Stock Market today: Oil and Natural Gas Corporation (ONGC) , Oil India share price gained more than 8% during the intraday trades on Wednesday. ONGC was the largest gainer among Nifty 50 stocks.
Major stakeholders in Nigeria’s oil and gas industry on Wednesday vowed to speak up on the dirty deals, regulatory breaches and other malpractices in the sector that had defied solutions over years as the Senate opened another round of probe.
Nigeria’s revenue share from Nigeria Liquefied Natural Gas (NLNG) Limited has plummeted by 43 percent due to persistent gas supply challenges, leaving several industry experts increasingly worried about the mounting headwinds plaguing the country’s economic lifeblood: the oil and gas sector.
Nigeria’s oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday.
In Ghana, production averaged approximately 41,900 boepd net in the second quarter of 2024. Kosmos lifted four cargos from Ghana during the quarter, in line with guidance.
Replacing oil and gas production from future Norwegian developments with like-for-like imported volumes from other parts of the world would result in an emissions increase of 230 million tonnes of carbon dioxide equivalent (tCO2e) between 2024T and 2040 according to a report published by Wood Mackenzie.
The supermajors continue to bet on LNG while scaling back renewables projects and investments as oil and gas returns continue to trump the poor profits from renewables.
Energy giants ExxonMobil and Qatar Energy are drilling an exploratory well 500 kilometres east of Newfoundland, in waters about 30 times deeper than those at the province’s existing oil projects.
Equatorial Guinea says it held talks with Trafigura Group for the possibility of $2 billion in financing from the commodity trader to support development of the nation’s oil and gas sector.
Global projects developers, independent E&P firms and regional investors are expected to enter the Angolan oil and gas market in the coming months as new blocks become available across onshore, offshore and marginal fields. In addition to accelerating exploration, new entrants signal fresh opportunities for collaboration and local contract opportunities.