Oil fell as Saudi Arabia cut crude prices for Asian buyers in a sign that physical supplies are becoming more readily available as Middle Eastern exports recover.
Liberia will launch its 2026 Offshore Direct Negotiation Licensing Round on Oct. 14, offering 29 offshore blocks across the Liberia and Harper basins as the country seeks to attract new exploration investment.
Petrobras has made a second oil discovery in its ultra-deepwater Morpho exploration well offshore Brazil, encountering another oil-bearing interval in the Foz do Amazonas basin. Source: worldoil.com The latest discovery was made in the Morpho well (1-BRSA-1405-APS), located in block FZA-M-59 off the coast of Amapá, in water depths of approximately 2,886 meters (9,469 ft). […]
Eni SpA and Repsol SA are considering bringing in outside investors into the giant Perla natural gas field off Venezuela’s coast, as the Trump administration pushes to unlock the South American country’s energy reserves. The two partners, which each own 50% of the offshore venture, are evaluating whether to sell a portion of their […]
Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference […]
Oil prices edged lower on Monday, October 5, as increased exports from the Middle East and an agreement by the Group of Seven countries to release oil and diesel from strategic reserves weighed on the market.Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel. WTI crude lost 95 cents, or 1.03%, to […]
Seven of the world’s largest oil-exporting countries agreed Sunday to maintain their baseline production levels for November, as fuel prices remain elevated amid the Iran war. The “OPEC+” group, which includes Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, decided to “maintain” oil production levels they agreed to in September, the Organization of the […]
China’s largest desert oil field has produced more than 26 million tonnes of oil and gas from reservoirs more than 6,000 meters underground, according to China National Petroleum Corporation (CNPC) on Monday. The output was recorded at the Hade-Fuman oil field, located on the northern edge of the Taklimakan Desert in northwest China’s Xinjiang Uygur […]
The Nigerian National Petroleum Company Limited committed N473.8bn to gas infrastructure projects, including the proposed Nigeria-Morocco Gas Pipeline, in 2025, while N25.7bn in interest on the facility remained outstanding at the end of the year. The funding, provided to its wholly owned subsidiary, NNPC Gas Infrastructure Company Limited, was intended to meet cash call obligations […]
Sahara Group has opened a multimillion-dollar liquefied petroleum gas (LPG) depot in Ghana’s Tema industrial area, adding 6,000 metric tonnes to the country’s storage capacity. The energy company, which operates in Africa, Europe and the Middle East, said the facility would improve LPG availability and supply chain efficiency in Ghana and neighbouring West African nations. […]