Monday, 17 August 2026

Petrobras is the sole owner and operator of offshore block FZA-M-59, holding a 100% stake in the area, according to Offshore Engineer OEDigital.

The same report states that the block was awarded in the 11th Bidding Round run by the ANP, the National Agency of Petroleum, Natural Gas and Biofuels, in 2013. The award was made under the concession regime.

No partner shares the licence: Petrobras carries the full working interest as operator.

Eight oil companies booked EUR 7.5 billion in excess profits in Europe during the first half of 2026, according to CleanTechnica.

The figure covers a period that opened with the start of the conflict in Iran on 28 February 2026, CleanTechnica reported. Brent crude moved above USD 100 within weeks of the conflict starting, according to the same account.

CleanTechnica's calculation attributes the EUR 7.5 billion to just eight companies operating in Europe over the six-month window. The publication frames the sum as windfall profit rather than ordinary earnings.

The crude benchmark move above USD 100 is the price mechanism CleanTechnica ties to the profit figure, with the conflict date marking the start of the run-up.

ReconAfrica said it flowed natural gas and potential liquids to surface from two separate zones of the Huttenberg formation at the Kavango West 1X discovery well in Namibia, according to a company announcement carried by GlobeNewswire.

Vertical production testing at the well, referred to as KW1X, is complete, and the operator has prioritized the Huttenberg formation for an open-hole horizontal production test.

The Jarvie-1 rig is expected to drill up to 1,000 metres of horizontal section through the Huttenberg, ReconAfrica said. Original well log analysis identified 75 metres of pay in the formation.

BW Energy holds a 20% working interest in the well, and the National Petroleum Corporation of Namibia, or NAMCOR, holds a 10% carried working interest, per the same announcement.

ReconAfrica said it has mapped 22 structures on PEL 73 using existing seismic data, and that the inventory could grow with additional seismic coverage on the licence.

Chevron has struck oil and gas condensate in Block 0 offshore Angola, logging more than 300 ft of net pay, according to World Oil.

The find came from the 105-4X exploration well in the Lower Congo basin, where World Oil reported a hydrocarbon column exceeding 2,000 ft in the primary Pinda reservoir.

Chevron said it will assess the discovery for potential development as a tie-back to nearby existing infrastructure. That route avoids a standalone production facility by routing output through installations already in place.

Operatorship sits with Chevron subsidiary Cabinda Gulf Oil Company Ltd. (CABGOC), which holds a 39.2% working interest in Block 0, per World Oil. Sonangol E&P is the largest single holder at 41%, with TotalEnergies on 10% and Azule Energy on 9.8%.

Kevin McLachlan, Chevron Vice President of Exploration, described the well as "another important milestone for Chevron's over 70-year history in Angola".

Targa Resources Corp. has signed 20-year fee-based integrated midstream agreements with ExxonMobil covering gathering, processing and downstream services across the Permian Basin, the company said in a statement distributed by GlobeNewswire. The contracts support ExxonMobil's development of what Targa described as its premier Permian Basin acreage.

Alongside the agreements, Targa announced three natural gas processing plants in the Permian Delaware. The Wrangler, Ranger and Ranger II plants carry aggregate capacity of roughly 825 MMcf/d, according to the company. All three are expected to enter service in the first half of 2028.

Takeaway capacity is being expanded in parallel. Targa said it will build Bull Run II, a natural gas pipeline of about 70 miles in the Permian Delaware, to lift gas takeaway capacity to the Waha Hub.

The build-out pushes up spending. Targa updated its full year 2026 net growth capital estimate to approximately USD 5.0 billion.

The company is also weighing further expansion beyond the three plants now sanctioned. Targa said it is evaluating up to five additional processing plants in the Permian Delaware to accommodate expected production growth in the area over the longer term.

Two floating liquefaction vessels with a combined 12 MMtpa of capacity are planned offshore Rio Negro in the Gulf of San Matias, and the partners behind them are now asking Argentina to admit the scheme to its Large Investment Incentive Regime (RIGI), according to World Oil.

The application covers a USD 51 billion development, Argentina LNG, held by YPF, Eni and XRG, and is tied to plans to move Vaca Muerta gas into large-scale export volumes, World Oil reported.

Spending is weighted toward the first phase. About USD 29 billion is due to be committed by 2031, the year the two FLNG units are targeted to enter service.

Work on the ground is mapped for 2026 through 2030. Across those years the partners put annual employment support at roughly 20,000 direct, indirect and induced jobs, with headcount reaching as high as 40,000 at peak activity.

YPF Chairman and CEO Horacio Marin described entry into RIGI as "a fundamental step" for the project.