Records show that international oil companies including Chevron, Eni, ExxonMobil and Shell began exploring in Somalia in the 1950s but stopped when the country plunged into civil war in early 1991.
The Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr Patrick Kwaku Ofori, has said amidst the global energy transition, government must prioritise investments to help protect the petroleum sector while transitioning into clean energy.
At the annual Oil and Gas Convention held at Kampala Serena Hotel from April 17-18, it was the usual cheers and chest thumping from those at the forefront of Uganda’s petroleum sector; Ministry of Energy, the Big Oil companies, the regulators, service providers, and everyone else who has positioned themselves to tap into the fast growing sector.
Revenue of $8.71 billion increased 13% year on year
GAAP EPS of $0.74 increased 14% year on year
EPS, excluding charges and credits, of $0.75 increased 19% year on year
Net income attributable to SLB of $1.07 billion increased 14% year on year
Adjusted EBITDA of $2.06 billion increased 15% year on year
Cash flow from operations was $327 million
Board approved quarterly cash dividend of $0.275 per share
Crude oil prices began the week with a loss as fears of an escalation between Iran and Israel dissipated.
The renegotiation of mining and oil contracts announced by Senegal’s new president to benefit local populations would be “risky” for investment and future partnerships, industry players have warned.
Ghana’s oil production is expected to rebound in 2024, with an anticipated increase of 5.0% to 177,120 barrels per day (b/d).
U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, rose by 2 to 619 in the week to April 19.
Norway produced 2.1 million barrels of petroleum, natural gas liquids (NGLs) and condensate per day last month, up from the prior month and the corresponding period a year ago, the Norwegian Offshore Directorate has reported.
Changes to Ghana’s oil and gas royalty and licensing scheme are expected to be implemented this year to rejuvenate international investment into Ghana’s energy sector, UK-based Fitch Solutions has disclosed.