Iraq’s Oil Ministry has signed initial deals for 13 oil and gas exploration blocks and fields, which could increase the country’s output by 750 kb/d of crude oil and 850 mcf/d (8.8 bcm/year) of natural gas. The agreements were signed with the winning companies within Iraq’s fifth and sixth supplementary licensing rounds. These deals represent the follow-up of the bidding round held in May 2024, in which Chinese companies dominated.
It was a week when both oil and natural gas prices recorded small losses.
The headlines revolved around energy biggie Shell plc’s SHEL investment in an Australian gas project and equipment supplier SLB’s SLB expansion in Russia. Developments associated with ExxonMobil XOM, Marathon Oil MRO and NextDecade Corporation NEXT also grabbed attention.
Uganda is conducting oil exploration in two additional regions that could boost the country’s proven reserves beyond the current 6.5 billion barrels.
The Stena Forth drillship has spud the Anchois East (Anchois-3) well for the Anchois gas field project offshore Morocco, operated by Energean.
With the potential to produce 1,956 GW of solar energy and 106 GW of wind energy – in addition to its proximity to Europe – West Africa is taking its place as a global green hydrogen production hub. As such, this year’s MSGBC Oil, Gas & Power 2024 conference – taking place in Dakar from December 3-4 – will feature a green hydrogen-focused panel session, evaluating ongoing projects, key investments and the potential for green hydrogen to reshape Africa’s energy landscape.
Georgia utility regulators voted Tuesday to “certify” the cost to construct three new oil and gas-burning units Georgia Power says are needed to meet a wave of electricity demand — mostly it says from energy-hungry data centers — paving the way for the company to charge ratepayers for the project in the future.
The prime beneficiaries of plans to allow corporations more license to use carbon credits to cut total emissions may end up being the main perpetrators of the global climate disaster: oil and gas companies.
Nostrum Oil & Gas plc, the parent company of Kazakhstan-based oil producer Zhaikmunai LLP, increased its revenue 23.7% year-on-year in H1 2024 to $65.3 million, the company’s press service said.
Africa Oil (OTC:AOIFF) Corp (AOI: CN) (OTC: AOIFF) has maintained its Sector Outperform rating and Cdn$3.50 price target from Scotiabank. The company has completed a transaction to acquire approximately 25.7 million shares in Impact for a cash consideration of $18.6 million. This acquisition represents around 30% of the total number of shares Africa Oil was prepared to purchase from Impact’s minority shareholders.
Nigeria owes its state-owned oil company nearly half of what it expects to collect in revenues this year due to a gasoline subsidy reintroduced in August.