The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) have formally established the Africa Energy Bank (AEB), with $5 billion in authorized capital to finance oil and gas projects across the continent. The two organizations announced the launch at the bank’s inaugural general meeting in Abuja, Nigeria, on Oct. 31. The AEB […]
GNPC Exploration and Production Limited Company (Explorco) has reaffirmed its plan to begin onshore drilling in Ghana’s Voltaian Basin in the fourth quarter of 2026 as it works towards becoming an independent Ghanaian oil and gas operator. The company announced this at its maiden Annual General Meeting (AGM), held at the Accra Marriott Hotel. Speaking […]
ExxonMobil CEO Darren Woods and Chevron upstream president Clay Neff have canceled plans to attend next week’s ADIPEC conference in Abu Dhabi over security concerns, according to sources cited by Reuters on Thursday. Both executives were expected at the November 2-5 event, one of the oil industry’s largest annual gatherings, and Woods is still showing […]
Crude oil prices were set for another weekly gain today, also extending their monthly rise to four months in a row amid continued fears of escalation in the Middle East and Houthi attacks on Saudi infrastructure. At the time of writing, Brent crude was trading at $116.56 per barrel, with West Texas Intermediate at $103.35 […]
TotalEnergies SE said Wednesday it had executed a swap transaction with Chevron Corp that gives the French company a 25 percent stake in 26 leases operated by its United States rival in the Gulf of America. The 24 Green Canyon leases and two Walker Ridge leases – located 150-250 kilometers (about 93-155 miles) from shore […]
Sinopec, China’s biggest oil refiner, posted higher third-quarter profits after the Iran war boosted energy prices and helped improved processing margins. The state-owned company, formally known as China Petroleum & Chemical Corp., said net income rose 64% from a year earlier to 13.6 billion yuan ($2 billion) according to an exchange filing on Thursday. Revenue […]
Petrobras produced a record average of 3.512 MMboed of oil, NGL and natural gas in the third quarter, up 5.3% from the second quarter and 11.7% from a year earlier. The company attributed the gain to its highest production efficiency in eight years, the ramp-up of the P-78 and P-79 FPSOs at Búzios, FPSO Alexandre […]
Aker BP said the third quarter was one of the most important in its project history, as offshore installation work on its two largest Norwegian developments moved into the final stretch before start-up. At Yggdrasil, the Hugin B and Munin topsides were installed during the quarter and all major subsea components are now in place. […]
BW Energy has suspended its 2026 capital expenditure guidance, previously $600 million to $650 million, while it reschedules its Dussafu well program after the Prospector 5 jackup sank offshore Gabon on Oct. 24. The Borr Drilling-owned and -operated rig went down during preparations for the MaBoMo Phase 2 drilling campaign, and BW Energy said it […]
Tanzania has awarded four petroleum exploration licenses to the state-owned Tanzania Petroleum Development Corporation (TPDC). The awards came a day after the government announced a gas discovery at the Mnazi Bay field in Mtwara Region. Vice President Deogratius Ndejembi attended the signing on Oct. 28. The licenses cover Eyasi-Wembere, Lindi-Mtwara, West Songo Songo and Mnazi […]