Welligence Energy Analytics

Denmark CCS Alert! INEOS and Öresundskraft AB have agreed to explore CO₂ supply for the Greensand Future storage site in Denmark, developed by INEOS and Harbour Energy. The Swedish utility plans to capture up to 0.2 million metric tons per annum (MMtpa) of biogenic and non-biogenic CO₂ from its Filborna waste-to-energy CHP plant in Helsingborg, starting in 2027. The project has received environmental approval and €54 million in funding from the EU Innovation Fund and the Swedish Energy Agency. Given Greensand’s initial focus on biogenic emissions, Filborna would become a key source of CO₂. If confirmed, it would support Greensand’s goal of storing 0.4 MMtpa of biogenic CO₂ in phase 1.

Denmark CCS Alert! INEOS and Öresundskraft AB have agreed to explore CO₂ supply for the Greensand Future storage site in Denmark, developed by INEOS and Harbour Energy. The Swedish utility plans to capture up to 0.2 million metric tons per annum (MMtpa) of biogenic and non-biogenic CO₂ from its Filborna waste-to-energy CHP plant in Helsingborg, starting in 2027. The project has received environmental approval and €54 million in funding from the EU Innovation Fund and the Swedish Energy Agency. Given Greensand’s initial focus on biogenic emissions, Filborna would become a key source of CO₂. If confirmed, it would support Greensand’s goal of storing 0.4 MMtpa of biogenic CO₂ in phase 1.

GoA Development Alert! Chevron, along with partner TotalEnergies, has commenced oil and gas production from the Ballymore subsea tieback in the deepwater Gulf of America (GoM). The development comprises three wells with expected peak gross production of up to 75,000 bbl/d, tied back to the Chevron-operated Blind Faith facility, which has a nameplate capacity of 75,000 bbl/d. Ballymore is the fourth development targeting the Norphlet play, following Shell’s Appomattox/Vicksburg hub, which began production in 2019, and its Rydberg and Dover tiebacks, which came online in 2024 and 2025, respectively. Ballymore follows Chevron’s recent regional activity, including first oil from Shell-operated Whale in 2024 and Chevron’s Anchor development—the GoA’s first 20k-psi project. Chevron is also advancing waterflood initiatives at its Tahiti and St. Malo fields. These efforts align with the company’s objective to achieve 300,000 net boe/d from the GoA by 2026.

Sub-Saharan Africa Poll Results! Whilst Namibia proved the most popular choice with 41% of the votes, Nigeria (with only 24%) is the country we estimate has the largest number of available opportunities in Sub-Saharan Africa.  That said, whilst the total number of opportunities in Namibia is lower, with numerous large greenfield discoveries, will we see the total value of those opportunities exceed that of Nigeria?      For subscribers, make sure to digest the SSA Q1 2025 Quarterly M&A report, which provides excellent coverage on this year’s completed deals and our latest view on what’s in store for the remainder of 2025.   

Indonesia Bid Round! Indonesia continues to attract E&P investment into the country and awarded 14 companies all five direct proposal blocks under cost recovery PSC terms from the second Indonesia Petroleum Bidding Round (IPBR) 2024. A total signature bonus of US$1.1 million and a first three-year investment of US$21.7 million were offered. The bid round saw existing players expand their positions, particularly adjacent to their assets, and welcomed a new player, EnQuest into the country’s E&P landscape. Bumi Armada expanded its presence in Indonesia with a second PSC (Kojo) after the company was awarded the Akia PSC in 2023. Meanwhile, PETRONAS continues to expand its East Java hub through the Serpang PSC with INPEX Corporation and SK earthon and across Indonesia with the Binaiya PSC with PERTAMINA EP and SK Earthon. Also, EnQuest and PT Agra Energi partnered with the existing Tangguh LNG project consortium to explore the Gaea and Gaea II PSCs.

Sub-Saharan Africa Poll! 

India Bid Round Alert! India’s Open Acreage Licensing Policy (OALP) Round-IX awarded 28 blocks. Major winners included Oil and Natural Gas Corporation Limited (ONGC) (15 blocks), Oil India Limited / ऑयल इंडिया लिमिटेड (9 blocks) and Vedanta Group (7 blocks). Also, the award of the Gujarat offshore block in the Saurashtra Basin witnessed a new trio-partnership between bp, Reliance Industries Limited and ONGC. The government also launched the Discovered Small Field Round-IV, offering 55 discoveries across nine blocks with resources of ~1.8 Bnboe, and is preparing for the Special Coal Bed Methane 2025 Round. India aims to modernise its upstream sector through regulatory reforms, including the amended Oilfields Act (effective 15 April) and a new Petroleum and Natural Gas Rules draft. Success in attracting foreign companies besides BP in the upcoming bid rounds will be an important indicator of investor confidence and the viability of India’s evolving hydrocarbon policy landscape.

Big development alert out of GoA! Anchor's initial production numbers. Welligence Energy Analytics

Argentina M&A alert! Vista Energy has agreed to acquire PETRONAS’s 50% non-operating stake in La Amarga Chica for a total consideration of US$1.5 billion. The deal comprises a US$900 million cash payment, over 7 million shares worth US$300 million, and US$300 million be paid in two payments in 2029 and 2030. The asset is conveniently located next to Vista’s Aguada Federal and Bajada del Palo Oeste, both part of the company’s development hub. Vista becomes Argentina’s largest independent oil company with this acquisition, reinforcing its focus on Vaca Muerta. The deal also marks PETRONAS’s exit from the country, making it the third international company to leave Argentina’s upstream sector in the past six months. This highlights the growing presence of domestic players, while international companies continue reassessing their portfolios.

GoA Development Alert! BOEM has reported initial production from Chevron’s Anchor wells at approximately 15,000–20,000 bbl/d per well. First oil was achieved in August 2024, marking two key milestones: the start of production from the Inboard Lower Tertiary and the launch of the deepwater 20k (20,000 psi) era. Anchor serves as a pilot for specialized equipment needed to operate in these ultra-high-pressure conditions. Chevron’s success in advancing deepwater technology has opened access to new resources in the US GoA, paving the way for additional developments in the region. Among them is the Greater Shenandoah project, operated by Beacon Offshore Ltd., with the FPS en route and first oil expected by end-Q2. Additional projects include Shell and Equinor’s Sparta development and bp’s advancement of the Greater Kaskida and Tiber fields.