Trump handed shale donors their first big return on investment by nominating Liberty Energy Chief Executive Chris Wright, a fracking booster and fossil-fuels champion, to lead the president-elect’s Energy Department.
While it is worth noting that the U.S. is producing more oil and gas than ever before, Trump has repeatedly championed fracking production, promising a boom that will lower energy costs and bolster America’s energy independence.
Global oil prices have retreated from their early-October highs, with market focus shifting from supply risks to concerns about global economic health, sluggish demand, and ample supply.
The Rivers oil terminal represents a historic achievement. Expected to be operational by March 2025, it is widely considered as Nigeria’s first indigenous onshore oil export facility. Once commissioned, this terminal will provide critical support for stranded oil fields in the Niger Delta, and address long-standing logistical bottlenecks surrounding crude production.
Nigeria faces its worst cost-of-living crisis in a generation after the government ended costly subsidies that made petrol affordable for many in Africa’s most populous country
Dr Oppong believes the influx of OMCs has created a chaotic environment that makes it nearly impossible for regulators to maintain control.
Dr Oppong compared Ghana’s situation to other countries where governments allow industry players to operate with minimal interference.
The CEO of the Association of Oil Marketing Companies (AOMCs), Dr Riverson Oppong, has called on underperforming Oil Marketing Companies (OMCs) to consider merging with stronger players to create a more sustainable industry.
“The commission will ensure transparency, cooperation, development, growth and the mutual benefits from the sector. The country is committed to providing the enabling environment for investment in the upstream petroleum sector by enacting the appropriate laws, regulations and guidelines to govern the sector,” he assured.
The Kuwait Petroleum Corporation is planning to invest around USD 33 billion in maintaining and expanding its oil and gas production over the coming five years, Bloomberg reported on Thursday.