The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that four International Oil Companies (IOCs) are planning to divest from 26 oil blocks in Nigeria. These IOCs, including Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell Petroleum Development Company, aim to transfer the ownership of these blocks to local firms. This move is expected to significantly enhance national oil production and provide substantial benefits to various stakeholders in the energy sector.
Aker Solutions has secured a ‘sizeable’ long-term frame agreement with Azule Energy to provide engineering, procurement, and construction (EPC) services for brownfield projects and modifications for two floating production, storage, and offloading (FPSO) units in Angola.
The Public Interest and Accountability Committee (PIAC) has expressed worry about the decline in oil
production by Ghana and has called on the government and other relevant regulatory bodies to take
steps to reverse the production decline on existing oil fields and ensure investments in unexpected
fields
Mining giant BHP has abandoned its USD 49-billion bid to acquire Anglo American after its request for further talks was refused, Bloomberg reported on Wednesday.
A study by Pickering Energy Partners shows banks across the U.S. are backing away even more from their climate goals and previous wary stance against the oil and gas industry.
Regional banks are actually increasing their efforts to finance the energy industry, rather than using environmental, social and governance policies to avoid making loans to oil and gas operators.
The cost to use a drilling rig to explore for crude oil and natural gas in the Middle East may have bottomed out after dropping almost 20% since the end of 2023 after Saudi Aramco cancelled its long-planned crude output capacity expansion in late January.
Tellurian Inc. and Aethon Energy Management LLC announced an agreement for Aethon to acquire Tellurian’s integrated upstream assets for $260 million, alongside a Heads of Agreement for Aethon to purchase two million tons per annum (MMtpa) of liquified natural gas (LNG) from Tellurian’s Driftwood LNG plant.
ConocoPhillips has entered into a definitive agreement with Marathon Oil Corp. to acquire the independent oil and gas E&P company in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt.
ARA Petroleum announced that the Ministry of Energy in Tanzania has granted a 25-year Development Licence over the Ntorya natural gas discovery area to the Ruvuma joint venture.
Many African countries face challenges in developing and utilising their energy resources. These challenges include lack of access to capital, inadequate infrastructure, unclear regulations, and limited local expertise.