For a country of under one million, former British colony Guyana has emerged as a fossil fuel powerhouse. A series of more than 30 high-grade oil discoveries in the offshore Stabroek Block by energy supermajor Exxon have catapulted Guyana into the big league ending it with over 11 billion barrels of oil resources.
Oil and gas revenues for the Russian budget slumped to $5.8 billion (528.6 billion Russian rubles) in June, down by 26.4% from the same month last year, data from Russia’s Finance Ministry showed on Wednesday.
On behalf of its partners, Pecan Energies, the operator of the Deepwater Tano/Cape Three Points (DWT/CTP) block offshore Ghana, has announced the successful approval of the Plan of Development (PoD) for the DWT/CTP contract area by Ghanaian authorities.
Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), highlighted the importance of promoting dialogue in the global energy scene, with the participation of both developed and developing nations, as well as all stakeholders.
Driven by a surge in market conditions, Ghana is expected to commence 17 oil and gas projects during the outlook period 2023-2027.
Kazakhstan’s oil and condensate production has dropped by almost 13% to about 1.66 million barrels per day in less than 24 hours after a blackout in the western part of the country.
Crude oil prices, which had been rallying on the news that Saudi Arabia will extend its production cuts, began trade on Wednesday with a slight decline before WTI jumped even higher while Brent remained in the red.
For the second month running, the leading OPEC producer, Saudi Arabia, has extended its voluntary 1M bbl/day oil production cut for another month, this time till August.
Crude oil prices moved modestly higher on the morning of the 4th of July following the news that Saudi Arabia would extend its voluntary oil production cuts through August.
Spending on exploration is growing as oil majors are now putting the security of oil and gas supply and higher upstream profits ahead of investment in lower-return low-carbon energy solutions.