Iran was the fourth-largest crude oil producer in OPEC in 2023 and the third-largest dry natural gas producer in the world in 2022.1 It holds some of the world’s largest deposits of proved oil and natural gas reserves, ranking as the world’s third-largest oil and second-largest natural gas reserve holder in 2023.
British oil giant BP is abandoning its plan to cut back its oil and gas output and planning fresh fossil fuel investments, all while pushing for billions of dollars in government subsidies for climate technologies.
West Africa is endowed with vast yet undeveloped gas resources that could support its industrialisation and the expansion of its power infrastructure.
Shelf Drilling has announced new contracts for two jack-up rigs in Nigeria. With reference to the press release dated September 6, 2024 regarding the award in West Africa, the Company has now fully executed a three-year contract for the Shelf Drilling Achiever jack-up rig for operations offshore Nigeria.
A critical period approaches for new global upstream hotspot Namibia. Starting next month, a string of high-impact exploration wells will be drilled in the deepwater Orange Basin, home to multiple major discoveries. The wells will shape future oil and gas activities in the emerging region, a key area for near-term development in West Africa.
Oil is fast losing its lustre as gas rises to the top of the hydrocarbon investment agenda in Africa. With estimates that $130-billion in hydrocarbon investments will flow to sub-Saharan Africa between now and 2030 with gas taking a rising share, South Africa risks losing out on the bonanza.
Like many nations worldwide, Ghana increasingly recognises the urgent need to shift from traditional fossil fuels to renewable energy sources. With the growing global climate crisis and rising energy demands, the call for renewable energy investments is no longer just a policy option—it’s a necessity. For a country like Ghana, poised to become a leading economic hub in West Africa, transitioning to renewable energy is not just
essential but a matter of immediate action for environmental sustainability and long-term economic growth.
The Minister of State at the Ministry of Energy, Herbert Krapa, has called on global investors in the oil and gas industry to take advantage of the safe investment regime, robust democracy, and stable and peaceful atmosphere in Ghana and invest in the country.
The National Petroleum Authority (NPA) has announced that the Atuabo Gas Processing Plant, which experienced a power-related issue that temporarily halted LPG production, is set to return to full
operational capacity by October 15.
The Cypre gasfield is BP’s next major offshore gas development in Trinidad and Tobago. It will add up to 8.5 mcm (300 mcf) of daily production and bolster the contributions of the Corallita and Lantana fields to the domestic gas market.