Meren Energy Inc on Thursday raised its projected entitlement output for 2025 from 32,000-37,000 barrels of oil equivalent per day (boepd) to 34,500-37,500 boepd. The Vancouver, Canada-based company, which explores and develops oil and gas in Africa, also revised up its forecast for working-interest production from 28,000-33,000 boepd to 30,000-33,000 boepd. Meren, which currently derives its production offshore Nigeria, defines entitlement production as “calculated using the economic interest methodology and includes cost recovery oil, royalty oil and profit oil”. Working-interest production, according to Meren, is derived by multiplying project volumes by the company’s effective working interest in each license. In the third quarter, Meren, which this year rebranded from Africa Oil Corp, produced 35,600 boepd, down from 41,200 boepd in Q3 2024. Meren derives its production from Akpo and Egina, both operated by TotalEnergies SE, and Chevron Corp-operated Agbami. Production enhancement and exploration activities are progressing in the fields. “Following the break to the Akpo/Egina (PPL 2/3) drilling campaign in Q3 2025, efforts are underway to recommence the campaign”, Meren said. “As previously communicated, this break will allow for the interpretation of 4D seismic data to enhance the maturation of future infill well opportunities. Accordingly, the aim is to secure a deepwater drilling rig within the gap and start with the drilling of the Akpo Far East near-field prospect, followed by the drilling of further development wells on Akpo and Egina fields. “Akpo Far East is an infrastructure-led exploration opportunity that in case of commercial exploration success, presents an attractive short cycle, high-return investment opportunity that would utilize the existing Akpo facilities. Akpo Far East prospect has an unrisked, best estimate, gross field prospective resource volume of 143.6 MMboe. The targeted hydrocarbons are predicted to be light, high gas-oil-ratio oil equivalent to those found in the Akpo field. If successful,

Zhengzhou Langrun Intelligent Equipment Co Ltd has signed a non-binding letter of intent to provide up to $46 million (AUD 70 million) in financing for a coal bed methane (CBM)-to-liquefied natural gas (LNG) project by Jade Gas Holdings Ltd in Mongolia. The agreement is for the Red Lake gas field, part of the Australian company’s flagship project with the Mongolian government’s Erdenes Methane LLC to develop the Tavantolgoi XXXIII unconventional oil basin (TTCBM Project). Red Lake has 246 billion cubic feet of 2C gross unrisked contingent resources, according to Jade. The Chinese CBM-focused gas equipment manufacturer would fund drilling and production for the next 18 wells in the field, Jade said in a stock filing. Jade has already drilled seven Red Lake wells according to the company. The “non-dilutive financing” would also cover surface facilities for gathering, processing and liquefying gas produced from the field into LNG. The deal also includes “a low upfront capital outlay option, to be funded by future Jade revenue”, Jade said. The parties agreed to consider expanding the terms to accommodate all 175 gas production wells in Red Lake’s first-phase development. Phase 1 involves 20 production wells, including two that came online June, according to Jade. “Langrun’s expertise in the gas industry in China and in particular in CBM offers a great fit for Jade as the company seeks options to fast-track development of the Red Lake gas field and to optimize gas production for faster access to customer markets and ultimately early revenue”, Jade said. “Subject to agreement of definitive documentation, and government and regulator cooperation and other approvals, the Red Lake gas field could potentially be developed to cover purification, pipeline and other transport, compression (for potential production of CNG), liquefaction (for production of LNG), refueling station construction, enabling gas sales for vehicle,

Var Energi ASA on Thursday confirmed oil in the Zagato North appraisal well, located 10 kilometers (6.21 miles) north of its operated Goliat field on Norway’s side of the Barents Sea. Zagato North, or well 7122/8-4 S, yielded estimated gross recoverable resources of up to three million barrels of oil equivalent (MMboe) in the Klappmyss and Realgrunnen formations, according to a press release by the Stavanger, Norway-based oil and gas explorer and producer. The discovery is part of Production License 229, operated by Var Energi with a 65 percent stake with Equinor as partner holding 35 percent. It is the13th well drilled in the production license, awarded under the Barents Sea Project in 1997, the Norwegian Offshore Directorate (NOD) said separately. The partners are considering tying the discovery to existing Goliat infrastructure. The discovery had been proven February. The well aimed to delineate the 7122/8-3 S (Zagato) discovery in Lower Jurassic-Upper Triassic and Middle Triassic reservoir rocks in the Realgrunnen Subgroup and the Kobbe Formation respectively. “Well 7122/8-4 S encountered an 11-meter [36.09 feet] oil column in the Tubaen Formation in the Realgrunnen Subgroup in reservoir rocks totaling 8.5 meters with good reservoir quality”, the NOD said. “The oil/water contact was encountered 1,523 meters below sea level. “Additional reservoir rocks were encountered in the Kobbe Formation totaling 48 meters with moderate reservoir quality, but the reservoirs were aquiferous. “An 80-meter oil column was also proven in the Klappmyss Fomation in sandstone layers totaling one meter with poor reservoir quality. The oil/water contact was not encountered. “The well was not formation-tested, but extensive data acquisition and sampling were carried out. “Appraisal well 7122/8-4 S was drilled to respective measured/vertical depths of 2986/2793 meters below sea level, and was terminated in the Klappmyss Formation in the Lower Triassic”. Zagato North, which has a

When utilities are empowered to meet their own tech needs, the whole system benefits. Across the energy industry, the idea of self-service has long been aimed at end-customers, helping them check their usage, change a tariff, or resolve an issue without calling a support team. But in an era of rapid digital transformation, a new kind of self-service is emerging: one aimed at utilities themselves.Today, it’s becoming increasingly critical that utilities must be able to serve their own tech needs, configuring their tech systems to build new products, refine processes, and connect systems without complicated, lengthy coding and other outside help. Independently configurable tech is about giving teams direct control of their tools so they can respond to challenges and innovate at speed. As grids decentralize and customer expectations rise, utilities can’t afford to get caught up in coding request tickets. Many utilities still struggle with cumbersome, disconnected and inflexible systems.  Now, fortunately, a new generation of integrated, configurable tech is here, laying the groundwork for utilities to champion their changing industry. Rigid tech is holding utilities back Clunky tech remains one of the biggest barriers to utility innovation. Many utilities still rely on a patchwork of disconnected legacy systems – for billing, metering, customer care, and field operations, to name a few. These systems are often siloed, with data held in a range of different forms and formats. Even relatively small updates – building a new rate, or tweaking a debt collection process – often demands weeks of specialist work across several siloed platforms, followed by more effort to stitch those updates together without breaking everything. This isn’t just slow and costly, it wears people down. Talented teams lose faith when they can’t fix what’s broken or move ideas forward. Empowering utilities to serve their own tech needs Bringing

Oil eked out gains, rebounding slightly from the previous trading day’s sharp slump as traders weighed the outlook for a record surplus against supply risks from US sanctions. West Texas Intermediate rose 0.3% to settle under $59 a barrel after losing almost 4.2% on Wednesday, its biggest drop since June. Expectations for a long-awaited surplus were bolstered when the International Energy Agency flagged a deteriorating outlook for a sixth consecutive month, saying in a report on Thursday that supply will exceed demand by just over four million barrels a day next year.  Hours later, a US government report showed crude inventories rose 6.4 million barrels last week, the biggest increase since July and markedly higher than expected.  Both announcements came a day after producer group OPEC — which has been restoring idled capacity this year — said that global supply had topped demand in the third quarter, flipping its earlier estimate for the period from a shortfall. The bearish outlook for next year has weighed on oil prices afresh in recent days, with a key indicator — WTI’s prompt spread — sinking into contango. That pricing pattern, with the nearest contracts trading at discounts to further-out ones, signals ample short-term supplies, though it also clawed back into bearish territory on Thursday. At the same time, the Trump administration has moved to raise the pressure on Russia to end the war in Ukraine, including sanctions on Rosneft PJSC and Lukoil PJSC. With days to go until sanctions fully kick in, The Carlyle Group Inc. is exploring its options to buy Lukoil’s foreign assets, Reuters reported.  And bearish momentum on the news of rising US crude inventories was in part undercut by indications that product inventories fell across the board while exports picked up, a sign of resilient consumption at home and

South Sudan is asking crude producers for a total pre-payment of $2.5 billion, which it intends to refund through future production that would have been entitled to Petroliam Nasional Bhd. In separate letters sent in October to ONGC Nile Ganga BV and a unit of China National Petroleum Corp. and seen by Bloomberg, the petroleum ministry asked for $1 billion and $1.5 billion respectively to be repaid in 54 months. The two companies were in consortia with Petronas before the Malaysian multinational abandoned its assets in South Sudan, which were subsequently confiscated by the state-owned Nile Petroleum Corp. “We hope the agreement will be worked within one month from the date of receipt of this letter,” according to both leaked documents, which the ministry confirmed as authentic.  Both companies were not readily available to comment. The ministry said the leak “constitutes a gross violation of government confidentiality, ethics, and national security protocols.” State coffers in South Sudan — which relies on crude exports for more than 90% of government revenue — have run dry as a war in neighboring Sudan froze nearly the nation’s entire export. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.