Oil prices have gained some upward momentum in the last week, driven by geopolitical tensions and inventory drawdowns.
Analysts continue to debate just how serious the geopolitical risks are and whether spare capacity and new production will be able to counter supply issues.
Seasonal shifts in demand, coupled with anticipated interest rate cuts, look set to push oil prices higher in the near future.
Eni Inks Decarbonization Deals with Kazakh Companies
by Jov Onsat|Rigzone Staff|Monday, January 22, 2024
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Eni Inks Decarbonization Deals with Kazakh Companies
Eni signed three energy transition-related deals with Kazakh firms, including a commitment pact for a planned hybrid-fuel power project.
Image by e-crow via iStock
Eni SPA has signed three energy transition-related agreements with companies in Kazakhstan, including a commitment pact for a planned hybrid-fuel power project.
The West African Gas Pipeline Company Limited (WAPCo), has announced that it will undertake a three-day coordinated and planned Emergency Shut Down and High Integrity Pressure Protection System (HIPPS) Proof tests at its facilities in Ghana, Togo, Benin, and Nigeria.
Macro fundamentals for oil and natural gas remain “strong” even amid near-term commodity price volatility, which should create a healthy outlook for the oilfield services sector in the near and medium term even if most of the projected 2024 growth is internationally weighted, the top executive at oilfield services provider Halliburton said Jan. 23.
What does the pathway to first oil look like for Namibia? Are there any updates on the technical and commercial viabilities of the recent discoveries?
Namibia has been on a roll since 2022, in that nearly every hole that has been drilled in the subsurface has yielded a positive indication of hydrocarbons. Between February 2022 and July 2023, we have had oil discoveries: the Graff-1, Jonker- 1X, La Rona-1 and Lesedi-1X discoveries in PEL 39 by Shell Namibia Upstream BV and its partners, and the Venus-1 discovery in PEL 56 by TotalEnergies EP Namibia and its partners. It has been a journey to get here – we drilled close to 37 dry wells prior to these discoveries. When the results were negative, it was very difficult to make the case to the world that Namibia does have oil and gas accumulation. These discoveries are a testament to both patience and hard work, as well as the potential of the market.
Company plans to pause drilling until 2025 as it prepares for new investment cycle in Ghana and Kenya
In 2024, the global energy landscape continues its dynamic and transformative journey, marked by disruptions, challenges, and opportunities. COP28 concluded the previous year with a groundbreaking agreement to reduce methane emissions, a pivotal step in addressing global environmental concerns.
The oil and gas industry is undergoing its biggest-ever consolidation, according to Enverus.
Upstream merger and acquisition activity hit $144 billion in the fourth quarter alone and $190 billion for 2023, both setting records.
Bids from Exxon Mobil, Chevron, and Occidental Petroleum were among the key deals fueling the record.
The upstream oil and gas sector is consolidating at a record pace, as companies race to secure longevity in the market.
Oil and gas explorer says start-up of Jubilee South East offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations
Exploration drilling has confirmed a geothermal resource in the city of Otwock in Poland, and further development is currently under negotiations.