Italian oil and gas company Eni has divested a 10% interest in oilfield services provider Saipem in a deal valued at €393 million (US$422.48 million).
Crude oil prices looked set for a weekly gain earlier today, as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA.
With a strong slate of exploration and production activities and competitive licensing rounds in 2024, Africa is well-positioned to realize its potential as the global energy frontier. These bid rounds are poised to cement Africa as a global hub for hydrocarbon development.
The Nigerian National Petroleum Company Limited has applied to a High Court of the Federal Capital Territory, Abuja, to stop its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.
The Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has listed adoption of gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship as measures that would the future Nigeria’s and Africa’s energy landscape.
OPEC+ agrees to extend voluntary production cuts of 2.2 million BPD until the end of 2025, with gradual easing starting in October 2024.
The decision aims to stabilize crude prices and balance market demands, reflecting Saudi Arabia’s efforts to reconcile diverse member interests.
Weak demand concerns in China and other major economies, coupled with record U.S. oil output, have contributed to falling oil prices despite OPEC+ cuts and Middle Eastern tensions.
Aliko Dangote, Africa’s richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market.
Italian major offloads a third of its shares in Italian contractor current, but still controls one fifth of company
Senegal’s President Bassirou Diomaye Faye has said profits from the sale of oil and gas will be “well managed” as the West African state started producing oil for the first time.
This week’s announcement of the government’s plans to reopen New Zealand’s territorial waters to oil drilling comes as no surprise. All three coalition parties campaigned on reversing the 2018 ban on offshore oil exploration.