Libyan officials have revealed key details of the country’s first oil and gas exploration licensing round in nearly two decades, with 22 blocks on offer under revamped production-sharing agreements designed to attract foreign capital and accelerate upstream growth.
The bid round plans were first announced last month.
Liebherr has successfully sold two offshore cranes of the type RL 2600 (Ram Luffing 2600) and RL-K 2600 (Ram Luffing knuckle boom 2600) to Singapore-based Yinson Production. The cranes will support the Agogo FPSO (Floating Production Storage and Offloading Unit), which will be operating in the Agogo field of offshore Angola. Used for maintenance and component replacement on the Agogo FPSO, the cranes are the ideal choice for harsh offshore environments.
Striving to increase production and reverse natural declines in mature oilfields, Ghana is promoting new investment across its upstream oil and gas sector. The country – through national upstream regulator the Petroleum Commission of Ghana – is embarking on a series of industry reforms that aim to strengthen the operating environment for oil and gas companies. These efforts are expected to translate into heightened exploration, as companies pursue play-opening discoveries in Ghana’s on- and offshore market.
Oil prices plunged this week as a one-two punch of sweeping U.S. import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 1 rig dip in the prior week.
The total rig count in the US fell by 2 to 590 rigs, according to Baker Hughes, down 30 from this same time last year.
The number of oil rigs rose by 5 to 489—down by 19 compared to this time last year. The number of gas rigs fell by 7 this week to 96 for a loss of 14 active gas rigs from this time last year. Miscellaneous rigs were unchanged at 5.
The price slump in crude oil that began last week has extended into this one as market players’ fears about a global recession deepen.
At the time of writing, Brent crude was trading at just below $64 per barrel, while West Texas Intermediate was changing hands for $60.54 per barrel, both down by over 2% from Friday’s close.
Last week, crude oil prices took a 7% dive after China announced retaliatory tariffs for U.S. imports, matching the U.S. rate of 34% on top of existing levies. The move was universally seen as bearish for crude oil, hence the effect on prices.
U.S. natural gas prices fell by 6% on Friday morning amid the overall panic market selling, but the benchmark Henry Hub price was declining less than the WTI Crude prices, which sank by more than 8% to hit a low of $61 per barrel.
The benchmark price for U.S. natural gas delivered at Henry Hub was plunging by 6.26% to $3.877 per million British thermal units (MMBtu) as of 10:35 a.m. EDT. At the same time, the WTI Crude futures were tumbling by as much as 8.59% to $61.14.
Saudi Arabia slashed its flagship oil price by the most in more than two years, just days after the OPEC+ alliance announced an unexpectedly large output hike.
State producer Saudi Aramco will lower Arab Light crude to its biggest buyers in Asia by $2.30 a barrel for May, according to a price list seen by Bloomberg.
The project involves the transportation and installation of a floating production system (FPS) at Garden Banks block 959, which is located off the southeastern coast of Louisiana at water depths of up to 1,635 meters.
Pakistan’s Oil and Gas Development Company Limited (OGDCL) has continued to make discoveries at the Spinwam-1 well in the Waziristan block in Khyber Pakhtunkhwa. The company said in a filing with the Pakistan Stock Exchange that it had made its third gas and condensate discovery in the well in the Hangu formation.