In June 2029, the Namibian government pays N$200 000 to 500 000 households from oil tax revenue. Desperate to win elections later that year, the ruling party raids the sovereign wealth fund and mortgages future oil revenue to afford the N$100 billion payout.
Stakeholders in the extractive industries have approved the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 independent industry reports of the oil, gas and mining sectors.
Russia’s Arctic LNG 2 project is on track to begin first production later this year, one of the minority shareholders, China’s CNOOC, said on Friday.
Underinvestment in oil and gas exploration has been a scarecrow for energy security for several years now.
The Auditor General has disclosed that the failure to impose penalties on oil companies for delayed payment of surface rental has resulted in a loss of more than $8.3 million in revenue.
Oil company Tullow Oil agreed to sell its total interest in Tullow Guyana, which includes the Orinduik license (Tullow 60% operated equity) in Guyana to Eco Atlantic’s subsidiary Eco Guyana Oil and Gas (Barbados) Limited in exchange for a combination of upfront cash and contingent consideration.
Nigeria’s oil production in the month of July 2023 fell by 13.6 percent to an average of 1.08 million barrels per day compared to 1.25mbpd recorded in June, latest production data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has indicated.
Kazakhstan has announced a plan to find new operators for five oil and gas fields and six exploration blocks in the Aktyubinsk, Mangistau, West Kazakhstan and Atyrau regions, in an online auction on 20 October.
The Nigerian Upstream Petroleum Regulatory Commission has said it is embracing and adopting new technologies and advance recovery techniques to unlock some identified stranded or bypassed oil and gas resources in Nigeria.
Equatorial Guinea, a small West African nation, has been making strides in recent years to develop its energy market. With vast reserves of oil and natural gas, the country has become a significant player in the global energy landscape. However, as the world moves towards a more sustainable future, Equatorial Guinea must also adapt and explore the potential of energy efficiency in its energy market.