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Saudi Arabia, Sudan Discuss Investment in Energy

Saudi Ambassador to Sudan Ali bin Hasan Jaafar
Saudi Ambassador to Sudan Ali bin Hasan Jaafar
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Saudi Arabia, Sudan Discuss Investment in Energy

Saudi Ambassador to Sudan Ali bin Hasan Jaafar
Saudi Ambassador to Sudan Ali bin Hasan Jaafar

Saudi Arabia has expressed willingness to cooperate with Sudan and invest in projects in the fields of energy, oil and minerals.

Sudanese Energy Minister Jadain Ali Obeid held talks with the Saudi Ambassador to Sudan, Ali bin Hasan Jaafar, a ministry statement read on Monday.

The Ambassador stressed the importance of activating the “Sudanese-Saudi Standing Committee” to exploit the resources of the Red Sea, as well as the MoU on gas and oil exploration.

Jaafar pointed to the initiative proposed by Saudi Crown Prince Mohammed bin Salman, Deputy Premier and Defense Minister, during a visit by Sudanese Prime Minister Abdalla Hamdok and other senior officials to Riyadh earlier this month.

The Crown Prince committed to investing $3 billion in a joint fund for investments in Sudan and to encouraging other parties to participate.

Jaafar also suggested opening offices in Khartoum to some of the major Saudi companies, including Aramco, Saudi Basic Industries Corporation (SABIC) and the Saudi Arabian Mining Co. (Maaden) and expanding relations with the Ministry of Energy and Petroleum.

Obeid said his ministry will propose energy investment projects during the Paris Conference scheduled to be held in May.

He welcomed the invitation to visit the Kingdom, learn about the Saudi experience and benefit from its expertise in the fields of oil and energy.

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Chevron Announces First Oil at Ballymore Project in Gulf of Mexico  

The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)
The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)
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Chevron Announces First Oil at Ballymore Project in Gulf of Mexico  

The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)
The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)

Chevron has started oil and gas production from a project in the US Gulf of Mexico, the oil major said on Monday, bringing the company a step closer toward its goal of growing production from the ocean basin by 50% this year.

The $1.6 billion project called Ballymore, located about 160 miles southeast of New Orleans, is composed of three wells that are expected to produce up to 75,000 barrels of oil per day.

Chevron aims to grow oil and gas production from the Gulf to 300,000 barrels of oil equivalent per day in 2026, and at the same time, it is working to cut up to $3 billion in costs across the business.

Instead of building a new production platform for Ballymore, the wells will transport oil and gas back to an existing platform, which the company said will allow it to increase production at less expense.

“Ballymore is interesting in that it's a tie-back to an existing facility, which has allowed us to bring production to market more quickly,” said Bruce Niemeyer, president of Americas exploration and production, in an interview.

The project is also Chevron's first in a geological formation of the Gulf called Norphlet, where the oil and gas industry has historically had fewer discoveries than in other parts of the ocean basin, he added.

Advancements in technology are key to expanding resource exploration, such as the use of ocean bottom nodes, which allow geophysicists to collect better data underneath the ocean floor, Niemeyer said.

Chevron is the operator of Ballymore with a 60% interest, while co-owner TotalEnergies has 40%.

Ballymore holds an estimated 150 million barrels of oil equivalent in potentially recoverable resources.

The company owns 370 leases in the Gulf of Mexico and expects to participate in a lease sale this year by US President Donald Trump's administration, Niemeyer said.

The Ballymore start-up comes after Chevron announced first oil in August at Anchor, a Gulf of Mexico project that is a technological breakthrough with the ability to operate in deepwater pressures of up to 20,000 pounds per square inch.