The Federal Government has tasked petroleum engineers and other industry professionals with supporting its drive to increase Nigeria’s crude oil production to three million barrels per day (bpd) by 2030. The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, gave the charge on Saturday at the inauguration of the sixth National Chairman of […]
Ghana’s upstream oil and gas sector is entering a potential recovery phase after several years of declining production and investor uncertainty. The government has resolved outstanding disputes with upstream operators, extended key licences and introduced gas-pricing reforms aimed at improving project economics and strengthening domestic energy security. Against this backdrop, the Petroleum Commission has confirmed […]
Oil prices settled lower on Friday, also down for the week as traders evaluated hints about the U.S. Federal Reserve Bank’s inflation-fighting policy and rumors of a possible agreement on shipping through the Strait of Hormuz.
Gas producer Energean (ENOG.L), opens new tab is in exclusive talks to buy some of BP’s (BP.L), opens new tab upstream oil and gas assets in Egypt, two people involved in the process told Reuters.The deal, which could raise about $1 billion for BP, includes its stakes in the producing offshore West Nile Delta assets, […]
Africa has emerged as the center of a global upstream acreage rush. That’s what Enverus Intelligence Research (EIR) said in a statement sent to Rigzone on Wednesday, which noted that the continent has captured nearly half of new upstream country entries globally “as operators broaden exploration portfolios”. EIR, which is a subsidiary of Enverus, highlighted […]
PETRONAS, the Employees Provident Fund (EPF) and the founding Lim family of Yinson Holdings Bhd (KL:YINSON) are in talks to take private the oil-and-gas firm, sources said. The three parties are forming a consortium to buy out Yinson that owns one of the world’s largest fleets of floating production storage offloading (FPSO) vessels, according to […]
Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela’s crude reserves, sources with knowledge of the negotiations said on Thursday, a move that could ultimately lower the cost of oil imports. The agreement, which could be signed and made public soon, is expected to operate in a […]
Nigeria’s Dangote Refinery, the largest on the continent, is expected in October to seek to raise around $5 billion in Africa’s biggest IPO listing yet, after months of strong earnings, boosted by the disruption caused by the Iran war.For potential investors, the question is whether Dangote, majority-owned by Africa’s richest man, Aliko Dangote, can avoid squeezing its profits […]
Saudi Aramco has offered more oil for loading outside the Strait of Hormuz in September, four sources with knowledge of the matter said on Wednesday, after the producer sold at least 4 million barrels to China this month.Shipping data indicates that Aramco has resorted to shuttling cargoes aboard tankers with their trackers switched off to […]
A contract that SLB (SLB.N), opens new tab and Venezuela’s state-run PDVSA signed last week has granted the U.S. oil services and technology company access to oilfield data from the country with the world’s largest crude reserves, three sources close to the negotiations said.The deal will allow SLB to organize and upgrade PDVSA’s vast but outdated databases […]