When global oil prices reached a 15-year high in 2022, Libya, which holds 3% of the world’s hydrocarbon reserves and 39% of Africa’s, was unable to take advantage of the windfall.
The two businesses are expected to pay annual acreage leasing costs for the exploration areas, annual research and training expenses, and exploration area exploration fees.
South Africa is one step closer to having a new entity in charge of petroleum in the country, with a significant merger between PetroSA and other Central Energy Fund (CEF) subsidiaries progressing.
South Australia’s minister for energy and mining has told the industry that the regional government is “at your disposal” as he aims to placate fears of the energy transition.
Integrated energy company Etu Energias – formerly Somoil – has announced plans to increase oil production in Angola to 50,000 barrels per day (bpd) by 2025.
Brazilian independent 3R Petroleum’s shares were down more than 6% on Tuesday after the company temporarily interrupted production at the Papa Terra field in the Campos basin.
Russia has failed so far to cut its oil production by 500,000 barrels per day (bpd) as promised, and it may even be looking to boost output to compensate for lost revenues, the International Energy Agency (IEA) said on Tuesday.
Europe’s mad dash to build LNG import terminals could result in an excess number of regasification projects by the end of the decade if the EU manages to continue reducing natural gas consumption and accelerates the rollout of wind and solar power capacity.
Major Indian natural gas importers are discussing long-term supply deals with the biggest LNG exporting countries to lock in future supply and avoid volatility and uncertainty in case of spot price spikes, traders and executives tell Bloomberg.
Nigeria’s oil production in April fell to less than 1 million barrels per day, indicating that feedstock could pose a challenge to the Dangote Refinery. Without a licence to operate yet acquired due to outstanding technical work, the refinery may not be an elixir to petrol shortages in the short-term. The commission is shaping out […]