OPEC member Libya plans to offer blocks both onshore and offshore in the tender expected by the end of 2024 or in early 2025, the official told Bloomberg.
There has been a 55.6 percent increase in revenue received for the period as a result of higher production, which recorded over 10 percent increase.
This is a result of a prudent governance system and efficient operational practices introduced by the Board and Management of the Company over the past four years.
The potential of artificial intelligence (AI) to transform the energy industry and accelerate decarbonisation has emerged as a critical topic of conversation amongst energy ministers and business leaders, as was made clear at the world’s largest energy event, ADIPEC 2024.
While the OPEC+ group is trying to manage oil supply to the market, the world’s largest international oil companies are raising their production, with the U.S. supermajors hitting record highs.
U.S. natural gas production surged by an impressive 94%, and by 2009, oil production also turned a corner, ultimately soaring by 170%.
The U.S. presidential election promises to dominate global news coverage for the next 24 hours, and oil markets will be watching developments closely after both WTI and Brent banked gains from the OPEC+ decision on Monday.
The revenues from oil for the state were also impacted by the government subsidy paid to local refiners.
NG Energy has commenced production and sales from its Sinu-9 gas project in Colombia.
Canadian independent Touchstone Exploration has secured an exploration and production licence through its Trinidadian subsidiary Primera Oil and Gas Limited (POGL) for the Rio Claro block in Trinidad