The Middle East also stands out as the only region where upstream oil and gas investments have exceeded pre-pandemic levels.
OPEC+ members are set to meet on Sunday to discuss production policy, and unnamed sources have claimed that the group will be discussing further production cuts.
Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand.
Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule. This development supports Aramco’s strategy to increase gas production by more than half, over 2021 levels, through 2030, subject to domestic demand.
Nigeria is withdrawing civil claims totaling $1.1 billion against energy giant Eni SpA, ending a long battle in Italian courts over allegations of corruption in an oil-field deal.
Saudi Arabia’s crude oil exports increased by 170,000 barrels per day (bpd) to 5.75 million bpd in September, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
WTI crude futures shed more than 3% on Thursday morning
American oil and gas giant Exxon Mobil is planning to invest up to $15 billion in Indonesia for a green petrochemical refinery and carbon capture storage (CCS) facility, according to President Joko “Jokowi” Widodo.
Host communities in Bayelsa State have threatened to disrupt oil production across the state if the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) fails to refrain from actions that could potentially reduce or create bottlenecks for the three per cent host community fund under the Petroleum Industry Act (PIA).
Tullow Oil plc (Tullow) issues the following business and full year guidance update. Tullow’s next scheduled update will be its Trading Statement on 24 January 2024. The information contained herein has not been audited and may be subject to further review and amendment.