The world’s largest oilfield services providers saw last year their highest combined net profits since the shale boom of 2014, driven by a rebound in drilling activity amid soaring oil and gas prices.
The United Arab Emirates (UAE) has been repeatedly criticised since winning its bid to hold the COP28 climate summit later this year, particularly for its ongoing dependence on oil and gas to sustain its economy. While some say it is vital that the oil powers requiring the most diversification to survive without fossil fuels, such as the UAE, be closely involved in the global climate talks, others are condemning the decision.
Some European politicians and economists are breathing a sigh of relief after mild temperatures, increasing liquefied natural gas shipments, and above-average natural gas stockpiles have so far averted a worsening energy crisis this winter. Other politicians believe the energy crunch won’t be over for many years.
U.S. natural gas prices fell below $3 per million British thermal units this week for the first time in two years amid continuing warm weather that started a commodity selloff.
Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month’s peak levels.
A multi-disciplinary group of experts from Ghana and Switzerland are undertaking a study to develop new methods to address gaps in energy system models for developing countries and cities.
Africa’s richest man Aliko Dangote’s Dangote Industries Limited has announced that Nigeria’s President Muhammadu Buhari will officially
unveil its $19-billion petrochemical complex, the Dangote Oil Refinery, before the end of his term in May 2023.
The Chief Executive Officer of the Petroleum Commission, Egbert Faibille Jnr., has stated that the unitization of Springfield and ENI Sankofa fields has been declared.
Traders expect the Federal Reserve to end its rate hikes in two months, which could push oil prices higher due to the generally inverse relationship between rates and oil prices.
Ghana bagged $696.815 million from oil lifting, corporate tax and other income in the second-half of 2022, the Ghana Petroleum Funds report has disclosed.