The African Group of Negotiators on Climate Change (AGN), has assured the African civil society of its commitment to protecting Africa’s interests in the newly operationalized Loss and Damage Fund.
Brazil’s decision to join OPEC+ could have a seismic effect on the global oil production landscape, although it remains to be seen if the country will alter its production.
Brazil’s oil boom poses a significant threat to the ability of OPEC+ to control oil prices, and recent investments from Petrobras suggest the boom won’t end any time soon.
As well as Brazil, OPEC+ continued to face challenges from rising U.S. oil output and threats of increased production from non-consortium member Guyana.
TotalEnergies has received government approval for drilling in South Africa’s Orange Basin, a key part of the company’s plans in the country.
Environmental groups have been resisting TotalEnergies’ efforts due to concerns about the impact on marine life and the risk of oil spills.
TotalEnergies has strategically shifted its focus in the country from downstream activities and is now fully focused on its upstream operations.
IEA: Russia’s oil revenues dropped in November.
IEA: Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion.
Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.
Acquisitions have essentially become the only option for producers that want to grow in the hydrocarbon-rich Permian basin.
Oxy’s acquisition of CrownRock cements an absolute banner year in Permian acquisitions and divestments spending.
Many analysts seem to expect that the consolidation drive will continue next year as well, suggesting that even the end of 2024 could see a lot fewer operators in the star play of the U.S. shale patch.
On 9 December, people across the country united in local actions against oil and gas exploration and drilling off South Africa’s coastline. Multinational corporations – including Shell, QatarEnergy, Total Energies and contractors such as CGG and Searcher Seismic – are amongst the focal points of this latest public outrage. According to Liziwe McDaid, Strategic Lead at The Green Connection (one of the civil society organisations that got in on the action), “Recent decisions by government to authorise seismic surveys in the Algoa/Outeniqua Basin off the Southeast Coast of South Africa and also off the West Coast, in addition to decision to reject the environmental appeal against oil and gas exploration, from Gansbaai on the South Coast to Doring Baai on the West Coast, has been the catalyst for these actions.”
Oil and gas will be “pillars of global energy for many decades to come”, the closing statement of a meeting of Arab energy ministers said on Tuesday, as the issue of ending the use of fossil fuels sent COP28 into overtime in pursuit of a deal, Reuters reports.
Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.
Nigeria’s oil production dropped to 1,250,299 barrels per day in November 2023.
The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the report, production decreased by 100,274 bpd in November — a 7.42 percent plunge from the output of 1,350,573 bpd recorded in October 2023.
Malaysia’s upstream oil and gas sector is gathering momentum, with new production sharing contracts (PSCs) providing the impetus for investments in upstream exploration and production, according to BMI, a Fitch Solutions company.