The International Energy Agency, which last week announced a record release of oil reserves to ease the impact of the Iran war, said it has more that can be made available if needed.
Monumental Energy has restarted commercial oil production from the Waihapa H1 well in New Zealand’s onshore Taranaki basin following a recent workover targeting bypassed pay in the Mount Messenger formation.
Texas Railroad Commission Chairman Jim Wright said Texas oil and natural gas production remains a cornerstone of U.S. energy supply in a letter to President Donald Trump, emphasizing the state’s role in supporting national energy security.
The International Energy Agency said oil from an unprecedented stockpile release will be made available immediately in Asia, where buyers are clamoring to replace barrels lost to war-related disruptions in the Middle East.
ExxonMobil and Halliburton have completed what the companies describe as the industry’s first fully automated closed-loop geological well placement system during offshore drilling operations in Guyana.
Eni has discovered more than 1 Tcf of gas in two exploration wells drilled offshore Libya near the producing Bahr Essalam field, the company announced Monday.
Oil prices retreated from last week’s multi-year highs on Monday as a small number of tankers successfully sailed through the Strait of Hormuz for the first time since the war began, offering traders a first tentative signal that the waterway could partially reopen, though analysts warned that a sustained price retreat remained unlikely without a broader military resolution.
An International Relations Analyst, Ishmael Hlovor, has underscored the importance of continental unity in addressing the challenges African countries face in procuring crude oil from Western nations and the Middle East.
Ghana’s external reserves have strengthened significantly, with the Bank of Ghana reporting an increase to approximately $14.5 billion, providing around 5.8 months of import cover.
The value added of the Gulf oil sector at current market prices reached approximately $561.2 billion in 2024, accounting for a 24.0% share of the regional GDP. At constant prices, the value added stood at $541.9 billion, representing a 29.3% contribution, according to the latest data from the GCC Statistical Centre.