The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says the country’s total annual upstream capital expenditure has decreased from 27 billion dollars in 2014 to less than six billion dollars in 2022.
A U.S. appeals court on Monday gave the Biden administration until Nov. 8 to hold an expanded sale of oil and gas leases in the Gulf of Mexico, the latest development in a legal fight over federal protection of an endangered species of whale.
The Russian government has hit the country’s oil producers with sudden export restrictions in a move that Moscow declared is in response to the shortage of fuels on the domestic market and a jump in domestic fuel prices that the Kremlin wants to avoid.
Egypt launched on Monday an international bidding round for oil and gas exploration in 23 onshore and offshore blocks, the Ministry of Petroleum and Mineral Resources said.
Gas prices are still expected to stabilise heading into winter despite a recent rise in spot prices on European benchmarks, energy experts have said.
Ninepoint Energy Fund’s Eric Nuttall sees a strong year ahead for oil stocks, which have been lagging behind the surge in oil prices, citing unprecedented draws in oil inventories. Nuttall, who manages Canada’s largest energy mutual fund, says “the macro backdrop for oil has never been as positive” in his career, and while oil stocks are not soaring along with crude prices that have recently been flirting with $95 per barrel, this is the time to invest.
Despite the fact that U.S. oil producers are now deploying the lowest number of drilling rigs in more than a year and a half, America’s crude oil production is set to hit a monthly record in September—at 13 million barrels per day (bpd), according to estimates by Rystad Energy.
Since 25 March, hundreds of thousands of barrels per day of oil flows crucial to the semi-autonomous Kurdistan region of Iraq (KRI) and important to the oil sector as a whole have been prevented from being exported to Turkey on the basis that they are regarded as illegal by the Federal Government of Iraq (FGI) in Baghdad.
Last week, Canada’s Prime Minister pledged to the UN General Assembly that he would cap emissions from the country’s oil and gas industry this year. Interestingly, the only leaders allowed to speak at the gathering were those who had made firm climate change commitments, and even though Trudeau was among them, he was criticized for the fact that “Canada was one of the largest expanders of fossil fuels last year,” per a CBC report.
The Ghana Upstream Petroleum Chamber Chief Executive, David Ampofo, has stressed the critical importance of expanding gas infrastructure and enhancing domestic gas utilisation to bolster energy security in Ghana.