THE Dangote Petroleum Refinery, regarded as the world’s largest single-stream refinery constructed in Lagos, Nigeria, has produced its first batch of refined petroleum products.
This was stated in a press release issued by the refinery’s owner company, Dangote Petroleum Refinery, on the social networking site X (formerly Twitter).
British multinational oil and gas company Shell has decided to sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) – which owns onshore oil assets in Nigeria’s Niger Delta region – to a consortium comprising mostly local energy players ND Western, Aradel Holdings Plc, First E&P, the Waltersmith Group, Petroleum Development Company Limited and Petrolin. The transaction is measured at $1.3 billion, with further payments of up to $1.1 billion set to be made. The sale will come into effect following the relevant approval from government.
The decision by Shell, a global energy giant, to exit its onshore business in Nigeria has sent shockwaves through the country’s oil and gas industry, casting a spotlight on local firms and raising questions about the future of the industry.
Some industry experts believe conflict in the Middle East may cause gas prices in the U.S. to increase over the next six months to a year.
Offshore oil and gas companies should expect continued scrutiny of their health and safety practices in 2024 despite a recent report suggesting that the industry has never been safer to work in, experts say
Talos Energy Inc. has agreed to acquire QuarterNorth Energy Inc., Houston, for $1.29 billion. The deal would add about 30,000 boe/d from offshore US Gulf of Mexico assets for full-year 2024, averaging about 75% oil from about 95% operated assets.
At the COP28 summit in Dubai, nations agreed to move away from fossil fuels.
Natural gas, labeled a “transitional fuel” at the conference, is experiencing a surge that is unlikely to slow any time soon.
Despite having a cleaner image than other fossil fuels, there are still concerns over the environmental impact of expanding the natural gas industry.
The corporate oil and gas sector faces a year of big decisions in 2024. Consolidation will remain in the spotlight as companies position to build scale and strengthen sustainability through the energy transition. Growth will make a comeback. But companies will not put their financial strength at risk in what threatens to be a turbulent year.
China achieved record-breaking crude oil and natural gas production in 2023, with unconventional gas contributing significantly to the overall figures.
Despite fluctuations in demand and some disappointment among analysts, both domestic production and imports of energy commodities reached historic highs.
While Chinese oil demand growth may slow in the future, its natural gas demand growth is likely to remain robust as it increases the use of natural gas in power generation
Petroliam Nasional Sdn. Bhd. (Petronas) has received a 20-year extension to its production sharing contract (PSC) for the Ketapang block from Indonesia’s Energy and Mineral Resources Ministry.