Guido Brusco, Chief Operating Officer Natural Resources, Eni will speak at the 2024 edition of the Angola Oil&Gas (AOG) Conference&Exhibition – taking place October 2-4 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola. Through Azule Energy – a joint venture with energy major bp – the company has an extensive footprint across the Angolan oil and gas market and is looking at accelerating investments across the value chain.
Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
Private legal practitioner and energy analyst Nana Kwame Juantuah has pushed against the privatisation of the Electricity Company of Ghana (ECG), emphasising that the energy sector is very crucial to be handed over to private persons to manage.
The Public Interest and Accountability Committee (PIAC) has expressed worry about the inability of the Ghana National Petroleum Corporation (GNPC) to meet cash calls from Joint Venture partners, causing its partners to lift the corporation’s share of crude oil to defray these costs.
The OPEC+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official and sources told Reuters.
Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East.
In recent months, several oil majors have emphasised the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the wake of the Russian invasion of Ukraine and subsequent sanctions on Russian energy, to support government energy security efforts and fill the gap until there are sufficient green alternatives to meet the rising global energy demand. However, as governments worldwide pursue a green transition, scientists and environmentalists are stressing the need to cut fossil fuel funding to ensure that climate targets, such as those of the Paris Agreement, are met.
Earlier this month, the Science Based Targets initiative caused a revolt among its employees when it announced it would allow the use of carbon credits to offset Scope 3 emissions.
Despite Iran’s attack on Israel over the weekend, oil prices dropped on Monday as an Iranian response to the Israeli hit on the Iranian diplomatic mission in Syria was largely expected and priced in.
Nigeria, Africa’s largest oil exporter, is shaking up its oil industry by mandating oil firms to supply a portion of their crude oil to domestic refineries before exporting it.