The Nigerian National Petroleum Company (NNPC) Ltd on Tuesday announced that it has began operation of the Port Harcourt Refinery and delivering petroleum products onto the market.
The Republic of Morocco was the only African and Arab country to have a booth, at the International Atomic Energy Agency’s Ministerial Conference on Nuclear Science, Technology and Applications and the Technical Cooperation, held in Vienna on November 26-29, 2024.
pringfield Exploration and Production (SEP) Limited and its partners, Ghana National Petroleum Corporation (GNPC) and GNPC EXPLORCO, have completed the appraisal well test activity for the Afina discovery.
The 2024 semi-annual report of the Public Interests and Accountability Committee revealed the corporation had not set aside funds to support its operations after a 15-year timeline expiration.
President-elect Trump’s pro-energy agenda includes fast-tracking permits for stalled LNG projects, reversing Biden-era regulatory pauses and increasing leases on federal land for gas production.
Crude oil prices remained stable today as a ceasefire between Israel and Hezbollah took effect, suggesting the end of violence in the oil region could be in sight. Separately, expectations that OPEC+ will extend its production cuts on Sunday helped keep the benchmarks steady.
The price of liquefied natural gas in Asia could surge to above $20 per million British thermal units this winter as supply tightens in Europe, Goldman Sachs has predicted.
Gasoline inventories rose this week by 1.814 million barrels compared to last week’s 2.48-million-barrel decrease. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data.
Canada, the U.S.’s largest foreign oil supplier, is particularly on edge. Over 60% of U.S. imported crude comes from north of the border, much of it the heavier kind that U.S. refineries are designed to process. A tariff could make that oil 25% pricier overnight, sending prices at the pump to uncomfortably high levels.
Shale producers have gotten good at squeezing oil out of previously uneconomic reserves thanks to fracking advancements and horizontal drilling. The Permian Basin continues to lead the charge, with its vast reserves and unmatched output.