Oil prices rose sharply after the American Petroleum Institute reported a significant drop in US oil inventories.
Lower-than-expected producer price inflation boosted hopes for a Federal Reserve rate cut.
Oil prices had been under pressure before the API report, with the IEA and OPEC warning of slowing demand next year.
New technology is unlocking new fields – and the wider world is buying, if not the West
Shell has signed a long-term engineering and procurement framework agreement with L&T Technology Services (LTTS), a subsidiary of Indian multinational EPC giant Larsen & Toubro, LTTS announced on Tuesday.
Impact Oil & Gas Limited has announced that its wholly-owned subsidiary, Impact Africa Ltd, has entered into an agreement with Silver Wave Energy to acquire its entire interest (10%) in Area 2, offshore South Africa.
Some stakeholders within the ruling All Progressives Congress (APC), under the aegis of the Tinubu Legacy Coalition (TLC), have called on President Bola Tinubu to remove the heads of the nation’s oil and gas regulatory agencies over alleged failure to effectively manage the sector.
Ghana’s petroleum sector once hailed as a great pillar of economic promise following significant discoveries like the Jubilee field in 2007, is now at a crossroads. Despite its potential, the sector has witnessed a worrying exodus of international oil companies (IOCs) and a stark reduction in exploration and production activities.
Shale driller CrownRock is selling a stake in Occidental Petroleum it hopes to generate some $1.7 billion, Bloomberg has reported, citing unnamed sources.
Minister of Energy and Mineral Resources (ESDM), Arifin Tasrif, has announced that ExxonMobil is planning to conduct a joint study to explore potential oil and gas reserves in Indonesia.
Beacon Offshore Energy LLC, Houston, started oil production at the Winterfell development in the Green Canyon area of the US Gulf of Mexico.
Tourmaline Oil Corp (TSX:TOU), Canada’s largest natural gas producer, has agreed to acquire Crew Energy Inc (TSX:CR) for C$1.3 billion (US$947 million), including debt, as part of ongoing consolidation in the oil and gas sector.