Stepping into 2024, Africa is emerging as a strong contender in the global petroleum market. Boasting crude oil reserves of approximately 125 billion barrels and natural gas reserves of roughly 620 trillion cubic feet (tcf), Africa’s oil and gas industry holds ambitious plans to deliver economic diversification, job creation and energy security through the development and monetization of these resources.
Kontinental Energy Services (KES) has partnered with US-based upstream oil and gas corporation Gulfstream Services Inc. (GSI) for the provision of tools and services. The partnership carries the dual aim of strengthening KES’ capacity to support the development of oil and gas across Africa, while facilitating GSI’s global expansion.
Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths.
China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth deposits. However, much of Vietnam’s rare earths remain untapped thanks to China’s near-monopoly over global markets. With the West, led by the U.S., no longer wanting to rely on China alone for rare earths supply and processing, Vietnam continues to look like a suitable alternative.
Bill Gates believes we’re going to miss global heating goals based on the current rate of the green transition and thinks that billionaires and governments from rich nations could play a major role in global decarbonization. Gates recently stated that he expects the world to fail to achieve the below 2-degree Celsius heating objective set out in the Paris Agreement, although he praised the rapid adaption of several countries attempting a green transition.
Following a day of active discussions at the Shaping the Future of Shipping: Delivering a Net Zero World summit yesterday, a course was set to deliver on the International Maritime Organization’s net zero strategy. The industry initiative brought together over 60 organisations to discuss tangible solutions to meet the ambitious net zero targets by or around 2050.
Last Thursday at the 28th United Nations Climate Change Conference (COP28) in Dubai, Canada made a significant announcement regarding its plan to implement a cap-and-trade system to curb greenhouse gas emissions within the nation’s oil and gas industry.
Brazil’s oil and gas watchdog ANP will hold two open acreage rounds on Wednesday: the second production sharing and fourth concession tenders.
Valeura Energy Inc., the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Turkey, has announced the re-start of oil production at the Wassana field, offshore Gulf of Thailand.
Addressing Occidental Petroleum’s (OXY) purchase of CrownRock for US$12 billion, Robert Clarke, Vice President of Upstream Research at Wood Mackenzie said, “This transaction cements an absolute banner year in Permian acquisitions and divestments spend.
Nigeria’s crude oil, “blended and unblended and condensate” output fell to 1.47 million barrels per day in November, indicating a back-to-back drop in production level since October.