Latin America-focused E&P player Geopark will acquire Repsol’s upstream oil and gas assets in Colombia for USD 530 million, the companies said on Friday. Under the sale and purchase agreement, Geopark will acquire assets in the prolific Llanos Basin, one of Colombia’s most productive oil regions – an area where the company has established upstream […]
Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming oil glut may be scaring off would-be investors.
OPEC+ has been withholding 2.2 million barrels of oil supply daily for well over a year now—and it might have to start thinking about these cuts as a long-term policy. The market just keeps refusing to respond to them as OPEC+ wants.
It’s been a relatively calm week for oil prices despite plenty of developments on both the geopolitical and fundamental front, but prices might just begin to climb next week.
A recent report in Bloomberg has collected and analyzed five years of satellite images monitoring the South China Sea off Malaysia to detail something which should come as no surprise: Iran and China’s sanction-busting activity regarding Iranian oil exports has been going strong.
Italian oil and gas major, Eni and Ivorian Ministry of Mines, Oil and Energy have signed contracts for the acquisition of four(4) new exploration blocks in the country’s offshore.
The contracts, which were signed in Abidjan further consolidates Eni’s presence in the West African nation.
Production on the Jubilee Oil Field slowed marginally to 89, 000 barrels per day (bpd) at the end of October 2024. This was captured in the November 2024 Trading Update released by Tullow Oil today, November 28, 2024. Daily Crude Production on the Jubilee field was above 90,000 barrels a day at the end July […]
Implementing GST is being considered as a solution to the high rates of petrol and diesel in the country, as it would eliminate the cascading effect of taxes—where state VAT is applied to both the cost of production and the central excise duty charged on that output.
Mexican state oil company Petroleos Mexicanos is putting a freeze on new contracts with service providers as the company works to pay off the roughly $20 billion it owes suppliers.
Western governments crafted another way to benefit from soaring oil and gas company profitability–taxing share buybacks, such as has been done in the U.S. and Canada. Dividends could also be taxed more heavily. Both methods, suggests Wood Mackenzie, would actually “incentivize reinvestment, thus promoting jobs and additional energy supply”.