Efforts of the government to bring in investors to Nigeria’s oil and gas sector appear not to have yielded the desired result as the sector only attracted $5m foreign investment in the second quarter of the year, having recorded no investment in the first quarter.
Dominion Energy, the developer of the 2.6-GW Coastal Virginia Offshore Wind (CVOW) Commercial project off the coast of Virginia Beach, is making plans to build significantly more offshore wind capacity
This week, crude oil prices faced sharp declines due to a confluence of factors that weighed heavily on market sentiment. Concerns over weak demand, particularly from China, and the easing of supply risks in the Middle East were central to the downward pressure on prices. Simultaneously, a series of reports from major institutions like the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) lowered global demand forecasts for 2024, reinforcing the bearish outlook.
Iraq has signed an agreement with Turkmenistan for the supply of 20 million cubic metres per day to power electricity facilities in the Arab country.
Suriname and Guyana are taking significant steps toward jointly exploiting gas reserves off their coasts. Staatsolie director Annand Jagesar stressed the importance of this collaboration, acknowledging that while immediate outcomes are unlikely, both countries are committed to developing a shared approach.
Exxon Mobil Corp has announced plans to sell a portion of its assets in North Dakota’s Bakken shale formation, according to Reuters.
After engaging major oil companies in the domestic market, such as Eni Spa, Libya’s national oil company Noc announced that production has risen back above 1.3 million barrels per day.
The Ghana National Gas Company Limited has acquired ownership of the Ghana Cylinder Manufacturing Company Limited due to the latter’s significant losses, including a loss of GH¢4 million recorded in 2021.
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rejected the proposed $1.3 billion sale of onshore oilfields to the Renaissance Group, citing the buyer’s lack of qualification to manage the assets, according to a Reuters report.
The world is set to enter a new energy era, with an oil and gas surplus and a surge in renewable energy manufacturing bringing down prices for consumers, the International Energy Agency said on Wednesday.