SBM Offshore NV has two massive oil vessels heading to Brazil and is waiting on Petrobras to offer tenders for similar units to help accelerate growth in what is already Latin America’s biggest producing country.
Global oil demand growth continues to decelerate, with first-half 2024 gains of 800,000 b/d year-over-year (y-o-y) being the lowest since 2020, according to the International Energy Agency (IEA)’s September issue Oil Market Monthly Report.
The Public Interest and Accountability Committee (PIAC) has engaged representatives from its 13- Constituent Bodies to discuss how to strengthen efforts to deepen public accountability in the management and use of the country’s petroleum revenues at its Annual General Assembly (AGA) in Accra.
Chevron Corporation is targeting to increase oil and natural gas recovery at the company’s existing Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico.
Despite concerns about a potential market oversupply, OPEC+ is set to increase production due to a combination of foreign investor interests from without and the need for unity within, according to S&P Global Commodity Insights.
Russian oil companies received payments totaling 163.3 billion rubles from the budget for the fuel damper in August, the Finance Ministry said in materials on forming and utilizing additional oil and gas revenues from the federal budget, as posted on its website.
Investment firm LetterOne, owned in part by sanctioned Russian oligarchs Petr Aven and Mikhail Fridman, has acquired a minority stake (14.87%) in Harbour Energy, which is the UK’s biggest oil and gas company with operations in Norway, Southeast Asia, Germany, North Africa and Argentina.
Oil prices fell slightly on Wednesday, hovering at their lowest levels since December after plunging more than 4% the previous day on signs of a weak global economy, lacklustre oil demand, and expectations of an end to a dispute halting Libyan exports.
The Rosebank and Jackdaw oil and gas fields have suffered a big setback after the government decided not to defend them against a legal challenge. Here’s what you need to know.
As oil majors shift focus to deep offshore exploration in Africa, local producers face rising costs and complex challenges in a rapidly evolving industry landscape.