Brent crude futures rose 21 cents, or 0.3%, to US$83.54 a barrel by 0810 GMT while U.S. West Texas Intermediate (WTI) crude futures were up 1 cent at US$78.49
Saudi Aramco has raised the official selling price of all the grades it exports to Asia, with flagship Arab Light for delivery in June set to become $0.90 more expensive, Bloomberg reported citing a pricing list it had seen.
Global maritime company BW Group has unveiled plans to separate BW Energy as an oil and gas exploration business from its maritime businesses, as part of corporate restructuring process.
Houston — As Big Oil returns this week to the industry’s annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the US Gulf Coast will take the spotlight.
Oil and gas production was a boon for one of Africa’s smallest nations, but it is now caught between dwindling hydrocarbon reserves and the pressures of the energy transition.
Azule Energy, an equal joint venture between BP and Italian oil major Eni for their Angolan business, has signed an agreement with Rhino Resources of Namibia for a 42.5 per cent interest in the country’s offshore oil bloc in the Orange Basin.
Oando’s COO Irune has revealed the firm expects to scale production up to 100,000bpd by 2029, driven by new drilling.
ADNOC increased its oil production capacity to 4.85 million bpd ahead of the next OPEC meeting.
The country’s stated aim is to reach 5 million bpd capacity by 2027.
OPEC’s current production cuts are set to run through the end of June, but the group may decide to extend those cuts at its next meeting.
Demand for loans from the oil and gas industry fell by 6% last year.
Oil and gas producers’ ratio of net debt to earnings before interest, tax, depreciation and amortization has dropped from 2.4 in 2020 to 0.8 last year.
Strong cash positions puts the oil & gas industry in a position to invest more of its own capital in new production.
Global Data: Aramco is leading oil companies in AI investment.
Saudi Aramco spent $3.5 billion on research and development last year.
As for AI itself, the technology was deployed in areas such as oil exploration, fault monitoring, and cyber threat detection.