Oil slid to the lowest in over three weeks as optimism grew that the US and Iran are moving closer to an agreement that would reopen the vital Strait of Hormuz chokepoint.
Lekan Aluko, CEO of PetroVision, talks to The Energy Year about Africa’s upstream investment outlook and the commercial and fiscal factors required to optimise the bankability of energy projects. PetroVision is an energy consultancy firm with offices in Cape Town, Lagos and London.
Nigeria said it approved a $4.5 billion arrangement with the state-owned energy firm that will liberate funds to bolster foreign-exchange reserves and spending on the government’s ongoing infrastructure priorities.
Indian refiner Chennai Petroleum Corporation Limited plans to boost the crude oil refining capacity at its Manali refinery by a third to 280,000 barrels per day (bpd), the refiner said in its 2025/2026 report.
President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to “get your consumer (retail!) Oil Prices DOWN, NOW!”
Venezuela exported 1.16 million barrels of crude oil daily last month, a slight decline from June’s 1.2 million barrels daily, on lower withdrawals from storage, Reuters has reported, noting that exports to the United States during that month increased.
TotalEnergies SE has signed an agreement to buy Shell PLC’s four-gigawatt (GW) portfolio of mostly in-the-pipeline onshore renewable energy (RE) projects in Europe.
The U.S. Department of the Interior has proposed targeted revisions to federal regulations governing exploratory oil and gas drilling on Alaska’s Outer Continental Shelf, seeking to modernize the 2016 Arctic Exploratory Drilling Rule while maintaining existing safety and environmental oversight.
The Texas Railroad Commission (RRC) has partnered with the Texas A&M Engineering Extension Service (TEEX) to launch an advanced fire prevention and electrical safety training program for oil and gas inspectors, strengthening field oversight aimed at reducing wildfire risks and improving operational safety.
Petrobras has confirmed a new deepwater natural gas discovery at the Sandia-1 exploratory well in Colombia’s GUA-OFF-0 Block, further expanding the company’s growing offshore gas portfolio in the country.