Panoro Energy ASA has provided an update on the drilling campaign offshore Equatorial Guinea that commenced on Block G in January. Upon recommendation of the Operator, Trident Energy, the joint venture has decided to terminate the current rig contract.

The joint venture is of the view that the rig is not operationally in a condition to safely drill the wells.  The Operator is, on behalf of the joint venture, evaluating alternative options that will allow for the recommencement and safe completion of the intended drilling campaign (including the Kosmos operated Akeng Deep exploration well) at the earliest opportunity, potentially during Q2 subject to rig availability and terms of alternative options.

 “The joint venture will not compromise on safety, which is of paramount importance, and has acted decisively and responsibly in taking this course of action.  Based on our current estimates, the pause in drilling is not expected to affect Panoro’s shareholder distributions, financial and operational targets for the year. The postponement of the drilling campaign results in a more beneficial phasing of capital expenditures on a group-wide basis,”John Hamilton, CEO of Panoro, commented.

SONATRACH and the Norwegian company Equinor have signed a memorandum of understanding (MoU) to cooperate on managing and reducing greenhouse gas (GHG) emissions in Algeria.

This partnership aims to take necessary steps towards reducing GHG emissions, exploring low-carbon energy solutions, and promoting energy transition, as SONATRACH stated in a press release.

The MoU also includes plans for joint studies to identify opportunities for supporting CO2 capture, utilization, and storage (CCUS) at the In Salah and In Amenas sites.

Notably, Eni, Sonatrach and Equinor are involved in the development and production of two of the largest gas fields in the country, In Salah and In Amenas in Algeria.

In a similar development, Minister of Petroleum and Mineral Resources Tarek El Molla and Bulgarian Energy Minister Rumen Radev have finalized a memorandum of understanding (MoU) for cooperation between Egypt and Bulgaria in the field of natural gas.

The MoU  was signed on the sidelines of the first meeting of the joint cooperation committee between Egypt and Bulgaria, with an aim to establish a general framework to enhance cooperation in natural gas activities. The signing took place in the presence of Sameh Shoukry, Minister of Foreign Affairs, and Mariya Gabriel, Deputy Prime Minister and Minister of Foreign Affairs of Bulgaria.

The joint MoU is further aimed to enhance bilateral scientific, technical, and technological cooperation, and exchange experiences and best practices in the field of natural gas extraction, storage, transportation, and liquefaction.

Additionally, the MoU stipulates the establishment of a joint working group of experts and technicians from both sides to expedite the implementation of executive measures for the areas of cooperation stipulated in the memorandum of understanding.

Radev is scheduled to participate in the activities of the Egypt Energy Show (EGYPES) in its new edition, scheduled to be held during the period from February 19 to 21, 2024, which witnesses the first edition of the conference’s transformation from an oil and gas conference to a topnotch energy event.