The OPEC+ voluntary production cuts, on paper promising curtailments amounting to 1.66 million b/d, should have been the main story for May
Labour has confirmed it will block all new domestic oil and gas developments if it wins power, proposing instead to invest heavily in renewable sources such as wind and also in nuclear power.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has issued seven new regulations aimed at providing a regulatory environment that assures efficiency, predictability, clarity and effectiveness to the Nigerian oil and gas sector.
Nearly 70 years on, the country has risen to become one of the biggest producers and exporters in Africa, with production hitting an all-time high of two million barrels per day (bpd) in 2010.
The International Energy Agency (IEA) has said that a significant amount of oil and gas profits made in 2022 were used to increase shareholder returns as opposed to investing in clean energy.
It’s been 13 years since Ghana discovered crude oil in commercial quantities but the country continues to experience gas flaring activities by crude oil producing firms.
Since the discovery of oil in commercial quantities in 2007, Ghana’s petroleum industry has witnessed remarkable growth.
Oil prices recorded big declines on Thursday, with WTI and Brent crude down 3% on the intraday session as debt ceiling jitters overcame optimism about another round of OPEC+ production cuts.
Germans are criticizing a government plan to ban oil and gas boilers and replace them with heat pumps, arguing it is happening too fast and is going to cost a lot of money.
MoEI drives strategic partnerships in clean energy with German, Dutch energy sectors