oil-gas
13 February 2025
Arabian Gulf Business Insightoil-gas
Feb 13, 2025Arabian Gulf Business Insight
The board of Abu Dhabi’s NMDC Group has recommended paying a cash dividend of AED701 million ($191 million) after revenues surged 57 percent year on year to AED 26 billion in 2024, according to UAE state-owned Wam news agency.
The payout is subject to shareholders’ approval. If approved, the group’s dividend yield will reach 13 percent, while the dividend payout ratio will stand at 91 percent.
Last year, the company, previously known as National Marine Dredging Company, listed 23 percent of NMDC Energy, an engineering subsidiary, generating nearly AED3 billion. AED2 billion was paid back to shareholders through a special interim dividend.
Net profit at NMDC Group climbed 44 percent year on year to AED3 billion last year, underpinned by expansions into East and Southeast Asia and the award of a large-scale contract for a subsea pipeline in Taiwan, according to Wam.
Shares of the company, which trades on the Abu Dhabi Securities Exchange, closed at AED24.28 on Tuesday. They are down nearly 18 percent in the past year.
The company’s fourth-quarter net profit rose 43 percent year on year to AED916 million. The top line increased 37 percent annually to AED8 billion.
Yasser Zaghloul, CEO of NMDC Group, said the company will explore diversification strategies to drive growth without giving more details.
NMDC Group is backed by Alpha Dhabi Holding, the investment subsidiary of Abu Dhabi-headquartered International Holding Company.
This month Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that the company was looking at expanding its renewable energy business in South East Asia and Europe.
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Eni’S $180M Pitch To Boost Egyptian Gas OutputItalian energy company Eni reportedly plans to invest $180 million in a new gas processing plant at its Meleiha onshore concession in Egypt’s Western Desert amid a growing domestic shortfall of gas.
The plant will have a processing capacity of 100 million cubic feet per day, Asharq Business, an Arabic-language financial website, reported, quoting an unidentified official.
Eni aims to add nearly 80 million cubic feet per day to the country’s gas production by next September, as part of a plan to increase output from the Meleiha fields next year.
The plant will increase field efficiency and reduce losses, helping Cairo to boost domestic gas production and narrow the production-consumption gap.
Eni also intends to build a new gas pipeline within the concession and link it to the northern pipeline in the Mellaha area, strengthening gas processing and transport in the Western Desert.
The Italian company started production from the Mellaha field in April 2022 with an initial capacity of 8,500 barrels of oil equivalent per day.
Egypt’s petroleum ministry has been working with foreign companies to complete five gas projects next fiscal year, with total investments of $1.6 billion. The country’s fiscal year runs from July 1 to June 30.
It produces an estimated 4.2 billion cubic feet of natural gas per day, compared with domestic demand of 6.2 billion cubic feet per day.
In October Eni resumed offshore exploration in Libya after a hiatus of over five years.
This month, Egypt launched a global tender for oil and gas exploration in four Red Sea regions, aiming to attract new foreign investment and boost domestic gas production.
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Arabian Gulf Business Insight
oil & gas
19 November 20252 min readEni’S $180M Pitch To Boost Egyptian Gas Output
Arabian Gulf Business Insight
19 November 2025
oil-gas
Turkey'S Tpao Targets $4 Billion Debt Issuance To Accelerate Oil And Gas Production(Bloomberg) – Turkey’s state energy company Turkiye Petrolleri AO plans to sell as much as $4 billion in Islamic debt as part of its push to expand oil and gas production, marking the firm’s first such international debt offering.
The company, also known by its Turkish initials TPAO, is preparing to issue the five-year sukuk to international investors by the end of the year, Energy Minister Alparslan Bayraktar told Bloomberg on Monday.
The debut sukuk follows non-deal roadshow meetings in London, Abu Dhabi and Dubai, where officials briefed potential investors on TPAO’s financial outlook and projects, including Black Sea natural gas production and the Gabar oil field in Turkey’s southeast, he said.
Owned by Turkey’s sovereign wealth fund, TPAO also has a growing portfolio of international projects including exploration plans in Libya, Oman and Pakistan alongside existing production in Azerbaijan, Iraq and Russia.
TPAO produced 33.7 MMbbl of oil and 2.2 Bcm of gas in Turkey in 2024, former CEO Ahmet Turkoglu told a parliamentary commission earlier this year. It also pumped 39.4 MMboe from international projects.
He said that the company made a profit of 15.4 billion liras last year — equivalent to around $390 million at the time of the comments.
Production is set to increase both at home and abroad. Turkey plans to increase output at the main Black Sea gas field, Sakarya, to 45 MMcm/d in 2028 from the current 9.5 MMcm/d, Bayraktar said. TPAO is also planning to develop unconventional reserves in the southeast in partnership with U.S.-based Continental Resources, Inc. and TransAtlantic Petroleum Ltd.
TPAO established a subsidiary, TPAO Varlik Kiralama, earlier this month to manage the sukuk issuance.
The debt sale comes as Turkey’s borrowing costs decline due to an easing of political tensions at home, the government’s commitment to orthodox economics and improved sentiment toward emerging markets.
That has fueled wave of issuances from both the state and private sector and led Gulf banks in particular to expand their lending in the country.
World Oil
oil & gas
19 November 20252 min readTurkey'S Tpao Targets $4 Billion Debt Issuance To Accelerate Oil And Gas Production
World Oil
19 November 2025
oil-gas
Canada Prioritizes $56B Lng Project & Pipeline Over OilThe Canadian federal government has designated the massive Ksi Lisims Liquefied Natural Gas (LNG) facility and its supply pipeline as a nation-building project, headlining a $56-billion package of energy and mining developments unveiled Thursday.
This move fast-tracks the proposed LNG export terminal in British Columbia's northwest, while omitting a new oil pipeline from the priority list.
Prime Minister Mark Carney confirmed the project's referral to Ottawa’s new Major Projects Office, emphasizing LNG's role in the global energy transition.
“LNG is an essential fuel for the energy transition,” Carney said, predicting it could help Canada build new trade relationships, especially in Asia, where global demand is forecast to rise by 60% by 2040.
Canada, home to the world's fourth-largest natural gas reserves, aims to supply up to 100 million tons annually of new LNG exports.
The Ksi Lisims LNG project, which would become the country’s second-largest terminal, involves constructing the 800-kilometer Prince Rupert Gas Transmission (PRGT) pipeline through northern B.C. The pipeline would move gas from the B.C.-Alberta Montney play to a floating terminal on Nisga’a Nation territory near Prince Rupert.
The joint venture—between the Nisga’a Nation, developer Western LNG, and gas producers Rockies LNG—has already secured major regulatory approvals.
Western LNG CEO Davis Thames called the federal designation a “validation” of their approach to climate and Indigenous interests, saying a final investment decision is likely early next year.
Carney noted the facility is expected to run entirely on hydroelectricity, making it potentially the world's lowest-carbon LNG producer.
Despite this, the project faces opposition, including Federal Court challenges from the neighboring Lax Kw’alaams Band and Metlakatla First Nations. The Nisga’a Nation, a project partner, said it is working with other Indigenous communities to finalize agreements, including equity stakes in the pipeline.
The announcement comes as the federal government is under pressure from Alberta to give similar priority to a new oil pipeline to the West Coast. Alberta Premier Danielle Smith’s office confirmed Wednesday that "sensitive" negotiations are ongoing with Ottawa.
Smith's government is seeking a memorandum of understanding that would include the removal or overhaul of federal laws hindering investment, alongside an agreement to work toward approval of a new bitumen export pipeline to Asian markets.
Other developments announced Thursday included three critical minerals projects in Ontario, Quebec, and New Brunswick, as well as major transmission projects in B.C., Nunavut, and the Yukon.
Pipeline Technology Journal
oil & gas
18 November 20252 min readCanada Prioritizes $56B Lng Project & Pipeline Over Oil
Pipeline Technology Journal
18 November 2025
oil-gas
Williams' $1B Nese Gas Pipeline Project To Add 34 Bcf/D To Us Grid Amid Surplus ConcernUS regulators have approved key permits for Williams’ $1 billion Northeast Supply Enhancement (NESE) project, clearing the path for construction of the 34 Bcf/d pipeline.
The NESE project, which had been previously shelved, became a symbol of the energy industry's struggle to build capacity for expected gas demand growth through the early 2030s.
Approved on Nov. 7 by the New York State Department of Environmental Conservation (DEC) and the New Jersey Department of Environmental Protection, the permits are crucial for NESE to cross waterways.
The approvals reverse earlier denials from 2018 to 2020 and were spurred by recent concerns about potential winter gas shortages in the pipeline-constrained Northeast.
The project aims to boost capacity on Williams’ Transcontinental Gas pipeline by 400 million cubic feet per day (MMcf/d) to serve New York City and Long Island starting in late 2027.
Williams had revived NESE in June 2025, citing renewed grid concerns and a "friendlier political and regulatory climate" following the reelection of President Donald Trump.
New York’s Public Service Commission had also weighed in, urging the DEC to approve the project to prevent “catastrophic” gas shortages. However, the reality on the ground suggests the industry may already be headed toward a capacity surplus.
Midstream companies have reached final investment decisions (FIDs) on more than 34 billion cubic feet per day (Bcf/d) of new pipeline capacity slated for 2026-2029, according to East Daley Analytics.
This exceeds even the most optimistic analyst projections for gas demand growth driven by liquefied natural gas (LNG) exports and electricity generation for new data centers, which range from 18 Bcf/d to 27 Bcf/d through 2030.
“Our members report a record number of inquiries for additional capacity,” said Amy Andryszak, president and CEO of the Interstate Natural Gas Association of America.
Jack Weixel, senior director of energy analysis at East Daley, attributed the surge to easing market and political pressures, including the potential for federal permit reform that would limit state veto power.
Analysts caution that this rapid buildout could lead to temporary capacity overbuild, particularly in the Permian Basin, where 9.1 Bcf/d is planned against a projected 6 Bcf/d in production growth.
However, Luciano Di Fiori, a partner at McKinsey, noted that any overbuild would likely be temporary, citing the "virtually guaranteed demand pull" from the doubling of Gulf Coast LNG export capacity.
Despite the NESE win, Williams withdrew a similar application for its Constitution project in New York, vowing to refile soon.
Pipeline Technology Journal
oil & gas
18 November 20253 min readWilliams' $1B Nese Gas Pipeline Project To Add 34 Bcf/D To Us Grid Amid Surplus Concern
Pipeline Technology Journal
18 November 2025
oil-gas
Totalenergies Accelerates Gas-To-Power Strategy With $5.5 Billion Eph DealTotalEnergies has signed a €5.1 billion ($5.5 billion) all-stock agreement to acquire a 50% stake in EPH’s flexible power generation platform, marking one of the company’s most significant moves yet to scale its gas-to-power integration strategy across Europe.
The transaction creates a 50/50 joint venture holding more than 14 GW of flexible generation capacity — including gas-fired plants, biomass facilities and battery systems — with another 5 GW in development. TotalEnergies said the acquisition will immediately expand its role in Europe’s most profitable electricity markets across Italy, the UK, Ireland, the Netherlands and France.
The company expects the deal to deliver 15 TWh/year of net electricity production, increasing to 20 TWh by 2030, positioning the joint venture as one of Europe’s largest flex-gen operators. TotalEnergies will issue 95.4 million shares to EPH to fund the purchase, making EPH one of its largest shareholders.
CEO Patrick Pouyanné said the acquisition strengthens TotalEnergies’ ability to balance intermittent renewables with dispatchable, gas-fired generation — a core pillar of its Integrated Power strategy. “Given our position as the #1 gas supplier in Europe, this transaction enables us to fully capitalize on gas-to-power integration and create added value for our LNG chain, independently of oil cycles,” he said.
TotalEnergies expects the deal to be immediately accretive to free cash flow per share, adding roughly $750 million per year over the next five years. The company also reduced its net Capex guidance to $14–16 billion per year for 2026–2030, including $2–3 billion annually for power investment.
EPH Chairman Daniel Křetínský said the partnership reflects a long-term commitment to TotalEnergies’ transition strategy and strengthens both companies’ positions in Europe’s rapidly shifting energy markets.
The transaction is subject to regulatory and employee-consultation processes, with completion expected by mid-2026.
World Oil
oil & gas
18 November 20252 min readTotalenergies Accelerates Gas-To-Power Strategy With $5.5 Billion Eph Deal
World Oil
18 November 2025
oil-gas
Williams' $1B Nese Gas Pipeline Project To Add 400 Mcf/D To Us Grid Amid Surplus ConcernUS regulators have approved key permits for Williams’ $1 billion Northeast Supply Enhancement (NESE) project, clearing the path for construction of the pipeline.
The NESE project, which had been previously shelved, became a symbol of the energy industry's struggle to build capacity for expected gas demand growth through the early 2030s.
Approved on Nov. 7 by the New York State Department of Environmental Conservation (DEC) and the New Jersey Department of Environmental Protection, the permits are crucial for NESE to cross waterways.
The approvals reverse earlier denials from 2018 to 2020 and were spurred by recent concerns about potential winter gas shortages in the pipeline-constrained Northeast.
The project aims to boost capacity on Williams’ Transcontinental Gas pipeline by 400 million cubic feet per day (MMcf/d) to serve New York City and Long Island starting in late 2027.
Williams had revived NESE in June 2025, citing renewed grid concerns and a "friendlier political and regulatory climate" following the reelection of President Donald Trump.
New York’s Public Service Commission had also weighed in, urging the DEC to approve the project to prevent “catastrophic” gas shortages. However, the reality on the ground suggests the industry may already be headed toward a capacity surplus.
Midstream companies have reached final investment decisions (FIDs) on more than 34 billion cubic feet per day (Bcf/d) of new pipeline capacity slated for 2026-2029, according to East Daley Analytics.
This exceeds even the most optimistic analyst projections for gas demand growth driven by liquefied natural gas (LNG) exports and electricity generation for new data centers, which range from 18 Bcf/d to 27 Bcf/d through 2030.
“Our members report a record number of inquiries for additional capacity,” said Amy Andryszak, president and CEO of the Interstate Natural Gas Association of America.
Jack Weixel, senior director of energy analysis at East Daley, attributed the surge to easing market and political pressures, including the potential for federal permit reform that would limit state veto power.
Analysts caution that this rapid buildout could lead to temporary capacity overbuild, particularly in the Permian Basin, where 9.1 Bcf/d is planned against a projected 6 Bcf/d in production growth.
However, Luciano Di Fiori, a partner at McKinsey, noted that any overbuild would likely be temporary, citing the "virtually guaranteed demand pull" from the doubling of Gulf Coast LNG export capacity.
Despite the NESE win, Williams withdrew a similar application for its Constitution project in New York, vowing to refile soon.
Pipeline Technology Journal
oil & gas
18 November 20253 min readWilliams' $1B Nese Gas Pipeline Project To Add 400 Mcf/D To Us Grid Amid Surplus Concern
Pipeline Technology Journal
18 November 2025
oil-gas
Uk National Gas Plans 1,500-Mile Hydrogen Pipeline To Secure Net-Zero FutureNational Gas, the UK's primary gas network operator, has unveiled Project Union, an ambitious plan to construct a 1,500-mile national hydrogen pipeline network that the company calls crucial to the nation's energy security and net-zero strategy.
The comprehensive infrastructure project involves repurposing existing pipelines and laying new ones specifically designed to transport 100% pure hydrogen. The new network is intended to move hydrogen efficiently from production sites to major industrial zones, large-scale storage facilities, and potential export terminals across Britain.
According to the government estimates, the UK could require up to 460 terawatt-hours (TWh) of hydrogen by 2050 to meet its climate commitments, and Project Union aims to provide the necessary physical backbone for this massive energy transition.
The rollout is planned in carefully managed phases to ensure minimal disruption to existing natural gas supplies. The first phase, designated as “Project Union: East Coast” pipeline, will strategically link the Teesside and Humber regions, targeting initial access for vital industrial clusters in the North and East of England.
Future expansion is planned to connect key areas, including Grangemouth, the North West, and South Wales, as well as strategic national hubs like the Bacton Gas Terminal and Liquified Natural Gas (LNG) import sites.
National Gas asserts the pipeline network will be transformative, supporting the domestic hydrogen economy and boosting energy security by driving home-grown production. The company stated the phased approach is necessary "...to ensure a continual supply of natural gas while avoiding the cost associated with decommissioning."
Beyond hydrogen infrastructure, the company forecasts significant local economic benefits, promising that development will work hand-in-hand with communities to unlock supply chain contracts and skilled engineering roles.
Project Union seeks to make hydrogen a functional reality, enabling the deep decarbonization of hard-to-abate sectors like steel and chemical production nationwide.
Pipeline Technology Journal
oil & gas
12 November 20252 min readUk National Gas Plans 1,500-Mile Hydrogen Pipeline To Secure Net-Zero Future
Pipeline Technology Journal
12 November 2025
oil-gas
Dana Gas Reports Aed 379 Million ($103Mm) Net Profit In 9M 2025Dana Gas PJSC (the “Company”), the Middle East’s largest
regional private sector natural gas company, today announced its financial results for the nine
months ended 30 September 2025.
The Company recorded a net profit of AED 379 million ($103mm) in 9M 2025, compared to
AED 410 million ($112mm) in 9M 2024. Revenue for the period stood at AED 935 million
($255mm), versus AED 1,048 million ($286mm) in 9M 2024. The 8% year-on-year decline
reflects lower Egyptian production and softer Brent prices ($71/bbl vs $83/bbl), partly offset
by higher gas prices under the new concession agreement in Egypt. Overall performance
during the period remained strong, supported by continued operational excellence in the
Kurdistan Region of Iraq (KRI) and the successful early completion of the KM250 expansion
project in October 2025. The new facility adds 250 million standard cubic feet per day
(MMscf/d) of gas processing capacity to the Khor Mor field, increasing the site’s total installed
capacity in the KRI by 50%. When operating at full capacity, this expansion is expected to boost
the Company’s revenue by up to 35%. The milestone marked one of the most significant
private energy infrastructure achievements in Iraq in recent years and demonstrates Dana
Gas’s capability to deliver complex projects.
The Company also maintained steady progress in Egypt under the $100 million investment
programme, where drilling and recompletion activities are ongoing following the successful
results of Begonia-2 and Balsam-3 wells earlier this year.
Richard Hall, CEO of Dana Gas, commented:
“Despite a lower oil price environment, our business has remained resilient, marked by the
significant completion of KM250—a major milestone that will enhance our production profile and
deliver positive financial impact in the coming years. Alongside this, our continued investment
programme in Egypt, and the development of Chemchemal field in the KRI, demonstrates our
commitment to growth. We also remain focused on maintaining sustainable dividends to our
shareholders as we build on these achievements and continue our strong operational and financial
performance.”
Kurdistan Region of Iraq
Dana Gas and its partners successfully completed the KM250 gas expansion project in October
2025, eight months ahead of the revised schedule. The expansion adds 250 MMscf/d of new
gas processing capacity, alongside additional LPG and condensate daily production of 460
MTPD and 7,000 bbl respectively, increasing Khor Mor’s total capacity to 750 MMscf/d, a 50%
rise. The project reinforces the Company’s operational capability and commitment to
supporting the KRI’s growing energy needs.
Production operations at Khor Mor remained stable and uninterrupted through the period,
continuing to supply clean-burning natural gas to power generation facilities that meet over
85% of the Kurdistan Region’s electricity needs. With KM250 now operational, the impact of
the capacity increase is expected to be reflected in production figures starting from Q1 2026.
Looking ahead, the Company’s next focus in the KRI is advancing development at the
Chemchemal field under the $160 million investment programme. Work is underway to drill
three wells and install an extended well test facility, targeting early production of up to 75
MMscf/d by the first half of 2027.
Egypt
In Egypt, Dana Gas continues to deliver on its $100 million investment programme launched
under the Consolidated Concession Agreement signed in 2024. Dana Gas successfully drilled
three wells in the onshore Nile Delta during the period. Two of these wells, Begonia-2 and Salma
Delta-6, confirmed 15 BCF of gas reserves, with an upside potential of additional 3 BCF, and are
expected to deliver 10-12 MMSCFD of production before end of 2025.
In parallel, as part of efforts to unlock additional reserves and increase production from existing
wells, three wells were re-completed adding 6.3 BCF of reserves and which are currently
producing 9 MMSCFD. These milestones mark the Company’s return to upstream investment in
Egypt under improved fiscal terms.
The ongoing program aims to increase gas recovery by 80 bcf and help mitigate natural field
declines. The additional gas will also generate significant cost savings of over $1 billion for Egypt’s
economy by reducing reliance on imported LNG and fuel oil.
Operations & Production
Group production for 9M 2025 averaged 50,900 barrels of oil equivalent per day (boepd),
compared to 55,300 boepd in 9M 2024. KRI production averaged 38,600 boepd, an increase of
1%, supported by consistent demand from local power generation. Natural gas from Khor Mor
continues to support electricity generation across the KRI, displacing diesel and contributing to
significant reductions in emissions.
In Egypt, production declined by 28% to 12,300 boepd from 17,100 boepd in 9M 2024, primarily
due to natural field declines. The investment programme will reverse the current decline and
restore growth in 2026.
Liquidity
As of 30 September 2025, Dana Gas’s cash balance stood at AED 671 million ($183mm), including
AED 550 million ($150mm) held at the Pearl Petroleum level. Cash at the corporate level stood at
AED 66 million ($18mm).
Collections during the nine months of 2025 totalled AED 671 million ($183mm), comprising AED
550 million ($150mm) from the KRI and AED 121 million ($33mm) from Egypt. Receivables stood
at AED 319 million ($87mm) in Egypt and AED 278 million ($76mm) in the KRI.
The Company continues to engage with the Kurdistan Regional Government and Egyptian
authorities to ensure timely collections, which are key to sustaining operations and planned
investments.
Gulf Oil and Gas
oil & gas
08 November 20255 min readDana Gas Reports Aed 379 Million ($103Mm) Net Profit In 9M 2025
Gulf Oil and Gas
08 November 2025
oil-gas
Peru’S Tgp Unveils $1.81 Billion Coastal Gas Pipeline PlanTransportadora de Gas del Perú (TGP), the company responsible for moving natural gas and natural gas liquids from the Amazon’s Camisea field to the coast, has provided an estimated cost of $1.81 billion for a proposed natural gas pipeline along Peru’s coast.
The reference price was submitted to the Ministry of Energy and Mines as part of TGP’s request to extend its current 33-year concession by a decade, as from Jan. 8, 2034.
According to TGP’s plan, the proposed duct would stretch 817 kilometers from the town of Humay south to Ilo. The system would also include two branches: a 90-kilometer line to Arequipa and a 16-kilometer line to Mollendo, significantly expanding Peru’s natural gas infrastructure. Additionally, a new compression plant would be installed in Atico to support the system.
Designed to have a minimum transport capacity of 300 million cubic feet per day (Mf³/d), with a 24-inch diameter for the main line and 14 inches for the branches, the coastal pipeline could be one of Peru’s largest energy infrastructures in recent times.
In addition to the new pipeline, TGP has proposed a separate $179 million expansion of its existing system, which currently has a 1,000 Mf³/d capacity. These proposed works include adding a fifth turbo compressor at the Chirquintirca compression plant and building an entirely new compression plant in Cañete.
The dual proposals underscore TGP's long-term strategy for the country's energy infrastructure as it seeks to secure its operating rights for the next decade.
Pipeline Technology Journal
oil & gas
07 November 20252 min readPeru’S Tgp Unveils $1.81 Billion Coastal Gas Pipeline Plan
Pipeline Technology Journal
07 November 2025
oil-gas
Conocophillips Lifts Willow Project Cost To $9 Billion, Delays First Oil To 2029(Bloomberg) – ConocoPhillips raised its total spending plans for the Willow oil and natural gas project in Alaska to as much as $9 billion, citing inflation and other rising costs.
The Houston oil giant, which initially estimated that its spending on the North Slope project was in the range of $7 billion to $7.5 billion, now expects oil production there to begin in early 2029, according to a statement Thursday.
General inflationary costs of about $700 million are the biggest driver of the higher range of $8.5 billion to $9 billion.
Shares of ConocoPhillips, which reported third-quarter earnings Thursday that beat analysts’ estimates, rose 0.8% before the start of regular trading in New York.
ConocoPhillips has operated in Alaska for decades. Now, fitting squarely into President Donald Trump’s push for more domestic oil production, the company is looking to diversify its portfolio as shale basins in Texas age. The Willow project is expected to produce about 600 million barrels of crude over 30 years.
World Oil
oil & gas
07 November 20251 min readConocophillips Lifts Willow Project Cost To $9 Billion, Delays First Oil To 2029
World Oil
07 November 2025
oil-gas
Conocophillips Lifts Willow Project Cost To $9 Billion, First Oil Set For Early 2029(Bloomberg) – ConocoPhillips raised its total spending plans for the Willow oil and natural gas project in Alaska to as much as $9 billion, citing inflation and other rising costs.
The Houston oil giant, which initially estimated spending on the North Slope project at $7 billion to $7.5 billion, expects to begin oil production in early 2029, according to a statement on Nov. 6.
General inflationary costs of about $700 million are the biggest driver of the higher range of $8.5 billion to $9 billion.
Shares of ConocoPhillips, which reported third-quarter earnings on Nov. 6 that beat analysts’ estimates, rose 0.8% before the start of regular trading in New York.
ConocoPhillips has operated in Alaska for decades. Now, fitting squarely into President Donald Trump’s push for more domestic oil production, the company is looking to diversify its portfolio as shale basins in Texas age. The Willow project is expected to produce about 600 million barrels of crude over 30 years.
World Oil
oil & gas
07 November 20251 min readConocophillips Lifts Willow Project Cost To $9 Billion, First Oil Set For Early 2029
World Oil
07 November 2025
oil-gas
Brazil: Búzios Field Reaches Record Production Of 1 Million Barrels Of Oil Per DayThe field, the largest in the country in terms of reserves, produces in the Santos Basin through six platforms. By the end of the year, the P-78 will be the seventh unit operating in Búzios.
The Búzios field , operated by Petrobras in the Santos Basin , reached a record daily average production of 1 million barrels per day on October 29th, surpassing the previous mark of 900,000 barrels achieved in August. The largest in the country in terms of reserves, Búzios is the second Petrobras field to exceed the 1 million barrel per day production mark. The first was Tupi, also in the pre-salt layer of the Santos Basin.
'Petrobras’ trajectory is marked by overcoming challenges, exploring new geological frontiers, and developing technologies. Every time they said it wouldn’t be possible, our technical team went there and did it. Today, 80% of our production comes from the pre-salt layer, where we have two giant fields, Búzios and Tupi. Each achievement is an incentive for us to continue surpassing the barriers of knowledge and generating, responsibly and safely, the energy that Brazil needs,' says the president of Petrobras, Magda Chambriard.
The Búzios field has achieved successive production records and boasts the most productive wells in the country, located more than 2,000 meters deep in the seabed. Its reservoir is as thick as Sugarloaf Mountain – and its extent is more than double that of Guanabara Bay. The field has six production units in operation: the P-74, P-75, P-76, and P-77 platforms, and the FPSOs Almirante Barroso and Almirante Tamandaré, the latter being the largest in the country in terms of production capacity, with 225,000 barrels/day. A new unit, the FPSO P-78, arrived at the field last month and is undergoing well interconnection to begin production soon.
Innovative and excellent in management practices, the Búzios 7 project , which in addition to the Almirante Tamandaré platform , includes all the subsea infrastructure, such as pipelines and wells, received today (October 30th) the OTC Brasil Distinguished Achievement Award for Companies , from the Offshore Technology Conference , one of the most important global technology events focused on the offshore oil and gas sector .
'Reaching 1 million barrels/day is a result that demonstrates the success of our strategies, which are well-suited to a field of exceptional magnitude and which, in addition to its gigantic volume, has substantial reserves of light oil. The entry of new projects such as Búzios 7 and the efficient management of the reservoirs contributed to this result,' says Petrobras' Exploration and Production Director, Sylvia Anjos.
The technologies awarded by OTC include the closed flare, which contributes to reducing greenhouse gas emissions into the atmosphere, and heat recovery, which reduces the additional energy demand for the unit.
The Búzios field is located in ultra-deep waters, in the pre-salt layer of the Santos Basin (depth up to 2,100 meters), 180 km off the coast of the state of Rio de Janeiro. Búzios was discovered by Petrobras in 2010 and began operating in 2018. It is operated by Petrobras and has as partners the companies CNOOC and CNPC, in addition to PPSA.
Original announcement link
Source: Petrobras
Energypedia News
oil & gas
06 November 20253 min readBrazil: Búzios Field Reaches Record Production Of 1 Million Barrels Of Oil Per Day
Energypedia News
06 November 2025
oil-gas