Saudi Aramco’s net income for Q1 2024 fell due to lower crude sales.
The company maintained its $31.1 billion dividend payout despite the profit dip.
This prioritization of shareholder payouts over short-term profit raises questions about Aramco’s strategy.
In a bold move, oil companies are significantly ramping up their offshore drilling operations, reflecting a global surge in demand for energy. Despite the increasing push for renewable energy sources, the immediate reliance on traditional oil and gas remains strong, leading to expanded exploration and drilling activities in offshore locations.
BP’s new Azeri-Central-East (ACE) facility is expected to boost oil production by 25 percent.
The ACE facility has the capacity to handle up to 2.6 bcm of gas per year, which could help Azerbaijan meet its gas supply commitments to the European Union.
The launch of the ACE facility comes at a fortuitous time for Azerbaijan, which is heavily dependent on hydrocarbon exports.
The integrated engineering, procurement, construction and installation (EPCI) contract is aimed at expediting the subsea tieback process to extend the life of ageing platforms.
Boasting an estimated 3.5 billion barrels of oil and producing an average of approximately 149,000 barrels per day (bpd) in 2023, South Sudan’s oil sector plays a vital role in the country’s economy. During the forecast period 2022-2027, South Sudan’s oil market is poised to grow at a compound annual rate of 1.5% – rising from 134,000 in 2021 to approximately 160,500 bpd by 2027.
Seatrium has announced that it has secured a floating production storage and offloading (FPSO) topsides integration contract from longstanding customer, Offshore Frontier Solutions Pte. Ltd.
Members of the Ghana Upstream Petroleum Chamber have held a meeting with Alan Kyerematen, leader of the Movement for Change as part of a series of engagements that the chamber is carrying out with key stakeholders. The engagements are geared at helping critical stakeholders to understand the underpinnings of the sector for the benefit of the upstream industry.
Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
Brazil’s oil giant Petrobras should increase its efforts to boost natural gas supplies and lower prices to help revive the nation’s industry, said mines and energy minister Alexandre Silveira.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.