Brazil’s state-controlled oil producer Petrobras surpassed profit expectations after robust oil production and record exports helped cushion the impact of weaker crude prices. Shares rose.
Bahrain’s main energy company, which operates the island nation’s only oil refinery, declared force majeure on operations that have been impacted by the ongoing war in the Middle East.
U.S. Energy Secretary Chris Wright sought to counter market warnings about an extended Middle East war, saying global energy supplies are sufficient and the surge in oil prices reflects a “fear premium” that won’t last.
Shipping through the Strait of Hormuz remained near a standstill for a seventh consecutive day, with Iran-linked vessels the only commercial ships observed transiting the critical waterway over the past 24 hours, according to vessel-tracking data compiled by Bloomberg.
Oil prices surged in early Asian trading on Monday, breaking above $100 per barrel for the first time in nearly four years as the Iran conflict escalated and Ayatollah Mojtaba Khamenei was chosen as supreme leader.
Nigeria is moving to channel a larger share of oil and gas revenue into state coffers as part of broader fiscal reforms aimed at strengthening public finances and improving transparency in the upstream sector.
Between 2000 and 2024, China channelled $66.1 billion into Africa’s energy sector, financing power plants, oil and gas projects, transmission infrastructure, and renewable energy developments across the continent.
The contract will cover the design and manufacturing of tree systems, flexible flowlines, a manifold, and controls, as well as installation of the subsea production system.
UK-based oil and gas company Tullow Oil has signed a sale and purchase agreement with TEN Ghana to acquire the Prof. John Evans Atta Mills FPSO for a gross consideration of $205 million.
In February 2026, Kosmos Energy reported that Ghana’s parliament ratified license extensions for the West Cape Three Points and Deepwater Tano petroleum agreements to 2040, underpinning up to US$2.00 billion of additional investment, expanded drilling at the Jubilee field, and a cost-saving FPSO acquisition at the TEN fields.