Beacon Offshore Energy LLC, an oil explorer backed by Blackstone Inc., is betting on a drilling renaissance in the U.S. Gulf of America/Gulf of Mexico as it starts up some of the most productive wells in the US using new technology to pump once-impossible-to-reach crude.
The Africa Sustainable Energy Centre (ASEC) has warned that Ghana’s rapidly declining crude oil production poses an immediate fiscal and economic threat, calling for urgent and strategic interventions to safeguard the country’s petroleum revenues and national energy security.
As G20 leaders gather in Johannesburg, the African Energy Chamber (AEC) is urging global policymakers to place Africa’s oil and gas sector at the center of the continent’s economic strategy. With demand rising, energy poverty persisting, and industrial growth constrained by limited power access, African officials argue that hydrocarbons remain essential to unlocking long-term development.
Tullow Oil plc is working to recover more than $200 million in outstanding payments from the Government of Ghana, a situation placing significant pressure on the London-listed company’s cash flow as it races to refinance its debt structure ahead of a May 2026 bond maturity. The receivables, which include approximately $100 million in gas payments, TEN development debt, and overdue cash calls, stood at over $200 million net to Tullow as of the end of October, according to the company’s November trading update.
The company is addressing outstanding issues including securing payment mechanisms for gas sales and an updated plan of development for the Jubilee oilfield.
Oil prices took a breather after last week’s decline as investors weigh the chances of a US rate cut and a possible peace deal between Russia and Ukraine. Brent and WTI crude futures hit their lowest levels since October 21. Oil prices took a breather on Monday after falling about 3% last week, as investors […]
NEW DELHI :Oil prices took a breather on Monday after last week’s fall of about 3 per cent, as investors weighed the chances for a U.S. rate cut against the prospect of a Russia-Ukraine deal that could free up more Russian supply through an easing of sanctions. The United States and Ukraine were set to […]
On Saturday it was announced that Iranian companies will soon begin drilling at the strategically important Farzad B gas field in the middle of the Persian Gulf. The development marks a rare breakthrough for the country’s energy sector after years of delays, sanctions pressure and missed opportunities. It signals that Iran has finally gained the […]
Supertanker rates on the route between the Middle East and China hit their highest in five years as traders sought alternatives to Russian crude, Bloomberg has reported, citing a daily rate of $137,000 for last Friday. Friday was when the latest U.S. sanctions against Russia’s two top exporters, Rosneft and Lukoil, came into effect, spurring action […]
US major ExxonMobil has paused plans to develop a large-scale blue hydrogen production facility in Baytown, Texas, due to insufficient customer demand, Reuters reported on Friday. The company aimed to produce 28.3 mcm (1 bcf) per day of blue hydrogen at its Baytown refining and chemical complex, with captured carbon dioxide stored underground. However, high production costs […]