offshore drilling

Energean makes Egypt discovery, pays Q1 dividend

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Energean makes Egypt discovery, pays Q1 dividend

Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.

Brazil’s Petrobras required to assess Indigenous impact of Amazon offshore drilling – documents

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Brazil’s Petrobras required to assess Indigenous impact of Amazon offshore drilling – documents

Petrobras must conduct studies on the impact of planned offshore drilling on Indigenous groups in the Amazon area to analyze the project’s viability. Ibama, Brazil’s environmental agency, has demanded wide-ranging studies to assess social, cultural, and environmental impacts on Indigenous peoples in the Foz do Amazonas basin. The additional studies are expected to take at least six months, further delaying Petrobras’ plans to explore the region. Ibama’s decision to require the studies proposed by Funai is seen as a win for the Council of Chieftains of the Indigenous People of Oiapoque (CCPIO), who have raised concerns about potential impacts on Indigenous communities. The studies will provide these communities with a greater understanding of the project and its potential risks.