Africa provides companies with the potential for low-cost, low-carbon oil and gas in largely unexplored areas. But governments across the region hope to be more closely involved in operations, ensuring that they get a significant proportion of the revenues to bolster their economies. One such country is Ghana, which expects an oil boom over the next decade and beyond
Africa provides companies with the potential for low-cost, low-carbon oil and gas in largely unexplored areas. But governments across the region hope to be more closely involved in operations, ensuring that they get a significant proportion of the revenues to bolster their economies. One such country is Ghana, which expects an oil boom over the next decade and beyond.
The UK has cited Russia’s power over global energy supply as a justification for expanding oil and gas drilling in the North Sea, but the plans may do little to dent Moscow’s fossil fuel exports.
Israel’s economy saved more than NIS 316 billion (~$86.7 billion) over the past decade thanks to its “natural gas revolution,” according to an in-depth study released on Tuesday.
OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally.
Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group.
Earlier this week, media reported that oil production from the members of OPEC had fallen to the lowest since 2021—or 2020, depending on the source—thanks to voluntary production cuts from Saudi Arabia and involuntary declines in Nigeria, Angola, and Libya.
WTI crude futures didn’t move higher today after the Energy Information Administration confirmed the substantial inventory draw estimated by the American Petroleum Institute on Tuesday.
Despite record U.S. oil production last year, output this year is set to decline, with the oil rig count dropping over the last three months. The U.S. saw increased activity in its oil and gas fields last year following the Russian invasion of Ukraine and low OPEC oil output, which led President Biden to plead with domestic producers to boost their output, to tackle shortages and rising prices.
Nearly two years ago, British oil and gas supermajor BP Plc (NYS:BP) announced that the North Sea crude price Dated Brent, the company’s most important pricing benchmark, was experiencing “regular dislocations.”