In a significant development towards transforming Ghana into a leading petroleum and petrochemical
hub in Africa, the Petroleum Hub Development Corporation (PHDC) has officially signed a US$12
billion agreement with TCP-UIC Consortium
Oil climbed, building on its biggest weekly advance since early April and extending a short-covering rally, helped by risk-on sentiment in broader markets.
New build projects drive the upcoming projects landscape in Asia-Pacific constituting 79% of the total projects across the oil and gas value chain.
The Mansuriya field, holds an estimated 4.5 trillion standard cubic feet of gas and is expected to produce around 300 million scf per day of gas at its peak.
For China, the location of the Mansuriya gas field fits perfectly into the vast network of oil and gas sites in Iraq.
According to industry figures, more than a third of all Iraq’s proven oil and gas reserves and over two-thirds of its current production are managed by Chinese companies.
Oil prices steadied on Friday, with global benchmark Brent set for its first weekly gain in three weeks as economic indicators from big consumers China and the United States bolstered hopes for higher demand.
BINTULU, Malaysia — In the open sea off the coast of Malaysian Borneo, industrial rigs extract massive amounts of oil and gas that fuel the economy of Malaysia.
A US official has said that Iranian oil is being transported through Malaysia to China.
China’s extraordinary economic expansion almost singlehandedly drove a supercycle in key commodities since the mid-90s.
This robust performance across several major sectors in China’s economy is in sharp contrast to the growth drivers seen last year.
China continues to buy oil from Russia and Iran at a discounted price
Aramco is negotiating a 10% stake in Chinese petrochemical company Hengli.
The deal strengthens Aramco’s downstream presence in China, a key export market.
Saudi Arabia’s strategy is to secure long-term crude oil supply agreements while also boosting Aramco’s chemical production goals.
OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, OPEC will need to make a decision.