The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said crude oil production increased by 31,629 barrels per day (b/d) from 1.4mb/d in May 2024 to 1.5mb/d in June 2024. This was contained in its June 2024 Oil Production Status Report that the Commission released on its website.
The project, which is pending government approval, would start production in 2029, lifting the country’s capacity to more than 1.4 million barrels of oil per day.Exxon operates all production in Guyana, with Hess Corp and China’s CNOOC as partners.
ConocoPhillips has maintained that its $22.5 billion acquisition of Marathon Oil Corp. can be completed by the fourth quarter (Q4) despite facing an extended anti-trust review by the United States competition regulator.
Italian offshore energy services firm Saipem has secured work two offshore projects in Saudi Arabia, under the existing long-term contract with Saudi state-owned oil and gas giant Saudi Aramco.
Egypt is planning to drill 110 exploratory wells for gas and oil, with a total investment of 1.2 billion U.S. dollars during the current fiscal year 2024/2025, Egyptian Ministry of Petroleum and Mineral Resources quoted Minister Karim Badawi as saying in a statement on Sunday.
Kuwait has discovered a significant amount of oil and gas in the Al-Noukhitha offshore field, estimated at around 3.2 billion barrels of oil equivalent.
The discovery includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
Kuwait plans to develop plans for extracting resources from the field as soon as possible, aiming to increase its oil production capacity to 4 million barrels per day by 2035.
As the world calls for a reduction in the use of fossil fuels, new African players are emerging on the global stage and beginning to produce oil. With Niger creating its own oil and gas school in 2011, the Franco-British oil company Perenco recently made an offshore oil discovery in the Democratic Republic of Congo (DRC). Meanwhile, Ivory Coast plans to triple its oil production by 2027.
Dangote Refinery is upbeat its 650,000 barrel-per-day capacity crude processing plant will commence sales to fuel marketers in August.
The U.S. Energy Information Administration (EIA) raised its Brent oil price forecasts for 2024 and 2025 in its latest short term energy outlook (STEO), which was released this week
Equinor and its partners Petoro, Vår Energi, and TotalEnergies EP Norge started production from the first Lavrans well in the Kristin South area offshore Norway on July 7, 2024.