The approval has been granted for offshore oil block S-4, which was offered as part of the auction initiated in September 2023.
The Mauritanian government has opted not to renew international oil company bp’s contract for the exploitation of the BirAllah gas field, located in the coastal basin of Mauritania.
With just about seven months to go for the general election this December and with possibly a new government to be sworn-in soon after that, dubious contracts worth millions of dollars are being awarded by the Akufo-Addo/ Bawumia government to their relatives and cronies. One of such dubious contracts is the award of the Ghana Gas Company Phase 2 project to a son of the Nana Asante Bediatuo.
Saudi Aramco’s net income for Q1 2024 fell due to lower crude sales.
The company maintained its $31.1 billion dividend payout despite the profit dip.
This prioritization of shareholder payouts over short-term profit raises questions about Aramco’s strategy.
BP’s new Azeri-Central-East (ACE) facility is expected to boost oil production by 25 percent.
The ACE facility has the capacity to handle up to 2.6 bcm of gas per year, which could help Azerbaijan meet its gas supply commitments to the European Union.
The launch of the ACE facility comes at a fortuitous time for Azerbaijan, which is heavily dependent on hydrocarbon exports.
The integrated engineering, procurement, construction and installation (EPCI) contract is aimed at expediting the subsea tieback process to extend the life of ageing platforms.
Boasting an estimated 3.5 billion barrels of oil and producing an average of approximately 149,000 barrels per day (bpd) in 2023, South Sudan’s oil sector plays a vital role in the country’s economy. During the forecast period 2022-2027, South Sudan’s oil market is poised to grow at a compound annual rate of 1.5% – rising from 134,000 in 2021 to approximately 160,500 bpd by 2027.
Members of the Ghana Upstream Petroleum Chamber have held a meeting with Alan Kyerematen, leader of the Movement for Change as part of a series of engagements that the chamber is carrying out with key stakeholders. The engagements are geared at helping critical stakeholders to understand the underpinnings of the sector for the benefit of the upstream industry.
Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
Brazil’s oil giant Petrobras should increase its efforts to boost natural gas supplies and lower prices to help revive the nation’s industry, said mines and energy minister Alexandre Silveira.