Nigeria’s gas export dropped to one million tonnes in January, representing 35 per cent decline year on year, and lower than export volumes by Algeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the awarded marginal fields will increase oil production by about 58,000 barrels per day (bpd).
The federal government has identified new oil fields capable of delivering about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas daily.
Vice president, Dr Bharrat Jagdeo, who is in India on an official visit, has disclosed that a memorandum of understanding between Guyana and the South Asia country, to boost cooperation in the oil and gas sector is likely to be signed.
On 15 February Nicola Sturgeon announced she would step down as Scotland’s first minister after eight years in the role. The move, which surprised many, opens up questions over what policy changes could come after Sturgeon – including on net zero.
Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5.
After an initially subdued reaction to yet another crude oil build in the U.S. on Thursday, oil prices fell on Friday morning as bearish sentiment built. Speculation of further Russian production cuts and a rebound in Chinese demand had held oil prices higher, but inflation fears and continued inventory builds eventually sent prices lower.
Iraq has been saying it wants to produce more oil and gas for a while now but turning stated ambitions into reality has taken a while.
According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.
China has reopened its doors following its long zero-Covid policy. But now governments and energy firms around the world are waiting to see what this means both for the energy industry and global supply chains. Experts are uncertain if the reopening of China’s borders means that business will resume as usual or whether ongoing disruptions will be seen due to years of closures and industry challenges.