State-owned Tanzania Petroleum Development Corporation (TPDC) has acquired a 20% additional stake in the Mnazi Bay natural gas project. In a deal worth $23.6 million, the acquisition brings the TPDC’s total share in the project to 40%.
Ghana Gas Company Limited is expected to acquire Ghana Cylinder Manufacturing Company (GCMC) Limited by the end of the first quarter of 2024.
Disruptions to shipping in the Red Sea and via the Suez Canal are raising the prices of African and U.S. crude grades.
Brent crude sees stronger backwardation.
Analysts expect drawdowns in global stocks this month and next to support oil prices.
Fitch Ratings: geopolitical instability in the Middle East continues to drive upward risk for oil.
Increasing regulatory uncertainty is also a risk for oil and gas firms.
Fitch Ratings has also predicted that large spare OPEC+ capacity of over 5 million barrels of oil is likely to dampen the oil price rally.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
A Texas company has reached a multimillion-dollar settlement with the federal government and the state of New Mexico to address air pollution concerns in the largest oil and gas producing region in the United States.
American Petroleum Institute figures show surprise increase in inventory while, investors are reining in expectations for US rate cuts
Brent, the global benchmark for crude, rose to $83.19/barrel on Tuesday evening, moving up by $1.19 when compared to its cost the preceding day, as latest data from the Federal Government indicated that Nigeria’s oil output increased to 1,426,574 barrels/day in January 2024.
Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration’s five-year plan to offer drilling leases in the Gulf of Mexico.
The inertia of oil prices during the Red Sea oil crisis has made oil traders complacent.
Fears of an escalation of the Israel-Hamas war have subsided amid talks about a ceasefire.
The rerouting of oil tankers directly increases oil demand—by around 200,000 bpd so far.