Despite higher oil prices and narrower discounts of Russian crudes to international benchmarks, Russia remained the single largest crude oil supplier to China in July, ahead of its OPEC+ partner Saudi Arabia, according to Chinese customs data.
Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates.
Nigeria lost about N249bn crude oil revenue in July following a plunge in the country’s oil output by over four million barrels in the same month, latest oil production data seen on Sunday showed
In June 2029, the Namibian government pays N$200 000 to 500 000 households from oil tax revenue. Desperate to win elections later that year, the ruling party raids the sovereign wealth fund and mortgages future oil revenue to afford the N$100 billion payout.
Stakeholders in the extractive industries have approved the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 independent industry reports of the oil, gas and mining sectors.
The total number of active drilling rigs in the United States fell by 12 this week, according to new data from Baker Hughes published Friday.
Russia’s Arctic LNG 2 project is on track to begin first production later this year, one of the minority shareholders, China’s CNOOC, said on Friday.
Underinvestment in oil and gas exploration has been a scarecrow for energy security for several years now.
The offshore rig market is experiencing a period of rapid growth, driven by notable advancements in Guyana, Brazil, and the Middle East, infill drilling activities in West Africa, and renewed exploration in Namibia, India, and the Eastern Mediterranean, according to the International Energy Agency (IEA).
A survey has revealed that Norwegian oil and gas companies plan to increase oil and gas investments in both 2023 and 2024.