OPEC+ has finally decided to go through with its long-delayed oil production increase, adding about 138,000 barrels per day to its production plans beginning in April, according to Reuters calculations. It’s the first output hike for OPEC since 2022, marking a cautious step toward unwinding the 2.2 million bpd in cuts the cartel has been clinging to like a security blanket.
India’s electricity demand will grow at an average 6.3% annually over the next three years, above the 2015-2024 average growth rate of 5% due to a surge in cooling demand, the International Energy Agency has predicted. According to the IEA, India will account for 10% of the total increase in global electricity demand by 2027.
“Reaching first LNG at Plaquemines at this pace will enable the United States to remain the top exporter of LNG in the world. Between current and planned facilities, Venture Global is prepared to invest $50 billion in energy projects based in the United States which will create jobs, support local economies, strengthen the balance of trade and unleash much-needed US LNG supply to our allies,” remarked Venture Global CEO and Co-Founder, Mike Sabel.
Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd.
The strongest solar power generation in Germany since September sent intraday power prices in Germany, Belgium, and the Netherlands to below zero for the early Monday afternoon, in yet another spate of negative prices that undermine investment in renewable energy capacity.
China has substantial shale resources, especially in natural gas, but extracting them is a challenge, unlike in the United States, due to the complex geology of the local shale formations.
Last week, the government wrote to Eni and its partner VITOL as well as Springfield to withdraw the Unitisation directive imposed upon them. We spoke to the CEO of the Upstream Petroleum Chamber, David Ampofo about it and other matters of interest to the oil and gas industry.
As part of these efforts, a dedicated “Invest in Ghana” Forum will be held at African Energy Week: Invest in African Energies 2025 in Cape Town, where the AEC will coordinate with the Ministry of Energy and Green Transition, Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority, the Petroleum Commission and private sector players to position Ghana as the go-to destination for oil and gas investments from both G20 and non-G20 countries.
With interest rates at 27 percent and inflation easing to 23.5 percent in January, Asiama said better monetary and fiscal policy-coordination should help cool price pressures as the country puts the economic trauma of its 2022 debt default behind it. Africa’s biggest gold producer had to seek a $3 billion bailout from the International Monetary Fund and restructure its debt after defaulting on its obligations.
“The Proposed Reorganization will position the Company to significantly increase its annual dividend distribution to at least $100 million or approximately $0.15 per share (assuming pro-forma issued and outstanding share count of ~675 million), which is approximately 3x the current annual base distribution of $0.05 per share, subject to customary board approval and consents”, Africa Oil said in its annual report for 2024.