U.S. Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes that fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives, Bloomberg reports.
The Economic and Financial Crimes Commission (EFCC) has so far recovered over N201 billion from oil firms defaulting on royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the 3 per cent statutory payment to the Niger Delta Development Commission.
Russia is interested in increasing its oil production through projects in Venezuela, Russian deputy prime minister Alexander Novak said on Thursday, according to TASS.
Last week, one of the more bearish articles was published on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track.
Oil prices dipped on Thursday as the dollar firmed, while the possibility of further increases to interest rates by global central banks also heightened demand concerns.
HSBC Holdings Plc will no longer finance new oil and gas fields or related infrastructure in a move that climate activists say puts it ahead of many peers in addressing global warming.
We have seen a wide range in oil prices during 2022. From the start of the year, when West Texas Intermediate-WTI, was trading in the upper $ ’60s, to late March, where it topped $130 per barrel.
The energy crisis that began last year in Europe and dramatically escalated following the EU response to Russia’s invasion of Ukraine has seen many in government worry about the survival of the continent during the winter
Tullow Oil plc (Tullow) is pleased to announce the signing of a Production Sharing Contract (PSC) for offshore exploration licence CI-803 in Côte d’Ivoire.
The past couple of weeks have seen some good news for oil prices: China is relaxing its zero-Covid rules, the G7 and the European Union launched their price cap and embargo against Russia, and OPEC+ once again undershot its production target by a hefty 2 million bpd