oil and gas industry

Oil Is Still Not Out of The Woods

Oil & Gas‚ Oil and Gas Industry | intent | October 21, 2024 | Comment off

This week, crude oil prices faced sharp declines due to a confluence of factors that weighed heavily on market sentiment. Concerns over weak demand, particularly from China, and the easing of supply risks in the Middle East were central to the downward pressure on prices. Simultaneously, a series of reports from major institutions like the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) lowered global demand forecasts for 2024, reinforcing the bearish outlook.

Iraq signs gas supply deal with Turkmenistan

Oil & Gas | intent | October 21, 2024 | Comment off

Iraq has signed an agreement with Turkmenistan for the supply of 20 million cubic metres per day to power electricity facilities in the Arab country.

Suriname and Guyana Advance Toward Joint Gas Reserve Exploitation

Oil & Gas‚ Oil and Gas Industry | intent | October 18, 2024 | Comment off

Suriname and Guyana are taking significant steps toward jointly exploiting gas reserves off their coasts. Staatsolie director Annand Jagesar stressed the importance of this collaboration, acknowledging that while immediate outcomes are unlikely, both countries are committed to developing a shared approach.

Exxon plans to sell percentage of shale assets in Bakken formation

Oil & Gas‚ Oil and Gas Industry | intent | October 18, 2024 | Comment off

Exxon Mobil Corp has announced plans to sell a portion of its assets in North Dakota’s Bakken shale formation, according to Reuters.

Eni restarts field in Libya, where oil output rises

Oil & Gas‚ Oil and Gas Industry | intent | October 18, 2024 | Comment off

After engaging major oil companies in the domestic market, such as Eni Spa, Libya’s national oil company Noc announced that production has risen back above 1.3 million barrels per day.

Ghana Gas acquires Ghana Cylinder Manufacturing company after GH¢4m Loss

Oil & Gas‚ Oil and Gas Industry | intent | October 18, 2024 | Comment off

The Ghana National Gas Company Limited has acquired ownership of the Ghana Cylinder Manufacturing Company Limited due to the latter’s significant losses, including a loss of GH¢4 million recorded in 2021.

FG rejects Shell’s $1.3 billion oil asset sale to Renaissance Group — Report

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | October 17, 2024 | Comment off

The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rejected the proposed $1.3 billion sale of onshore oilfields to the Renaissance Group, citing the buyer’s lack of qualification to manage the assets, according to a Reuters report.

Crude surplus and clean energy boom to lower energy prices this decade, IEA says

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | October 17, 2024 | Comment off

The world is set to enter a new energy era, with an oil and gas surplus and a surge in renewable energy manufacturing bringing down prices for consumers, the International Energy Agency said on Wednesday.

Carbon Tracker’s statement on the IEA’s World Energy Outlook 2024

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | October 17, 2024 | Comment off

“The IEA’s forecast of an upcoming peak in demand for oil, gas, and coal remains unchanged, even as its forecasts for clean energy deployment have been revised upwards yet again. With electric vehicle sales and renewable capacity additions breaking records fossil fuels are looking increasingly obsolete.

TAG Oil Provides Updates on Operations and Strategic New Egypt Acquisition to Expand Unconventional and Conventional Acreage Position

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | October 17, 2024 | Comment off

Production from the BED4-T100 (“T100”) horizontal well is averaging 200 barrels of fluid per day and 35 percent water. Operation of the T100 well has been intermittent for the last two months as the reservoir extent was assessed through pressure build-up analysis and the lift system optimized. The T100 well initially produced under natural flow and subsequently with a jet pump to recover the large volumes of fracture fluid containing sand. The T100 well is now equipped with a sucker rod pump for long term stable production. Cumulative oil production of the T100 well to date is in excess of 15,000 barrels and shipments have commenced to third party facilities. Further evaluation by the Company is also underway of fluid samples, drill cuttings, and tracers as they flow back, to inform performance of stimulated sections along the horizontal lateral and further optimization potential on the T100 well.

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