Since 25 March, hundreds of thousands of barrels per day of oil flows crucial to the semi-autonomous Kurdistan region of Iraq (KRI) and important to the oil sector as a whole have been prevented from being exported to Turkey on the basis that they are regarded as illegal by the Federal Government of Iraq (FGI) in Baghdad.
Last week, Canada’s Prime Minister pledged to the UN General Assembly that he would cap emissions from the country’s oil and gas industry this year. Interestingly, the only leaders allowed to speak at the gathering were those who had made firm climate change commitments, and even though Trudeau was among them, he was criticized for the fact that “Canada was one of the largest expanders of fossil fuels last year,” per a CBC report.
The Ghana Upstream Petroleum Chamber Chief Executive, David Ampofo, has stressed the critical importance of expanding gas infrastructure and enhancing domestic gas utilisation to bolster energy security in Ghana.
The Ghana Upstream Petroleum Chamber has held its 2023 Ghana Oil and Gas Conference. The well-attended conference brought together over 500 participants from industry, government, banking, academia and numerous professional services with an interest in oil and gas.
Industry experts in the Oil and Gas sector have called for more investment in the sector to spur sustainable economic growth.
The Public Interest and Accountability Committee (PIAC) is advising the government to promote a very business-friendly regulatory environment in the upstream petroleum sector to attract foreign investors.
Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.
The Biden administration and environmental groups on Friday said they would appeal a Louisiana federal judge’s ruling that ordered an expansion of next week’s sale of oil leases in the Gulf of Mexico.
Russia’s recent decision to restrict its diesel and gasoline exports has pushed oil prices higher, countering economic concerns sparked by the Fed’s recent reiteration of its “higher for longer” interest rate policy.
Oil-rich Libya has been fighting to get its oil industry back on track over the last decade, since the Arab Spring and subsequent political instability. Following the failed presidential elections of 2021, it finally appeared that Libya’s oil and gas industry was getting back on track. More foreign investment was coming in and several discoveries showed great promise for the country’s oil fields. However, a recent devastating storm has plunged into a humanitarian crisis, meaning its energy revenues and international support will be vital for its recovery.