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.
Moscow on Thursday blasted the European Union’s plan to permanently ban Russian oil imports, with Foreign Ministry spokeswoman Maria Zakharova calling the proposal madness and suggesting only a “madman” would even float the idea. The language was vintage Kremlin — theatrical, indignant, and aimed as much at European voters as at Brussels policymakers.
The European Union has to coordinate its plans to impose a full ban on maritime services for Russian crude oil with the G7 group of the world’s most advanced economies, David O’Sullivan, the EU Sanctions Envoy, said on Thursday.
Diversified Energy has agreed to acquire natural gas properties and related facilities in East Texas from Sheridan Production for $245 million in cash, expanding its operated footprint in the region.
Federal regulators have officially reopened a door California politicians have spent years trying to weld shut.