The reason for these expectations is the decision by OPEC+ to keep returning supply to the market. OPEC+ is meeting later today and most observers appear to have assumed it will announce yet another monthly hike of 411,000 barrels daily for July. It is this expected hike that, according to the Reuters refining sources, will drive lower prices for Saudi oil.
The statement from Musk, however, doesn’t mean that fossil fuels are irrelevant. Musk warned in 2022 that the world would need to continue extracting oil and gas lest civilization start to crumble. “Realistically, I think we need to use oil and gas in the short term because otherwise, civilization will crumble,” adding that the transition to sustainable energy would “take some decades to complete.”
Despite the market’s hand-wringing, OPEC+ appears determined to stick with its roadmap to gradually restore output that was cut during the COVID-era slump. The unwinding plan has been telegraphed for months, and reversing course now could risk credibility—something the group has worked hard to reestablish.
Alberta’s wildfire season is off to a fiery start, with a major blaze near the town of Swan Hills prompting evacuations and temporarily shuttering oil operations. The fire—burning out of control and spanning roughly 1,600 hectares—is just 7 km from Swan Hills, forcing the town’s 1,200 residents to flee Monday night.
This is the third major contract closed by ADNOC Drilling with ADNOC Offshore in just over a month, and brings total contract awards to USD 3.6 billion. In April, the company secured a USD 1.63-billion, five-year engagement for integrated drilling services. In May, it won a USD 806-million contract to deliver three newbuild island rigs for the Zakum offshore development project in Abu Dhabi.
Considering that “very few new developments have occurred since 2022”, it is not surprising that a moderate decline in investments in field development is indicated this year. But this decline in investment in field development is being offset by expectations of a very high planned investment activity in fields on stream, the statistics office said.
Ghana’s major offshore oil assets include the Jubilee Field, operated by Tullow Oil, as well as the TEN and Sankofa fields, with players including Kosmos Energy, PetroSA, and the state-owned GNPC.
TechnipFMC has raked in contracts for integrated engineering, procurement, construction and installation (EPCI) of subsea infrastructure in deepwater projects and mature basins. It anticipates winning more contract work in these regions, particularly offshore Brazil, Guyana, USA, and in West Africa and the North Sea, while new frontiers are emerging in Cyprus, India, Mozambique, Namibia and Suriname.
The contract, awarded by ExxonMobil’s Guyana arm, is a limited notice to proceed pending necessary government and regulatory approval. Phase one encompasses front-end engineering and design, while phase two covers engineering, procurement, construction, and installation.
On World Malaria Day, a durbar was held at the Agona Nkwanta Polyclinic. Yinson Ghana and WARA/International SOS Ghana donated essential medical equipment, including BP apparatus, thermometers, pulse oximeters, portable diagnostic sets, Rapid Diagnostic Tests, Antimalarial medications, sanitizers, treated mosquito nets, weighing scales (for adults and babies), baby cots, examination beds, dressing sets, and delivery sets to the clinic.