More than half of total Libya’s oil production has gone offline as the Arab country’s exports were suspended due to a political standoff between rival factions, threatening four years of relative peace.
Ghana’s recent groundbreaking ceremony for the construction of a $12 billion petroleum hub in Jomoro marks a pivotal moment in the country’s economic trajectory.
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry.
Upstream regulator the Norwegian Offshore Directorate on Aug. 21 renewed calls for constructing a gas pipeline connection to the Barents Sea, saying unlocking Arctic resources would be key to maximizing the country’s hydrocarbon production potential.
According to the Norwegian Offshore Directorate’s projected scenarios leading up to 2050, the difference between high and low production of oil and gas can amount to nearly an entire government pension fund.
Iraq’s Oil Ministry has signed initial deals for 13 oil and gas exploration blocks and fields, which could increase the country’s output by 750 kb/d of crude oil and 850 mcf/d (8.8 bcm/year) of natural gas. The agreements were signed with the winning companies within Iraq’s fifth and sixth supplementary licensing rounds. These deals represent the follow-up of the bidding round held in May 2024, in which Chinese companies dominated.
It was a week when both oil and natural gas prices recorded small losses.
The headlines revolved around energy biggie Shell plc’s SHEL investment in an Australian gas project and equipment supplier SLB’s SLB expansion in Russia. Developments associated with ExxonMobil XOM, Marathon Oil MRO and NextDecade Corporation NEXT also grabbed attention.
Uganda is conducting oil exploration in two additional regions that could boost the country’s proven reserves beyond the current 6.5 billion barrels.
The Stena Forth drillship has spud the Anchois East (Anchois-3) well for the Anchois gas field project offshore Morocco, operated by Energean.
With the potential to produce 1,956 GW of solar energy and 106 GW of wind energy – in addition to its proximity to Europe – West Africa is taking its place as a global green hydrogen production hub. As such, this year’s MSGBC Oil, Gas & Power 2024 conference – taking place in Dakar from December 3-4 – will feature a green hydrogen-focused panel session, evaluating ongoing projects, key investments and the potential for green hydrogen to reshape Africa’s energy landscape.