The U.S. is heading into the New Year as the world’s largest oil producer, according to the latest industry research.
The Director of the Media Office at the Tripoli based Libyan Ministry of Oil and Gas, Ahmed Al-Tarhouni, told Libya Herald, that talk of the National Oil Corporation’s (NOC) intention to contract with a coalition of Eni / Adnoc /Total and grant them a 40 percent share of production is a legal violation that should be alerted to.
Equinor’s 10-year, €50 billion gas supply agreement with SEFE addresses 33% of Germany’s current industrial demand.
The deal includes an option for a 5-year extension and Equinor also signed a non-binding letter of intent for long-term low-carbon hydrogen supply starting in 2029.
The partnership aims to accelerate the hydrogen economy, with SEFE expected to become a major off-taker of low-carbon hydrogen from Equinor in the future.
Azerbaijan plans to increase its gas exports from 8 billion cubic meters in 2021 to 20 billion cubic meters by 2027.
This expansion requires increased gas production and capacity enhancement of the Southern Gas Corridor pipelines.
Challenges include securing purchase agreements with European buyers and competing with flexible LNG exports.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.
Increased distillate production and slowing economic activities have led to rising diesel stocks and falling prices.
Weak manufacturing activity in the U.S. and Europe contributes to reduced diesel demand, easing the market.
Geopolitical tensions near the Red Sea present potential disruptions, threatening to impact diesel supply chains and market stability.
Oil markets are finally focusing on geopolitical risk, with disruptions in the Red Sea pushing Brent up toward $79 and WTI above $73.
Equinor, Exxon Mobil, Shell, and other oil majors have sold or are planning to sell their Nigerian assets to local companies.
The divestment trend, which has accelerated in recent years, is attributed to concerns over security in the Niger Delta and a global push towards cleaner energy.
Critics argue that these divestments may not lead to better environmental practices, as local companies taking over might have less stringent emissions controls.
Kosmos Energy Ghana, a leading international deep-water exploration and production company in Ghana’s Upstream Oil and Gas Sector, has constructed a new dormitory block to house visually impaired students at the Ashanti School for the Deaf at Jamasi, in the Ashanti Region.
Tinubu hits it with TotalEnergies as French giant pledges $6 billion in Nigeria oil, gas investments
TotalEnergies reaffirmed its commitment to business interests in Nigeria, the French company said, adding that its head Patrick Pouyanne had met Nigeria President Bola Tinubu in Abuja on Monday.