The eight OPEC+ nations that contributed to voluntary production cuts are set to meet on Friday to discuss production strategy for July. Commodity strategists at Standard Chartered have predicted that we are likely to see more of the same, with the group adding another 411 thousand barrels per day to July targets and cumulative unwinding now clocking in at 1.4 mb/d.
South Africa has proposed to buy liquefied natural gas (LNG) from the United States over a 10-year period as the country looks to secure a trade deal with the Trump administration, a ministerial statement by the South African government has revealed. South Africa plans to import 75 to 100 million cubic metres of LNG per year from the U.S., the world’s top LNG exporter. According to Khumbudzo Ntshavheni, South Africa’s Minister in the Presidency, the deal would “unlock approximately $900 million to $1.2 billion in trade per annum and $9 billion – $12 billion for 10 years based on applicable price.” According to Ntshavheni, U.S. LNG will not replace South Africa’s current supplies but rather complement them.
This increase comes as the market prepares for a week that includes a U.S. presidential election and a significant meeting in China, News.Az reports, citing Reuters.
UK Chancellor Rachel Reeves on Oct. 30 confirmed a three percentage point hike in North Sea oil and natural gas taxation along with the removal of an investment allowance, but refrained from a more draconian hike amid industry warnings of a hit to investment and a risk of accelerating output decline.
Britain’s Chancellor Rachel Reeves has raised the Energy Profits Levy on North Sea oil and gas producers to 38% in her first budget for the Labor government.
BP has reported an underlying replacement cost (RC) profit, proxy for net profit, of $2.26bn in the third quarter of 2024 (Q3 2024), a 31.1% drop from $3.29bn during the same period in 2023.
This report identifies the requirements for meeting emissions targets and introduces the energy transition interventions most suited to decarbonizing the upstream oil and gas industry. The measures discussed include improving efficiency, flaring mitigation, electrification, carbon capture, and renewables.
With COP29 just a few weeks away, The Green Connection, Natural Justice, and Masifundise Development Trust are drawing attention to the widespread opposition of the environmental authorisation granted for offshore oil and gas exploration in Block 3B/4B, off South Africa’s West Coast.
The government of the Democratic Republic of Congo appears to be rejigging a plan to auction off the rights to drill for oil and gas in 30 blocks across the country. On October 11, Congo’s hydrocarbons minister announced he had cancelled the auction of 27 oil blocks, citing late submissions, inappropriate or irregular offers, and a lack of competition. The announcement makes no mention of three gas blocks.
AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has given clearance for the amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l. (“Amalgamation”) in exchange for the issuance of Common Shares in the Company to BTG Pactual Oil & Gas S.à r.l., to effect the consolidation of 100% ownership of Prime Oil & Gas Coöperatief U.A. (“Prime”) in Africa Oil.