Crude oil prices are on the rise, driven by stark cutbacks imposed by Saudi Arabia and Russia, the main forces behind OPEC+.
Crude oil prices moved higher today after the Energy Information Administration reported a crude oil inventory draw of 2.2 million barrels for the week to September 22.
Kuwait Foreign Petroleum Exploration Company has signed an agreement to take on a 40% stake in Shell’s offshore Block 3 in Egypt, Upstream Online reported on Friday.
The governments of Venezuela and Trinidad and Tobago have struck a profit-sharing agreement that will allow them to jointly exploit the Dragon gasfield, with Trinidad exporting natural gas from the PDVSA project.
Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Nigeria’s President Bola Tinubu.
Oil prices are under pressure as the U.S. dollar continues to strengthen and fears of a higher-for-longer interest rate weight on demand expectations.
Worley has signed a FEED contract with QatarEnergy LNG for CCS facilities at the Ras Laffan project in Qatar, the American-Australian engineering giant announced on Monday.
Shell has signed an agreement to supply at least 4.25 mcm (150 mcf) per day of gas from the upcoming Manatee project with Trinidad and Tobago’s state-run NGC through 2036, Reuters reported on Friday.
Nigeria’s NOC NNPC has signed an agreement with partnered oil majors to cut deadlines on contract negotiations from three years to six months, Reuters reported on Monday.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says the country’s total annual upstream capital expenditure has decreased from 27 billion dollars in 2014 to less than six billion dollars in 2022.