As the old saying goes, “one man’s crisis is another’s opportunity.” Russia’s invasion of Ukraine and the subsequent sanctions and ruined trade relationships with the U.S. and Europe represent a tremendous crisis. But for the country’s long-term ally, India – and to an extent, China – it represents opportunity. From cheap Russian oil and coking coal to steel, India continues to benefit from its close ties to Moscow.
The recent signing by Iraq’s federal government in Baghdad of three long-term oil and gas sector contracts with the UAE’s Crescent Petroleum – a company also heavily involved in the same sectors of Iraq’s semi-autonomous region of Kurdistan – may indicate that the ban on international oil companies (IOCs) trying to operate in both regions has now been relaxed by Baghdad.
A wave of new liquefied natural gas (LNG) export terminals is set to come online in the next few years, and it could have a significant impact on global gas prices.
Argentina is the home of the second-largest shale formation in the world, containing an estimated 16 billion barrels of oil and 308 trillion cubic feet of natural gas. It is also one of the most troubled economies in the world, with crises more or less now chronic.
Europe’s natural gas demand fell by the most on record last year, with the decline equivalent to the gas volumes required to supply more than 40 million homes, the International Energy Agency (IEA) said in a commentary on Tuesday.
Oil prices dropped more than US$2 a barrel on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
There are some major developments in the upstream oil and gas sector which threatens the entire industry, Ghana’s potential highest forex earner.
Ghana is losing its shine as the best investment destination for oil exploration and petroleum (E&P) companies, the Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, has said.
The US Department of the Interior (DOI) has approved a development plan allowing just three well pads for ConocoPhillips’ Willow oil project in Alaska, reduced from the originally proposed five-pad project.
According to an analysis of the government’s oil production report, excluding condensates, the nation’s oil output increased from 1,258,150 barrels per day in January 2023 to 1,306,304 barrels per day in February.