A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector.
But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices rallied on Monday on the Libyan reports, but had already surrendered much of these gains during the Tuesday session.
The Government has said it will not challenge judicial reviews brought against developments for the Rosebank and Jackdaw offshore oil and gas fields in the North Sea, in order to “save the taxpayer money”.
Eni announces that the Indonesian authorities have approved the Plan of Development (POD) of the Geng North (North Ganal PSC) and Gehem (Rapak PSC) fields. The integrated development of the two fields will create a new production hub, called Northern Hub, in the Kutei Basin. The Indonesian authorities have also approved the POD for Gendalo&Gandang fields (Ganal PSC).
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry.
Eco (Atlantic) Oil & Gas has completed a farm down of a 13.75% participating interest in Block 3B/4B offshore South Africa to TotalEnergies and QatarEnergy.
The Ministry of Petroleum and Mineral Resources has announced that the Egyptian Natural Gas Holding Company (EGAS) has launched a new international 2024 bid round for the exploration and exploitation of natural gas and crude oil in 12 blocks in the Mediterranean and Nile Delta.
Nigerian regulators are expected to approve Exxon Mobil Corp.’s $1.3 billion sale of its oil and gas assets to Seplat Energy Plc within the next four months.
Egypt’s petroleum ministry on Tuesday announced an international tender seeking bids for natural gas and crude oil exploration in the Mediterranean Sea and the Nile delta, 10 offshore blocks and two onshore blocks.
Namibia has been advised to use oil revenue to invest in other sectors of the economy to diversify income streams.
Canadian oil and gas company Africa Oil Corp. has set the wheels in motion to expand its ownership interest in Impact Oil & Gas, an Africa-focused exploration player with hydrocarbon exploration and appraisal assets in the Orange Basin off the coast of Namibia.