Economist and Former Finance Minister, Winston Jordan has urged the Government to come clean on a number of issues, specifically relating to the financing and repayment on some aspects of the gas-to-energy project, suggesting that the Government might have already committed its share of future oil resources to repay ExxonMobil for the pipeline aspect of the project.
Omani upstream energy firm ARA Petroleum has announced that it has been formally awarded a license for the development of Tanzania’s Ntorya gas discovery – the largest onshore gas project in the East African nation to date.
Global investment in upstream oil and gas is set to reach $570 billion in 2024, showing a 7% increase compared to 2023 expenditure. Of this, 33% is expected to be directed toward frontier assets, presenting a strategic opportunity for emerging oil and gas markets in Africa. Meanwhile, the International Energy Agency has estimated that delivering modern energy to the entire African continent – where more than 600 million people still lack access to electricity – will require up to $25 billion in annual spending through 2030.
A highly touted exploration well in Newfoundland’s offshore that had garnered international attention did not produce the results that energy giants ExxonMobil Canada and Qatar Energy had hoped.
It has the makings of a jigsaw puzzle. And the oil market for now is saddled with more questions than answers amid efforts to solve it.
A Colombian judge ordered Ecopetrol SA and Petroleo Brasileiro SA to halt the drilling of an offshore gas well in the nation’s Caribbean waters after an Indigenous community sought legal protection.
U.S. power-generating companies are announcing plans for the highest volume of new natural gas-fired capacity in years as the AI boom is driving demand for electricity.
Oil prices stabilised on Monday as ongoing disruption to US Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data while investors await news on US interest rates this week.
Alberta’s energy minister is promising strong action by next fall to clean up the province’s growing backlog of unreclaimed oil and gas sites.
PetroChina Investment Suriname BV, a subsidiary of China National Petroleum Corp., signed a production sharing contract on Blocks 14 and 15 in Suriname with state-owned Staatsolie Maatschappij Suriname.