Russian oil firm Lukoil is in direct talks with Indian companies to sell its 38% stake in a deepwater oil and gas field offshore Ghana, Reuters reported on Monday, quoting Russian and Ghanaian sources with knowledge of the matter.
The Oil and Gas sector is a major industry in the energy market and plays an influential role in the global economy as the world’s primary fuel source. The industry has recognized Africa’s potential and continues to create platforms for the advancement of the continent’s energy industry.
Woodside Energy Group Ltd., Australia’s biggest oil and gas producer, says it will review potential acquisitions in the Gulf of Mexico after reporting its highest-ever profit.
Oil is the largest commodity in the world, with the global crude oil market in 2022 estimated at $2.7 trillion. This trade is facilitated by both public and private entities and is dominated by traders of all types. Leading oil producers including the United States, Saudi Arabia, the United Arab Emirates, Russia and Iraq deliver oil to consumers like the European Union (EU), with a large part of Europe’s oil going through the ARA Amsterdam-Rotterdam-Antwerp) trade hub.
OPEC’s crude oil production for February was, on average, 150,000 bpd more than it was in January, a Reuters survey found on Tuesday.
Developers of U.S. LNG export facilities could launch $100 billion worth of new plants over the next five years as high prices and the need for energy security create strong momentum for long-term LNG demand and contracts.
Last year, mergers and acquisitions in the U.S. oil and gas industry declined to the lowest level since 2005, with 160 deals completed despite booming oil and gas prices. Yet most of these deals were for top-quality assets at top prices. The industry was doing well and could afford billion-dollar mergers. Now, things are changing.
Oil prices were up early on Tuesday morning, but both WTI and Brent remain on course for a fourth consecutive monthly loss, although there are some bullish catalysts looming in March.
Oil prices rose in Asian trade on Tuesday, supported by hopes a solid economic rebound in China will drive up fuel demand, offsetting worries about further U.S. interest rate hikes dragging on consumption in the world’s biggest economy.
The Institute for Energy Security (IES) is calling on government to come clear on the 600,000 barrels Russian crude oil aboard MT Theseus.