The president-elect has made no secret of his attitude to Iran, and he demonstrated that attitude during his first term when he withdrew the United States from the Joint Comprehensive Plan of Action, commonly referred to as the Iran nuclear deal, and slapped back sanctions that the JCPOA had put an end to previously. The administration that took over in 2020 did not pay as much attention to Iran and sanction enforcement.
Last month, a survey by law firm Haynes Boone LLC revealed that banks are gearing up for oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term. The survey of 26 bankers showed that they expect WTI prices to drop to $58.62 a barrel by 2027, nearly $20 lower than the intraday price of $76.22 at 12.00 pm ET on Wednesday.
The rise in crude oil prices is crucial for achieving President Bola Tinubu’s N47.9 trillion 2025 budget. The federal government aims to raise N19.60 trillion, or 56% of its revenues, from the oil sector and N15.22 trillion, or 43% of total revenues, from non-oil sources. This indicates that Nigeria has to earn more money from oil.
Seplat Energy Plc has unveiled plans to increase its crude oil production by 140% to 120,000 barrels per day. The company’s Chief Financial Officer, Eleanor Adaralegbe, revealed in an interview with the Financial Times that they would increase output from the present 50,000 bpd to 120,000 bpd in H1 2025.
Out of the nine organizations selected to participate in the REDI consortium, Southern University, and Agricultural Mechanical College will serve as the lead organizations, responsible for supporting the convening of REDI activities, tracking and sharing information about projects in the region, identifying cross-cutting commitments, and leading the development of a regional benefits strategy with input from other consortium members, the DOE said.
“This transaction bolsters Phillips 66’s position as a leading integrated downstream energy provider”, Phillips 66 chair and chief executive Mark Lashier said in an online statement Monday. “This transaction optimizes our Permian NGL value chain, allows Phillips 66 to provide producers with comprehensive flow assurance, reaching fractionation facilities near Corpus Christi, Sweeny, and Mont Belvieu, Texas, and is expected to deliver attractive returns in excess of our hurdle rates”.
In a winter weather situation report sent to Rigzone late Monday, the Texas Oil & Gas Association (TXOGA) said the state’s natural gas production, processing, transmission, and storage sectors continue to have needed production and storage.
West Texas Intermediate advanced almost 1% to settle above $74 a barrel, buoyed by frigid weather in the US that’s boosting demand for heating fuel and increasing the risk of freeze-offs in production areas. And while crude fell for the first time in six sessions on Monday after failing to breach the $75 psychological level, some internal market gauges have strengthened in recent days.
Exxon accused Bonta, the Sierra Group and others of making “false accusations” about its advanced recycling process. Exxon said in a suit filed in federal court in Texas Monday that the process works and the claims have damaged its relationship with customers.
Oil and gas company Aker BP ASA has partnered with PXGEO Equipment Ltd., a geophysical service provider, to enhance its subsurface exploration and development activities. In a media release, Aker BP said it plans to maximize value creation and flow efficiency through a LEAN operations philosophy.