Industry experts in the Oil and Gas sector have called for more investment in the sector to spur sustainable economic growth.
Promote a business-friendly regulatory environment in upstream petroleum sector – PIAC to government
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.
After uncertainty earlier in the year, as Egypt came to rely heavily on Israel for its gas imports, the North African state finally seems to be getting its oil and gas industry back on track. A planned expansion of its Zohr gas field and new exploration projects are expected to put Egypt back on the map for its energy resources. Further, investment in innovative technologies is expected to boost production rates.
This week, Goldman Sachs raised its oil price target to $100 again. The bank cited lower OPEC output combined with higher demand, which taken together, “more than offset significantly higher U.S. supply.”
The total number of active drilling rigs in the United States fell by 11 this week, after seeing a brief 9-rig rise last week, according to new data from Baker Hughes published Friday.
Russia is set to generate higher revenues from oil exports this year despite the price cap imposed on the country by the G7 and EU in response to the country’s invasion of Ukraine.