ADNOC reached a FID on the project in June 2024, concurrently awarding USD 5.5 billion in EPC contracts to a joint venture of Technip Energies with JCG Corporation and NMDC Energy.
The predictions come from Wood Mackenzie, which listed in a recent article a total of five factors affecting the natural gas market in the United States this winter. Control of supply is at the top of the list as natural gas producers respond to persistently low market prices for their commodity. Natural gas prices have been depressed for over a year, and earlier in 2024, producers had enough of that and started delaying well-drilling plans.
The sudden escalation of the Russia-Ukraine war with the United States, UK and France allowing Ukraine to use long-range missiles to strike Russian territory and the subsequent change in Russia’s nuclear doctrine have brought the long-forgotten European geopolitical risk back, lifting ICE Brent slightly to $73 per barrel.
The Yahoo Finance article says that both European and U.S. negotiators aim to reinforce last year’s commitments to boost energy efficiency and renewable energy, viewing them as crucial to maintaining progress in the global climate fight.
The state-of-the-art $20 billion refinery was launched in January 2024, but only began producing gasoline in September, expected to reach full operations in November. The giant refinery has a capacity to process 650,000 barrels of crude per day, more than enough for the country’s needs. To sweeten the deal further, the facility is buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the US dollar.
The President noted that Mr. Krapa, who has served as Minister of State at the Ministry of Energy since July 15, 2024, is credited with demonstrating exceptional diligence, professionalism, and a steadfast commitment to his responsibilities.
The oil sector in Ghana, has been a focal point of controversy and debate for several years, especially with the emergence of Springfield Exploration and Production Limited (SGL) and its ambitious claims regarding its oil discovery.
Speaking at the commissioning of a 515-megawatt power plant under the $1.2 billion Ghana Bridge Power Project at Kpone near Tema on Tuesday, November 19, the President assured Ghanaians that past power crises would not recur.
When the expanded Trans Mountain pipeline came online earlier this year, some media reported U.S. refiners should start worrying about the supply of Canadian crude. With a bigger TMX, Canada could now export overseas. Yet now, with a pro-oil administration coming in, Canada’s top oil-producing province is looking south again.
Record U.S. natural gas production last year led to record volumes of ethane recovery at processing plants in the first half of 2024. However, recovery has recently fallen from all-time highs due to record-high levels of stocks.