Oil prices continue to trade sideways this week, with supply shocks being counteracted by continued macroeconomic pessimism.
Russia’s crude oil exports by sea jumped by 880,000 barrels per day (bpd) week-over-week to 3.4 million bpd in the week to August 27, tanker-tracking data monitored by Bloomberg showed on Tuesday.
Nigeria has historically had to import petroleum by-products, diesel and gasoline from other countries such as India, Belgium and the United Arab Emirates. This was one of the major paradoxes that overshadowed the African country in the midst of a more aggressive and competitive international market.
Nigeria looks to restart four of its oil refineries by the end of 2024, the country’s newly appointed minister of state for petroleum, Heineken Lokpobiri told Reuters, as the southern Port Harcourt plant prepares to begin operations by the end of this year.
Norway has received a large number of applications from energy companies for offshore oil and gas exploration blocks in this year’s licensing round, which had a heavy emphasis on the Barents Sea.
Despite multi-layered international sanctions on Russia following its 24 February 2022 invasion of Ukraine, President Vladimir Putin’s ‘special energy project’ – developing the country’s massive gas and oil resources in the Arctic – took a major step forward last week as it was confirmed that the flagship Arctic LNG 2 will begin operations before the end of this year.
This weekend, the chief executive of BP, Bernard Looney, said that the world needs to invest in more oil and gas production.
Suriname’s President Chan Santokhi had pinned his hopes on a massive oil boom to reinvigorate the former Dutch colony’s crisis-prone economy. Those hopes were dashed when French energy supermajor TotalEnergies delayed the billion-dollar final investment decision (FID) for Block 58 offshore Suriname.
The Parliamentary select committee on mines and energy has found no evidence of any losses from a deal between the Ghana National Petroleum Corporation (GNPC) and Genser Energy Ghana Limited (GEGL), concluding an investigation into unfounded claims of irregularities.
The net profit margin of the Bulk Oil Storage and Transportation Limited Company (BOST) has increased from GH₵161 million in 2021 to GH₵342 million in 2022.