The selection process of the African country that will host the headquarters of the future African Energy Bank is announced to be tight (Africa Energy Bank). Nigeria, Ghana, South Africa, Egypt, Algeria, Benin and Ivory Coast are currently in the running.
British oil explorer Tullow has written off $17.9 million (Sh2.41 billion) worth of its Kenyan assets on the uncertainty over their sale to a strategic investor and commercial exploitation of the Turkana oil deposits.
For decades, Saudi Arabia has been regarded as the de facto leader of OPEC and a swing-producer critical to curtailing large price overshoots in either direction. Over the past few years, the Arab nation has borne the lion’s share of OPEC+ production cuts after recently agreeing to cut 1 million barrels per day or nearly half of the group’s 2.2 mb/d in pledged cuts.
Europe’s major oil companies have started to scale back interim emission reduction targets, acknowledging that their priorities now lie with returning more cash to shareholders. And these returns come from the fossil fuel business, not from renewables.
Riding on the heels of Austria’s largest gas discovery in 40 years by Austrian OMV, junior explorer MCF Energy (TSXV:MCF; OTC:MCFNF) announced on Monday morning another potentially significant find in their maiden drill in the Austrian Alps.
It is not surprising that profits in 2023 at Saudi Arabia’s flagship company Saudi Aramco were lower than in 2022. After all, the average price per barrel of the Brent crude oil benchmark dropped just over 18% over the year – from US$100.93 to US$82.49.
(MENAFN) Eni, the Italian energy giant, in collaboration with state-run Petroci International, has announced a groundbreaking discovery of a major oilfield off the coast of Côte d’Ivoire. Named Calao, the site represents a significant addition to the country’s oil reserves, second only to the Baleine field discovered by Eni in September 2021. Exploratory drilling revealed the presence of light oil, gas, and condensates across various intervals of Cenomanian age, characterized by promising permeability values.
The Principal Secretary State Department for Petroleum Mohamed Liban has lauded the pivotal role played by the Geographical Information System tool (GIS) in addressing the challenges encountered during the exploration of natural resources.
International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources.
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns