The Iranian Oil Ministry has signed four contracts worth $2 billion, including agreements to develop two oil fields.
Oil climbed, building on its biggest weekly advance since early April and extending a short-covering rally, helped by risk-on sentiment in broader markets.
The announcement confirmed a Reuters’ report last Thursday saying Temasek was finalising the Pavilion Energy sale to Shell in the coming days in a deal worth hundreds of millions of US dollars.
A decade after its peak, the oil and gas industry is welcoming a new investment boom, with exploration and production (E&P) activities heating up globally again.
A delegation from Société Nationale des Pétroles du Congo (SNPC), the Congolese national oil company, led by its Managing Director Mr. Maixent Raoul OMINGA, made a working visit to Astana, capital of the Republic of Kazakhstan, where they held discussions with Mr. Ashat KHASSENOV, Chairman of the Board of Directors of Kazakhstan’s national oil and gas company, KMG (KazMunayGas).
The SNP are “in-between” the Conservatives and Labour policy on new licences for oil and gas fields in the North Sea, the deputy first minister has said.
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has entered into an agreement to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for a consideration of $259 million. The transaction is expected to close in the fourth quarter 2024.
The Nigerian National Petroleum Company Limited has applied to a High Court of the Federal Capital Territory, Abuja, to stop its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.
OPEC+ agrees to extend voluntary production cuts of 2.2 million BPD until the end of 2025, with gradual easing starting in October 2024.
The decision aims to stabilize crude prices and balance market demands, reflecting Saudi Arabia’s efforts to reconcile diverse member interests.
Weak demand concerns in China and other major economies, coupled with record U.S. oil output, have contributed to falling oil prices despite OPEC+ cuts and Middle Eastern tensions.
Aliko Dangote, Africa’s richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market.