Shell Trinidad and Tobago Ltd. has reached a positive FID for the Aphrodite offshore gasfield project in Trinidad and Tobago, the company announced on Tuesday.
Singa Renewables Pte. Ltd., a joint venture between TotalEnergies SE and RGE (Royal Golden Eagle) Pte. Ltd., has been granted a conditional license by Singapore’s Energy Market Authority (EMA) to import 1 gigawatt (GW) of renewable power from Indonesia.
bp, together with its partners, has entered into a series of agreements that will build and expand on its major oil and gas interests in Azerbaijan, paving the way for growth and additional production while deepening its partnership with the country and state oil company, SOCAR.
Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at $6 billion to $7 billion, they said.
Brazil’s energy ministry has proposed measures to raise around 35 billion reais ($6.2 billion) from the oil industry over the next two years to help the government meet its fiscal targets.
The deal marks a rare consolidation move among two of the biggest publicly traded owners of mineral rights and royalties in the U.S. shale patch. It’s also the second major transaction for Viper this year, after its $4.5 billion acquisition of certain minerals and royalties from Diamondback announced in January.
President Bola Ahmed Tinubu has signed a new executive order introducing performance-based tax incentives to reduce project costs and boost investment in upstream oil and gas operations, the Special Adviser to the President on Energy Olu Verheijen announced on Thursday.
The Government of Ghana, together with Tullow Oil plc, Kosmos Energy PetroSA, Ghana National Petroleum Corporation (GNPC) and Explorco have jointly announced that they have entered into a Memorandum of Understanding (MoU) to extend the West Cape Three Points and Deep Water Tano licences to 2040, which cover the Jubilee and TEN fields in Ghana.
In a market increasingly governed by geopolitical tremors and macroeconomic mismatches, crude oil dipping below $65 per barrel seems like a gift to global consumers. But behind that price tag lies a slow-moving crisis for U.S. shale producers, many of whom are being forced to pull back on production, delay capital projects, and recalculate what sustainability means in a low-margin world.
It is highly unlikely that anyone with even a modicum of intelligence has lost money in the past ten years or so by trading against the predictable thinking of those in charge of Saudi Arabia’s oil policy. Quite the reverse, in fact, with enormous profits available from the failures of the enormously well-flagged and exceptionally predictable strategy of the 2014-2016 and 2020 Oil Price Wars — launched by the Kingdom with the intention of destroying or disabling the U.S. shale oil sector, as analysed in full in my latest book on the new global oil market order. As OPEC members and their toxic companion in the OPEC+ formation, Russia, mull keeping oil production on the high side of recent historical averages, the key question for the oil markets is — surely they are not going to launch another oil price war using the same strategy as failed twice before?