Prime Minister Olzhas Bektenov and Upstream Director of the Italian company ENI Luca Vignati reviewed ongoing joint work at the Karachaganak and Kashagan fields and explored opportunities for launching new projects in renewable energy sources at a meeting on March 27, reported the Prime Minister’s press service.
PetroChina Co. Ltd. has reported CNY 161.15 billion ($20.6 billion) in net income for 2023, up 8.3 percent compared to 2022 as growth in both upstream and downstream output offset weaker oil prices.
Nigeria’s oil regulator met with producers and local refiners to fix implementation of a policy mandating crude sales to domestic refineries, the head of the agency said on Tuesday.
Ithaca Energy has been given a four-week exclusivity period by Italy’s Eni to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.
It is estimated that the total abandonment or decommissioning cost of Jubilee wells, subsea infrastructure, and FPSO in a fully developed Greater Jubilee will amount to approximately US$704 Million
Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22.
Two environmentalist groups have challenged in court French oil major TotalEnergies’ plans to drill five wells offshore South Africa.
TotalEnergies acquired a 33% stake in an exploration block offshore South Africa earlier in March.
Despite the apparent risks, TotalEnergies and QatarEnergy are moving ahead with their exploration effort off the South-African coast.
The tightening sanctions on Russia’s oil exports are raising freight costs for moving Russian crude.
Argus has estimated that shipping a barrel of Russian crude from a port in the Baltic Sea to China has cost around $14.50 since December.
The U.S. levied new sanctions against Russia last month on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician Alexey Navalny.
Following the Final Investment Decision (FID) announcement in Feb, 2022, the Petroleum Authority of Uganda (PAU) has approved contracts worth US$7.16 billion in the ongoing oil and gas development projects.
Angola’s push towards economic diversification and privatization has opened up opportunities for foreign investors, and Brazil has emerged as a highly strategic partner owing to its expertise in the oil and gas industry. Brazil’s trade with Africa surged by 33.7% in 2022, reaching nearly $21.5 billion, up from $15.9 billion in 2021. This increase presents an opportunity for Angola to deepen its economic ties with Brazil as the country aims to increase oil production while diversifying its economy.