The challenges posed by Ghana’s heavy dependence on oil importation are well-documented, with the
country currently importing 97% of its petroleum products.
Annual upstream oil and gas capital expenditures will need to rise by 22 percent by 2030 to ensure adequate supplies due to growing demand and cost inflation, a new report revealed.
Houston-based oil and gas company Murphy Oil has widened the drilling scope of work Noble Corporation, an offshore drilling contractor, is in charge of carrying out in the U.S. Gulf of Mexico with one of its drillships.
OPEC oil output rose in May, as higher exports from Nigeria and Iraq offset the impact of ongoing voluntary supply cuts by some members as part of the OPEC+ agreement, a recent survey has found.
In the wake of ConocoPhillips’ announcement of a deal to acquire Marathon Oil Corp., the wave of US oil and gas M&A continues with a focus on building large positions in the Permian Basin.
The discovery of oil has boosted the global profile of both countries but their governments now face challenges navigating geopolitical interests
ExxonMobil Guyana Limited (EMGL), the operator and one of the coventurers in the prolific Stabroek Block offshore Guyana, netted $614.6 billion in profits at the end of 2023.
Continental group the African Petroleum Producers Organization (APPO), in collaboration with multilateral financial institution the African Export-Import Bank (Afreximbank) has signed the requisite documents for the establishment of the Africa Energy Bank – an institution set up to facilitate, promote and finance the development of oil, gas and energy industries in Africa. The signing ceremony was held in Cairo on Monday June 3 and marked the official creation of the institution.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that four International Oil Companies (IOCs) are planning to divest from 26 oil blocks in Nigeria. These IOCs, including Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell Petroleum Development Company, aim to transfer the ownership of these blocks to local firms. This move is expected to significantly enhance national oil production and provide substantial benefits to various stakeholders in the energy sector.
Oil hit a four-month low, and Brent Crude prices slipped below $80 per barrel for the first time since early February.
Third-quarter demand and market balances could be tempting for a reversal of the cuts from October, but OPEC+ is likely to consider balances for Q4 and beyond.
ING analysts Patterson and Manthey: The sell-off in oil this week is overdone.