The federal government is planning to revoke unused oil exploration leases that companies were granted but have not been able to carry out any exploration activities on them.
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The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels.
A new report by the Centre for Research on Energy and Clean Air claims that the G7 price cap has failed to live up to its potential.
When we talk of the Israeli-Palestinian conflict, we tend to focus on the latter’s political, social and humanitarian dimensions. But often this comes at the expense of considering an important economic dimension — one which recent events in Gaza have brought into stark relief.
In the first nine months of 2023, revenues have been depleted in large part as a result of Western sanctions.
Nigeria intends to reduce its flare gas volume by 500mmscfd and curb current carbon emission by as much as 6 million tonnes through the ongoing Nigerian Gas Flare Commercialisation Programme (NGFCP), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said.
SINGAPORE, Dec 5 (Reuters) – Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures LCOc1 edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 18 cents at $73.22 a barrel.
Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.