Diesel subsidies make up 70% of annual petroleum products subsidies
Chevron Nigeria discovered oil in the Niger Delta’s Petroleum Mining Lease (PML) 49, the company announced on Friday.
Efforts of the government to bring in investors to Nigeria’s oil and gas sector appear not to have yielded the desired result as the sector only attracted $5m foreign investment in the second quarter of the year, having recorded no investment in the first quarter.
Dominion Energy, the developer of the 2.6-GW Coastal Virginia Offshore Wind (CVOW) Commercial project off the coast of Virginia Beach, is making plans to build significantly more offshore wind capacity
This week, crude oil prices faced sharp declines due to a confluence of factors that weighed heavily on market sentiment. Concerns over weak demand, particularly from China, and the easing of supply risks in the Middle East were central to the downward pressure on prices. Simultaneously, a series of reports from major institutions like the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) lowered global demand forecasts for 2024, reinforcing the bearish outlook.
Iraq has signed an agreement with Turkmenistan for the supply of 20 million cubic metres per day to power electricity facilities in the Arab country.
Suriname and Guyana are taking significant steps toward jointly exploiting gas reserves off their coasts. Staatsolie director Annand Jagesar stressed the importance of this collaboration, acknowledging that while immediate outcomes are unlikely, both countries are committed to developing a shared approach.
The TotalEnergies Consortium, which includes Qatar Energy and Petronas, is among four companies that have accepted the new Production Sharing Agreement (PSA), the Ministry of Natural Resources has disclosed, while providing an update on the process of awarding eight of the country’s lucrative offshore oil blocks to the six successful bidders.
Stakeholders in the oil and gas sector, including players from the public and private sectors have made recommendations to help reverse the oil production decline recorded over the last four-year period.
Exxon Mobil Corp has announced plans to sell a portion of its assets in North Dakota’s Bakken shale formation, according to Reuters.