Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea.
The Gold for Oil (G4O) program emerged in response to the 1973 oil crisis, triggered by an oil embargo imposed by OPEC members, particularly Saudi Arabia, on nations perceived as supporting Israel in the Yom Kippur War (Birjandi, 2003). This crisis caused a global energy shortage and a surge in oil prices, prompting negotiations between oil-producing and importing countries to exchange oil for gold instead of conventional fiat currencies, allowing oil exporters to accumulate gold reserves (Falola & Genova, 2005).
As early as next year, almost two-thirds of the gas produced by ORLEN Group on the Norwegian Continental Shelf will come from facilities powered by renewable energy produced onshore and delivered with submarine power cables. Such a solution has already been applied to the platforms at the Gina Krog, Ormen Lange, and Duva fields and will result in the abatement of over 88,000 tonnes of CO2 in 2024. There are also plans to electrify the Fenris and Yggdrasil fields, which are currently under development.
TechnipFMC has been named the winner of this year’s National Offshore Industries Association’s ESG Excellence Award.
For the next decade, Latin America is likely to maintain its predominant role in the oil sector. Unlike past years, it can now count on Venezuela’s return to international markets, as the Biden administration has decided to lift the sanctions in force since 2019. This decision is mainly conditioned on the holding of transparent and democratic elections by 2024. This agreement will allow Venezuela to exploit its immense resources, represented by 303 billion barrels and over 5 billion of cubic feet of natural gas, ranking as the largest reserve in the world. Major international companies are already looking to seize this opportunity, including Eni and Repsol, which are currently finalizing the details of a contract with Petróleos de Venezuela Sa (Pdvsa), the state-owned company. As reported by Bloomberg, negotiations are at an advanced stage, and an agreement is expected to be reached by the end of the month.
Amaja Oilfield Limited in Conjunction with Amaja Tubular Services Limited, a joint venture between Tenaris and Amaja, has renovated Axim Road Key Primary School in the Sekondi- Takoradi Metropolis.
Yinson Ghana recently won the ‘Most Outstanding CSR Company’ award at the inaugural 2023 Local Content Conference and Exhibition ‘Awards Night’. The recognition is part of the Petroleum Commission’s effort to celebrate the achievements and contributions made by Upstream Petroleum Companies towards the Development of Local Content in Ghana. The Petroleum Commission regulates, manages and coordinates upstream petroleum activities and other support services in the petroleum sector.
The African Group of Negotiators on Climate Change (AGN), has assured the African civil society of its commitment to protecting Africa’s interests in the newly operationalized Loss and Damage Fund.
Brazil’s decision to join OPEC+ could have a seismic effect on the global oil production landscape, although it remains to be seen if the country will alter its production.
Brazil’s oil boom poses a significant threat to the ability of OPEC+ to control oil prices, and recent investments from Petrobras suggest the boom won’t end any time soon.
As well as Brazil, OPEC+ continued to face challenges from rising U.S. oil output and threats of increased production from non-consortium member Guyana.
TotalEnergies has received government approval for drilling in South Africa’s Orange Basin, a key part of the company’s plans in the country.
Environmental groups have been resisting TotalEnergies’ efforts due to concerns about the impact on marine life and the risk of oil spills.
TotalEnergies has strategically shifted its focus in the country from downstream activities and is now fully focused on its upstream operations.