West Africa Oil and Gas Upstream Market: Growth and Trends Analysis
The West Africa Oil and Gas Upstream Market is anticipated to register a Compound Annual Growth Rate (CAGR) of approximately 6.7% during the period 2020-2025.
Norwegian oil and gas companies will drill more exploration wells this year as the country seeks to maintain its position as a key supplier to Europe.
February WTI crude oil (CLG24) on Thursday closed up +0.65 (+0.91%), and Feb RBOB gasoline (RBG24) closed up +4.70 (+2.27%).
Commodity analysts at Standard Chartered have reported that silver and distillates are the only commodities whose investor positioning has changed significantly from a year ago.
Standard Chartered: oil could be undervalued by at least $10 per barrel.
Supply and demand balances are significantly more bullish compared to a year ago, when an outsized January surplus of 3.5 mb/d led to a large 1.6 mb/d Q1-2023 surplus.
Petroliam Nasional Sdn. Bhd. (Petronas) has received a 20-year extension to its production sharing contract (PSC) for the Ketapang block from Indonesia’s Energy and Mineral Resources Ministry.
Dangote Refinery and Petrochemicals Co. has received all crude oil supplies necessary to begin commercial production of finished products at the recently commissioned 650,000-b/d refining and petrochemical complex in southwestern Nigeria.
The Nigerian oil and gas upstream market are anticipated to register a Compound Annual Growth Rate (CAGR) of over 2.0% during the period from 2021 to 2026. As of January 2021, the offshore and onshore rig count experienced a significant reduction in the country due to project scarcity and the adverse impacts of the COVID-19 pandemic.
Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) announced today that it has entered into definitive agreements to acquire non-operated oil and natural gas assets in the SCOOP and STACK plays in central Oklahoma (the “Acquisitions”) from Red Sky Resources III, LLC, Red Sky Resources IV, LLC, and Coriolis Energy Partners I, LLC. The combined purchase price of the Acquisitions is $43.5 million in cash, subject to customary closing adjustments, with an effective date of November 1, 2023, and an expected closing date in mid-February during the Company’s third quarter of fiscal 2024. Evolution expects to fund the acquisition with cash on hand and borrowings from EPM’s revolving credit facility.
With the country expecting its fourth consecutive decline in oil production since 2010 – as a result of reduced production in all three existing oil fields, industry experts are raising concerns about the impact on Ghana National Petroleum Corporation’s (GNPC) financial stability.
After a decade-long wait, regulatory barriers to the establishment and expansion of wind farms in Hungary have been lifted thanks to a package of legislation that entered into force on 1 January 2024. The legislation both reduces the protection zone for wind farms from 12 km to 700 meters and repeals the mandatory tendering procedure for wind farm capacity. However, will these changes be sufficient to reignite wind farm development in Hungary?
1. Why has no wind farm been built in Hungary for over a decade?
Initially, the establishment of wind farms above household size were possible only by means of a tendering procedure set out in KHEM Decree No. 33/2009. (VI. 30.) governing the terms of the call for tenders, the requisite tender content, and the procedure’s regulations (the “KHEM Decree”). However, despite this framework, no such call for tenders has been issued.