Two environmentalist groups have challenged in court French oil major TotalEnergies’ plans to drill five wells offshore South Africa.
TotalEnergies acquired a 33% stake in an exploration block offshore South Africa earlier in March.
Despite the apparent risks, TotalEnergies and QatarEnergy are moving ahead with their exploration effort off the South-African coast.
The tightening sanctions on Russia’s oil exports are raising freight costs for moving Russian crude.
Argus has estimated that shipping a barrel of Russian crude from a port in the Baltic Sea to China has cost around $14.50 since December.
The U.S. levied new sanctions against Russia last month on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician Alexey Navalny.
The Federal Government, on Tuesday, said about $5bn worth of investments are expected in Nigeria from oil and gas companies this year.
Tullow has affirmed its commitment to Ghana’s socio-economic growth through its operations in the country.
With crude oil production showing no sign of significant improvement in the country, the Federal Government has expressed concerns over the capacity of the industry to meet its domestic crude obligations to local refineries, insisting that supply to local refineries remain a priority.
Al Ghais highlighted OPEC’s role in addressing global issues like climate change, energy transition
Kazakhstan’s GDP is expected to grow at a moderate pace in the next two years, driven by oil and consumer spending.
Inflation is likely to remain above target in the short term, but is projected to decline over time.
The World Bank recommends reforms to improve the effectiveness of monetary policy and reduce the budget deficit.
U.S. domestic producers continue to be optimistic about the long-term prospects of gas as a fuel.
This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative, sinking to as low as -$1.16 per million British thermal units.
U.S. natural gas producers and pipeline operators acknowledge there is an oversupply hanging over the market, but they believe that gas will continue to be in demand domestically and internationally for decades to come.
India’s inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said, highlighting the need to diversify trade routes.
The U.S. oil and gas industry directly employed 2.04 million workers in 2023.