While the search for hydrocarbons has been ongoing in certain parts of Africa for decades with varying degrees of success, a slew of new oil and gas discoveries has pushed the continent to the forefront of global exploration hotspots. Given its string of recent discoveries, one of the countries in West Africa, Cote d’Ivoire, is forecasting a threefold boost in its oil output over the next three years.
In a significant development towards transforming Ghana into a leading petroleum and petrochemical
hub in Africa, the Petroleum Hub Development Corporation (PHDC) has officially signed a US$12
billion agreement with TCP-UIC Consortium
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.