Ghana National Petroleum Corporation (GNPC) could soon become unproductive as it cannot finance its operations due to the government’s failure to settle the unsustainable debts owed to the parastatal organisation.
Grainger plc (LON:GRI – passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 254.37 ($3.22) and traded as high as GBX 259 ($3.28). Grainger shares last traded at GBX 256 ($3.24), with a volume of 524,514 shares.
Hess Corporation (NYSE: HES) today announced it has made a final investment decision to proceed with Whiptail, the sixth development on the Stabroek Block, after receiving government and regulatory approvals. Whiptail is expected to add gross production capacity of approximately 250,000 barrels of oil per day by the end of 2027.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya has overtaken Nigeria as the top African oil producer.
The latest trading session saw Exxon Mobil (XOM) ending at $121.18, denoting a +0.52% adjustment from its last day’s close. The stock’s performance was ahead of the S&P 500’s daily gain of 0.15%. Meanwhile, the Dow lost 0.02%, and the Nasdaq, a tech-heavy index, added 0.32%.
The Tema Oil Refinery (TOR) has refuted claims of a supposed takeover by Sentuo Oil Refinery, following allegations of a meeting to discuss the sale of the national refinery to the Chinese-owned private oil refinery.
Mozambique has finalized agreements with Chinese oil company the China National Offshore Oil Corporation (CNOOC) for the exploration and production of five offshore blocks. These blocks, located in both shallow and deep waters, were awarded as part of the country’s sixth licensing round initiated by the Mineral Resources and Energy ministry.
TotalEnergies and SONATRACH have signed a Memorandum of Understanding to conclude an oil and gas contract in the north-east Timimoun region, under the aegis of Law n°19-13 governing oil and gas activities.
Enauta, a Brazilian oil and gas company, is in talks to merge with 3R Petroleum Óleo e Gás, creating a major independent player in Latin America.
The merger would combine Enauta’s recent acquisitions in Brazil’s offshore region with 3R Petroleum’s existing assets, resulting in a company with a production capacity of over 100,000 barrels per day.
The move is part of a growing trend of mergers and acquisitions in the global oil and gas industry, as companies seek to consolidate and cut costs.
Exxon will pause for several weeks oil production at two platforms offshore Guyana in the third quarter of 2024 to connect them to a new pipeline expected to bring the associated natural gas onshore to a gas-fired power plant.