After engaging major oil companies in the domestic market, such as Eni Spa, Libya’s national oil company Noc announced that production has risen back above 1.3 million barrels per day.
A member of Public Interest and Accountability Committee (PIAC), Mr Constantine K. M. Kudzedi, has warned that Ghana must act quickly to address the steady decline in crude oil production.
The Ghana National Gas Company Limited has acquired ownership of the Ghana Cylinder Manufacturing Company Limited due to the latter’s significant losses, including a loss of GH¢4 million recorded in 2021.
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rejected the proposed $1.3 billion sale of onshore oilfields to the Renaissance Group, citing the buyer’s lack of qualification to manage the assets, according to a Reuters report.
The world is set to enter a new energy era, with an oil and gas surplus and a surge in renewable energy manufacturing bringing down prices for consumers, the International Energy Agency said on Wednesday.
“The IEA’s forecast of an upcoming peak in demand for oil, gas, and coal remains unchanged, even as its forecasts for clean energy deployment have been revised upwards yet again. With electric vehicle sales and renewable capacity additions breaking records fossil fuels are looking increasingly obsolete.
Production from the BED4-T100 (“T100”) horizontal well is averaging 200 barrels of fluid per day and 35 percent water. Operation of the T100 well has been intermittent for the last two months as the reservoir extent was assessed through pressure build-up analysis and the lift system optimized. The T100 well initially produced under natural flow and subsequently with a jet pump to recover the large volumes of fracture fluid containing sand. The T100 well is now equipped with a sucker rod pump for long term stable production. Cumulative oil production of the T100 well to date is in excess of 15,000 barrels and shipments have commenced to third party facilities. Further evaluation by the Company is also underway of fluid samples, drill cuttings, and tracers as they flow back, to inform performance of stimulated sections along the horizontal lateral and further optimization potential on the T100 well.
The 30 oil and gas blocks auction that has been underway for more than two years for a procedure that cannot exceed 18 months has been finally put to an end to the delight of climate change activists. On Monday 14 October, the Ministry of Hydrocarbons in DRC represented by Mr. Aimé Molendo Sakombi issued a cancellation statement and plan to immediately relaunch the auction to avoid the irregularities previously encountered and above all to hold hydrocarbon rights for better ecological preservation.
The Nigerian National Petroleum Corporation (NNPC) has signed a deal with Shell, TotalEnergies, and Agip to supply gas to the $3.3 billion methanol-manufacturing plant of Brass Fertilizer & Petrochemical Company Ltd. Under the terms of the agreement, the NNPC and its partners will supply 270 million standard cubic feet of gas daily to the plant, which will be situated on Brass Island, Bayelsa State.
The Public Interest and Accountability Committee (PIAC) will today commence a two-day workshop on finding solutions to the declining crude oil production in the country.