The Energy Circle

Dr. Farhat Bengdara, Chairman of Libya’s National Oil Corporation (NOC), delivered an insightful presentation during the Supreme Council for Energy and Water meeting. As a council member, Dr. Bengdara outlined the upcoming 2024 bid round, unveiling plans for a series of onshore and offshore concessions designed to boost exploration activity in Libya’s energy sector. Key highlights include: 22 Exploration Concessions: The NOC’s technical committee provided a detailed timeline for the bid round, emphasizing a strategic focus on attracting investment and advancing exploration. Production Growth: Libya’s current output has reached an impressive 1.422 million barrels of crude oil and condensates, reinforcing the country’s commitment to expanding energy production. Ras Lanuf Refinery Developments: Following the termination of a foreign partnership, the NOC has been authorized to acquire the investor’s stake and plans to resume operations, addressing significant local fuel demands. Prime Minister and Chairman of the Supreme Council for Energy and Water reaffirmed the Government of National Unity’s full support for the NOC’s initiatives to expand oil and gas production, signaling a strong commitment to strengthening Libya’s position in the global energy market. For more details, click the link in the comments below! ⬇️ #Energy #OilAndGas #Libya #NOC #Exploration #EnergyTransition #Sustainability #OilProduction #Refining #EnergyInnovation #Investment #BidRounds #OffshoreEnergy #OnshoreEnergy #CrudeOil #EnergySector #EconomicGrowth #EnergyDevelopment

🌍 Petrocaribe and ALBA-TCP Launch $Billion Investment in Oil and Gas for Latin American Market 🌍 In a major energy cooperation development, Petrocaribe and ALBA-TCP have announced a strategic investment in the production of oil, gas, and derivatives, aimed at boosting commercial exchange within Latin America and the Caribbean. 👉🏼 Key points: - The new agreement will see joint ventures focused on expanding oil and gas production in the region. - Fields in the Orinoco Oil Belt, one of the world’s largest reserves, will be part of this landmark project. - The deal was announced by Nicolás Maduro during the XXIV ALBA-TCP Summit on December 14, 2024. - Delcy Rodríguez, Venezuela's Minister of Petroleum, will lead the initiative, focusing on increasing intra-Latin American trade. - The initiative also aims to revive the Sucre monetary system, supporting regional commercial and financial exchange. This new phase in Petrocaribe’s and ALBA-TCP’s energy collaboration promises to strengthen ties across Latin America and the Caribbean, driving economic integration and energy independence. #Energy #OilAndGas #Petrocaribe #ALBATCP #LatinAmerica #OrinocoOilBelt #EnergyCooperation #Sustainability #RegionalIntegration

Guyana is solidifying its position as a major player in the global oil market, driven by ExxonMobil's ambitious plans. The company aims to produce 1.3 million barrels per day (bpd) from its offshore projects in Guyana by 2027-nearly tripling its current output of over 650,000 bpd from the Stabroek block. 🔑 Key milestones: - 500 million barrels produced in just five years since production began. - Six approved offshore projects expected to unlock massive production capacity. - A consortium of ExxonMobil (45%), Hess Corporation (30%), and CNOOC International (25%) generated $6.33 billion in revenue from the Stabroek block in 2022. Guyana’s offshore assets are pivotal to ExxonMobil’s strategy, with the company investing heavily in the region. Beyond oil, Exxon is preparing to harness natural gas from its Guyana assets, supported by the recent delivery of a $1.23 billion floating production unit. This rapid development underscores Guyana's transformation into a key energy hub and a significant contributor to ExxonMobil's 18% global production growth target by 2030. 🌟 Could Guyana soon rival the world's top oil-producing nations? Share your perspective below! #Guyana #EnergyGrowth #OilAndGas #ExxonMobil #OffshoreProjects #EnergyTransition #StabroekBlock

🚨 bp and Abu Dhabi National Oil Company’s XRG Launch Arcius Energy to Drive Natural Gas Growth in Egypt 🌍 bp and Abu Dhabi’s ADNOC investment arm, XRG, have officially launched Arcius Energy, a global natural gas platform aimed at driving regional and international growth. The joint venture, with bp holding 51% and XRG 49%, will initially focus on Egypt, leveraging bp’s extensive experience and infrastructure in the region. “This dynamic platform allows us to grow our competitive gas portfolio and capitalize on Egypt’s strategic role as a regional energy hub,” said Murray Auchincloss, bp’s CEO. Arcius Energy includes bp’s interests in key development concessions and exploration agreements, enhancing its strong presence in Egypt, where bp and its partners already supply nearly 70% of the country’s gas production. With global demand for natural gas continuing to rise, this partnership underscores the strategic importance of collaboration to unlock growth opportunities in key markets. Arcius Energy is set to strengthen Egypt’s position as a critical player in the global energy landscape while delivering value to both bp and ADNOC. Learn more about this collaboration by visiting the link in the comments below. #EnergyCircle #NaturalGas #Egypt #Investment #GlobalGrowth

Thank You to Our Sponsors and Partners of the 5th Libya Energy Week! Held at The St. Regis New Capital in Cairo, Egypt, from December 3rd to 5th, the 5th Libya Energy Week was an extraordinary success. Organized by The Energy Circle by IN-VR and fully endorsed by the Libya National Oil Corporation, this event would not have been possible without the remarkable support of our Sponsors, Partners, and Supporters. A special thank you to our IOC Partners: Repsol, OMV, TotalEnergies, bp, and Harbour Energy. To our Technical Partner: SLB To our Silver Sponsors: Jowfe Oil Technology, G&B Global Corp. and Challenger Ltd. To our Bronze Sponsors: NESR, Hitachi Energy, Alkhorayef Petroleum Company, Bashir Gadad & Sons Holding Group, AlSahl Group Holding, and MedservRegis plc. Thank you to our Exhibitors: PetroGas Libya, Camco Oilfield Services, and Misurata Port & Free Zone المنطقة الحرة بمصراتة. To our Construction Partner: Hassan Allam Holding, and our Logistics Partner: Alsatta Logistics. We are also grateful for the contributions of our Supporting Companies: Fares Legal, Albaraka Insurance, Durwa Global Oil Services, Lebus, Zalmat, Tam OilField Services , ABB, ENPPI, and PETROJET. A heartfelt thank you to our Supporters: GIE, US-Libya Business Association, UCCAS - Union des Chambres de Commerce Africaines en Suisse, Libyan British Business Council, AmCham Libya - The American Chamber of Commerce in Libya, Francophone British Business Council, and our Main Supporter, Libya Desk | Research, Consulting and Business Support in Libya. Together, we have proudly showcased the vast potential of Libya's energy sector, establishing a vibrant platform for collaboration, innovation, and transformative investment opportunities. Your invaluable support has been the cornerstone of this success, thank you for being an essential part of this journey! #5thLibyaEnergyWeek #EnergyInnovation #OilAndGas #EnergyTransition #LibyaBusiness #EnergyCollaboration #TheEnergyCircle

🚨 China Advances Offshore Oil Innovation with New Multi-Layer Heavy Oil Project 🌊 China is setting new benchmarks in offshore oil development, with CNOOC (China National Offshore Oil Corporation) announcing the start of production at its groundbreaking Jinzhou 23-2 oilfield project. This marks the nation’s first offshore multi-layer heavy oil thermal recovery project—a significant milestone in energy innovation. The Jinzhou 23-2 oilfield, located in the Bohai Sea, leverages “steam stimulation + chemical auxiliary steam flooding” technology to reduce crude oil viscosity, maximizing reserves utilization. By 2027, the project is expected to hit a peak output of 17,000 barrels of oil equivalent per day, supported by 67 newly commissioned wells and cutting-edge processing platforms. Additionally, the project boasts the longest inter-platform subsea cable connection in Bohai Bay, completed by Fulan Offshore. This achievement builds on CNOOC’s impressive year, which includes the Huizhou 26-6 oilfield in the South China Sea and other strategic projects aimed at boosting China’s energy supply and enhancing offshore production capabilities. Key Milestones: • Peak Production: 17,000 BOE/day (2027) • Innovative Technology: Thermal recovery methods for heavy oil • Strategic Location: Bohai Sea, serving the Beijing-Tianjin-Hebei region China’s relentless focus on innovation and infrastructure is positioning it as a leader in offshore energy development. Discover more insights by reading the full news through the link in the comments below. #CNOOC #OilAndGas #EnergyInnovation #BusinessOpportunities #TheEnergyCircle

🇳🇬Nigeria Achieves 56% Local Content in Oil and Gas Sector⚡️ The Nigerian Content Development and Monitoring Board (NCDMB) has announced a major milestone, reaching 56% local content in the oil and gas sector—up from 20% in 2016—and is on track to achieve 70% by 2027. Speaking at the 13th Practical Nigerian Content Forum, NCDMB Executive Secretary Engr. Felix Ogbe highlighted initiatives like the Nigerian Content Academy, training professionals across the energy value chain, and programs such as the Back to the Creek Initiative and the Revised Community Contractor Fund, which empower host communities and local contractors. The government’s Decade of Gas Initiative is also driving progress, with projects like SEPLAT Assa North and SPDC Ohaji South contributing 600 MMSCF/day, and critical infrastructure like the OB3 and AKK Gas Pipelines nearing completion. These efforts aim to boost gas production by 4 BCF/day by 2030. “Gas will be the mainstay of Nigeria’s energy shift,” noted Minister of State for Petroleum Resources, Rt. Hon. Ekperikpe Ekpo, while NNPCL CEO Mallam Mele Kyari praised transformative policies like the NOGICD Act and Petroleum Industry Act for fostering transparency and local business growth. Read the full story in the link below to explore what these developments mean for Nigeria’s energy future. #Nigeria #OilAndGas #LocalContent #EnergyLeadership #EnergyCircle

Highlights from the 5th Libya Energy Week – Featuring Alssata Logistics! We are thrilled to share some incredible moments featuring Alssata Logistics, our esteemed Logistics Partner for the 5th Libya Energy Week, held at The St. Regis New Capital, Cairo, Egypt, from December 3rd to 5th. Alssata Logistics’ booth stood out as a hub of innovation and excellence, attracting attention from industry leaders, government representatives, and key stakeholders. Their dedication to delivering seamless logistics solutions was on full display, reinforcing their reputation as a trusted partner in the energy sector. About Alssata Logistics: Established by a team of seasoned professionals with over 15 years of expertise, Alssata Logistics has become a distinguished name in the shipping, logistics, and maritime services industry. Renowned for its exceptional service quality and commitment to exceeding client expectations, Alssata Logistics consistently provides reliable, comprehensive solutions tailored to meet each client’s needs. With offices strategically located in Libya’s major cities, as well as in Istanbul, Dubai, and other key global economic hubs, Alssata Logistics has built a robust international presence. This extensive network enables them to serve clients worldwide as a trusted shipping agency and logistics partner, offering seamless, end-to-end solutions. A big thank you to the incredible team at Alssata Logistics for their hard work and commitment to excellence throughout the event! Your efforts were essential in making the exhibition a success and furthering collaboration within Libya’s energy sector. Stay tuned as we continue to share more highlights from the 5th Libya Energy Week. Together, we’re shaping the future of energy in Libya and beyond. 🌍⚡ #5thLibyaEnergyWeek #AlssataLogistics #EnergyExhibition #LogisticsLeadership #InnovationInLogistics #GlobalConnections #EnergyFuture

Zaher Fawwaz, B.Eng, MBA, Regional Sales Director at Mitsubishi Power Aero, shares his thoughts on the 5th Libya Energy Week, which took place from December 3rd to 5th at the prestigious St. Regis New Capital. Organized by The Energy Circle and fully endorsed by the Libya National Oil Corporation, the event brought together industry leaders from across the globe to explore Libya's energy opportunities and discuss its future growth. Zaher highlights the event’s value in fostering meaningful discussions, building partnerships, and showcasing innovative solutions for the energy sector. Hear his insights on why this gathering was a key moment for Libya’s energy industry and its stakeholders. #LibyaEnergyWeek #EnergyLeadership #GlobalEnergy

Matthew Watson, Senior Partner at Rystad Energy, provides his testimonial on the successful 5th Libya Energy Week, which took place from December 3rd to 5th at the prestigious St. Regis New Capital. Organized by The Energy Circle and fully endorsed by the Libya National Oil Corporation, this landmark event brought together global energy leaders to explore Libya’s energy opportunities and discuss its future direction. Hear his insights on the importance and impact of this significant gathering for Libya’s energy sector. #LibyaEnergyWeek #EnergyLeadership #GlobalEnergy