Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s future.
State-owned Tanzania Petroleum Development Corporation (TPDC) has acquired a 20% additional stake in the Mnazi Bay natural gas project. In a deal worth $23.6 million, the acquisition brings the TPDC’s total share in the project to 40%.
A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes.
Portugal’s Galp Energia, the company that reported positive indications of hydrocarbons from an exploration well in Namibia’s Orange Basin, says it has invested more than N$7,2 billion towards upstream projects, including an exploration campaign in Namibia during 2023.
Ghana Gas Company Limited is expected to acquire Ghana Cylinder Manufacturing Company (GCMC) Limited by the end of the first quarter of 2024.
Disruptions to shipping in the Red Sea and via the Suez Canal are raising the prices of African and U.S. crude grades.
Brent crude sees stronger backwardation.
Analysts expect drawdowns in global stocks this month and next to support oil prices.
Fitch Ratings: geopolitical instability in the Middle East continues to drive upward risk for oil.
Increasing regulatory uncertainty is also a risk for oil and gas firms.
Fitch Ratings has also predicted that large spare OPEC+ capacity of over 5 million barrels of oil is likely to dampen the oil price rally.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
A Texas company has reached a multimillion-dollar settlement with the federal government and the state of New Mexico to address air pollution concerns in the largest oil and gas producing region in the United States.
Eversource said it would sell its 50 percent share in the 132-megawatt South Fork and the 704-megawatt Revolution offshore wind projects, which it owns jointly with Danish firm Orsted , to Global Infrastructure Partners (GIP).