OPEC+ may have put a floor under crude prices by extending oil supply cuts for another quarter, but the group will soon face a more grueling test.
The Federal Government has said that the 7th Nigeria International Energy Summit (NIES 2024) would serve as catalyst for positive change, innovation and resilience in view of industry challenges.
Reports suggesting that Turkey plans to award the contract for its second nuclear power plant to Russia, as it did with the first one, are reinforcing Turkey’s dependence on Russia in the energy sector. Criticism coming from both the opposition and environmentalists has arisen due to Russian officials — rather than Turkish authorities — making statements about the planned facility in Sinop, located in northern Turkey.
One onshore petroleum exploration permit has today been granted through the Block Offer 2020 competitive tender process.
A series of legal rulings by Iraq’s Federal Supreme Court (FSC) on 21 February underlined that the planned New Oil Law being worked on by the government of Iraq in Baghdad will be the final agent of change that will end any semblance of independence for Iraqi Kurdistan. And for Western oil companies working in the region, it looks like the future has been cancelled.
When the use of seismic surveys became common place, Oil and gas drillers used to drill only in spots the human eye could detect from seismic and other data, but that’s all changing now. The next round of onshore discoveries is being aided by new Artificial Intelligence and Machine Learning software that sees what we can’t, forever disrupting the exploration game.
In view of the discovery of petroleum and associated gas in commercial quantities in the Jubilee field in 2007, a National Gas Development Task Force (NGDTF) was constituted by the Government in February 2011 to propose the commercialization of the gas.
Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has made public conditions, including a due diligence request list that exiting International Oil Companies (IOCs) must fulfil for such deals to be approved by the commission.
The US oil, gas rig count gained five to 669 for the week ended Feb. 21, S&P Global Commodity Insights data showed, as fourth-quarter upstream earnings season essentially came to a close with indications of slightly higher capex in 2024 and also of moderating production growth.