Brazilian state-controlled company Petrobras saw earnings down in the final quarter of 2023, as results were affected by the depreciation of Brent crude prices and lower oil products margins.
Kuwait Petroleum Corporation CEO Al-Sabah: Global oil demand looks robust.
Al-Sabah: U.S. shale production has helped meet part of the recent growth in world oil consumption.
As part of the voluntary OPEC+ cuts, Kuwait has pledged to voluntarily reduce its crude oil production by 135,000 bpd.
For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive.
Several oil majors beat expectations despite reporting smaller overall profits in 2023 compared to 2022.
The combined profits of Big Oil came in at around $107.5 billion last year
Saudi Arabia’s government transferred a further $164 billion stake in Aramco to the Public Investment Fund, a move aimed at bolstering cashflow at the state-backed investor that’s ramping up spending on huge local projects.
In an oil market update sent to Rigzone late Tuesday, Rystad Energy Senior Vice President Jorge Leon outlined that OPEC+’s extended production cuts of 1.7 million barrels per day into the second quarter have resulted in an increase of $5 per barrel to Rystad Energy’s previous price projection.
Oil prices were little changed on Thursday as markets weighed new economic data from China against increasing supply from the Western Hemisphere. Brent crude futures settled flat at $82.96 a barrel. U.S. West Texas Intermediate crude futures ended 20 cents lower at $78.93.
The Tamar offshore gas field situated in the Levantine basin off the coast of Israel commenced production in 2013.
Somalia and Turkey have announced the signing of a deal to explore for oil and gas that further strengthens cooperation between the two countries, according to officials from both countries.
The absolute ownership of all petroleum operations in Nigeria reside with the federal government.[2] To this end, applicants seeking to engage in petroleum operations in Nigeria can only do the same upon issuance of a petroleum license by the Minister of Petroleum. The hallmark of issuing petroleum licenses, for upstream, midstream and downstream petroleum activities to companies is to ensure effective and efficient harnessing of petroleum resources, sustainable development of petroleum resources and fostering business environment that would guarantee conducive petroleum operations in Nigeria.[3]
President Bola Tinubu has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
A statement by presidential spokesman, Ajuri Ngelale on Wednesday, said this is in keeping with the President’s dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians