The U Field is the deepest gas discovery of the Cluster-2 development, with gas production potential of about 3 MMcmd
ENI has expressed its satisfaction with the decision of the Milan Court of Appeal which, confirming in the first degree, rejected the appeal made by the Nigeria Civil Party aimed at obtaining compensation for the procedure on the acquisition of the OPL 245 block and required Nigeria to pay legal fees.
The Ministry of Petroleum Resources says it has developed a framework for the concessioning of oil and gas pipeline assets.
Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, disclosed this at a workshop in Abuja.
The Ghana Upstream Petroleum Chamber (GUPC) has unveiled its energy transition position paper to government as the country prepares along the path of energy transition.
The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Standard Chartered analysts are now forecasting a reduction in global oil demand of over 400,000 bpd year-over-year in the fourth quarter amid increasingly bearish fundamentals.
The OPEC+ group may have to “rethink” its decision to slash their collective oil production target by 2 million barrels per day (bpd) from November as it further stokes inflation and worsens the economic outlook for oil-importing developing nations, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Bloomberg on Wednesday.
Despite global economic headwinds, oil prices could soon return to above $100 per barrel again, sooner than analysts thought two months ago.
There is great optimism around the future of biofuels, which may offer a low-carbon alternative to several widely used fossil fuels if given the necessary government support to help develop an international biofuels industry within the coming years.
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 3.9 million barrels for the week to November 4.