaria now holds 186,280,535 shares in the Company & 14.04% of voting rights
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) informed investors that it has successfully drilled the State 36-2R well at its flagship project in the Paradox Basin, Utah. The initial results indicate the presence of hydrocarbons.
Early analysis of the drilling data reveals hydrocarbons within a large structural compartment in Zephyr’s acreage, the company stated.
Tower Resources PLC (AIM: TRP) has announced a £137,500 investment in the company, including a contribution from its chief executive, Jeremy Asher.
Through a subscription, approximately 1.195 million shares are being purchased at a price of 0.0115p each, representing a 4% discount. The buyers include Asher and another investor.
Asda has become the UK’s most expensive supermarket for fuel.
Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TSX-V: EOG) has entered a farm-in agreement to acquire a stake in Block 1, located in the Orange Basin offshore South Africa.
Through this deal, Eco will acquire a 75% working interest and operatorship of a new Exploration Right in the Block 1 area, which spans nearly 20,000 square kilometres of acreage near the Namibia border.
88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) announced that it has completed its initial resource estimate for the Project Leonis area in Alaska, estimating approximately 381 million barrels of recoverable ‘net mean Prospective Resources.’
The estimates range from 167 million barrels (low) to 671 million barrels (high).
Jersey Oil and Gas PLC (AIM: JOG, OTC: JYOGF) has warned that the UK general election could potentially delay the progress of its Buchan gas field project.
In a statement issued before today’s AGM, the company informed investors that activities for the Buchan project are ongoing, aiming for Field Development Plan (FDP) approval by the end of this year.
Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has signed a gas sales precedent agreement (GSPA) with a subsidiary of the Alaska Gasline Development Corporation (AGDC).
Under the GSPA, Pantheon will supply up to 500 million cubic feet per day of natural gas at a base price of $1 per million BTU.
As part of the ongoing review of its cost base, Longboat Energy (LON: LBE), an emerging full-cycle E&P company currently active in Norway and Malaysia, announces the following changes to its board and management team, as detailed in its Notice of Annual General Meeting (“AGM”) posted to shareholders.
The net result of the changes will reduce the Company’s board to four members (from seven at the end of April) and is one of the cost reduction actions resulting from the Company’s ongoing review.
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF), an oil and gas company, announced that drilling will soon commence on the final section of its State 36-2R well at its Paradox Basin project in Utah.
This follows the successful drilling of an 8 ½ inch section to a planned depth of 10,084 feet, after which a 7-inch casing string was set and cemented.
Mosman Oil and Gas Ltd (AIM: MSMN) has made its first move to expand its helium portfolio by acquiring a working interest (WI) in a helium project in Las Animas County, Colorado.
Through this deal, Mosman will acquire a 10% stake in an oil and gas project operated by the private company Vecta, which will retain the remaining 90% WI.
