The geopolitical conflicts that have engulfed the world are making many believe that oil prices can hit the global benchmark of $100 for the first time in almost two years
Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.
Oil major Shell expects oil and gas production across its Upstream and Integrated Gas business segments to come in slightly ahead of its previous guidance for the first three months of this year.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said that the Oil Ministry is taking steps to reach a production capacity of five million barrels per day despite the serious restrictions on oil markets and the OPEC countries’ quota limitations to maintain price stability.
Oil prices closed in on the $90 a barrel mark on Wednesday after the Opec+ alliance decided to stick with crude supply cuts for the first half of the year.
Oslo-listed oil and gas company Panoro Energy has reached an agreement with the Government of Equatorial Guinea on the key terms and conditions for the award of offshore Block EG-23.
Energy Minister, Dr. Matthew Opoku Prempeh has reiterated Ghana’s quest for more gas supply to support power generation.
This, he says, remains his top most priority as part of efforts of ensuring power stability for industrial and residential use for Ghanaians.
Dr. Prempeh emphasized the need for more gas supply and hence the need for the operational efficacy of the West Africa Gas Pipeline (WAGP).
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Caprock Group LLC purchased a new stake in Eni S.p.A. (NYSE:E – Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 6,291 shares of the oil and gas exploration company’s stock, valued at approximately $214,000.
Energy Minister Giorgos Papanastasiou announced Wednesday that hurdles in the development plan for the “Aphrodite” gas field have been overcome, marking progress in Cyprus’ energy ambitions.