Seatrium has reached in-principle settlement agreements with the Brazilian authorities concerning “Operation Car Wash”, a probe into allegations of bribes to secure contracts in the country’s offshore energy sector.
President Nana Akufo-Addo has indicated that the government’s gold-for-oil policy has significantly reduced pressure on forex.
Coming amid attacks on refineries, ban is intended to avert shortages and spiking prices on the domestic market.
Major international oil companies (IOCs) are reaffirming their dedication to the development of African oil and gas resources, signaling positive prospects for service providers, drilling contractors, and the wider industry. During a recent event in Nigeria, top representatives from TotalEnergies, Shell, and Chevron disclosed substantial investment plans, spanning from pioneering exploration endeavors to facilitating gas supply from mature markets. With the Invest in African Energy (IAE) forum scheduled for May in Paris, there exists a prime opportunity for investors to capitalize on this renewed commitment to advancing Africa’s energy sector.
Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark, with traders anticipating potentially impactful US economy data coming in later this week – first the US personal consumption expenditures readings, followed up by European inflation figures and Chinese PMI developments reflecting the Chinese Lunar New Year.
Prices for North Sea and West African crude grades have increased this month.
The Red Sea shipping crisis and OPEC+ output cuts have tightened oil markets.
U.S. benchmark oil prices are also supported by higher demand for American crude in Europe due to the Red Sea disruption to flows.
British supermajor Shell last week exited Iraq’s potentially game-changing US$11-billion Nebras Petrochemical Project.
Shell signed the NPP deal, having agreed to the original memorandum of understanding back in 2012.
The key problem stopping Iraq from fulfilling its potential in oil, gas, and petrochemicals, remains the widespread corruption in its oil and gas sector, among others,
Discover how Kosmos Energy defied economic uncertainties to achieve unprecedented growth in the oil industry through stringent cost controls, strategic foresight, and promising future prospects.
Investigation into Eni’s projects in Kenya and the Republic of the Congo shows company is failing to produce “miracle” drought-resistant biofuels crops at scale.
The Cop28 UN climate summit in December secured agreement from almost 200 nations to “transition away from fossil fuels in energy systems in a just, orderly and equitable manner” – a decision hailed by world leaders as “historic”.