Despite the global clamour for decarbonization and energy transition, oil and gas remain relevant in the global energy mix, an official said.
President Muhammadu Buhari will on Monday commission the 650,000 BPD Dangote Petroleum Refinery and Petrochemicals.
In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago.
The much-touted second shale boom has lately been getting a reality check as equipment demand declines sharply, a worrying sign that drilling in U.S. shale energy regions is leveling off.
Libya’s Oil and Gas Outlook Continues to Look Stronger in The State of African Energy Q1 2023 Report
When global oil prices reached a 15-year high in 2022, Libya, which holds 3% of the world’s hydrocarbon reserves and 39% of Africa’s, was unable to take advantage of the windfall.
The two businesses are expected to pay annual acreage leasing costs for the exploration areas, annual research and training expenses, and exploration area exploration fees.
South Africa is one step closer to having a new entity in charge of petroleum in the country, with a significant merger between PetroSA and other Central Energy Fund (CEF) subsidiaries progressing.
South Australia’s minister for energy and mining has told the industry that the regional government is “at your disposal” as he aims to placate fears of the energy transition.
Integrated energy company Etu Energias – formerly Somoil – has announced plans to increase oil production in Angola to 50,000 barrels per day (bpd) by 2025.
Brazilian independent 3R Petroleum’s shares were down more than 6% on Tuesday after the company temporarily interrupted production at the Papa Terra field in the Campos basin.