Namibia’s state-owned oil company NAMCOR has made a third oil discovery with partners, Shell and Qatar Energy in the Jonker-1X deepwater exploration well in the Orange Basin offshore southern Namibia, it said on Monday.
The total number of total active drilling rigs in the United States fell by 3 this week, according to new data from Baker Hughes published on Friday, after falling by 4 last week.
Leftist Lula de Silva’s victory in Brazil’s controversial October 2022 presidential election provoked apprehension that many of the investor-friendly oil industry reforms undertaken by previous administrations will be undone.
Oil prices have been stuck in a tight range since erasing the gains of the Russian invasion of Ukraine at the end of last year.
Despite high oil prices sending energy company profits soaring over the last year, little of those profits have been reinvested in the oil and gas business. As oil and gas companies acknowledge the inevitability of an energy transition in the future, many are pumping funds into their clean energy business and returning money to shareholders. However, energy experts are concerned that underinvestment in oil and gas could threaten the world’s energy security at a time when the demand for fossil fuels is high and climbing.
Astana is upbeat about boosting oil exports, despite caveats over how the war in Ukraine may impact markets and questions about its recently launched shipments to Europe.
Oil prices are on course for their largest weekly decline since January after the head of the Federal Reserve reignited recession fears.
The combined oil production of the OPEC+ group dropped in February by 80,000 barrels per day (bpd) as a small rise in Russia’s still resilient output failed to offset declines in Angola, Iraq, and Kazakhstan, according to the Platts survey by S&P Global Commodity Insights.
The Energy Minister, Dr Matthew Opoku Prempeh participating for the first time in the North Africa & Europe Energy & Hydrogen Exhibition & Conference (NAEPEC).
Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes.