Energean has agreed to acquire Chevron’s interests in two offshore oil blocks in Angola for a base consideration of USD 260 million, the company said on Thursday.
TotalEnergies has restarted production at the Mabruk oil field in Libya, returning the onshore asset to service more than a decade after operations were halted.
Crude oil prices rising above $100 per barrel could soon translate into higher fuel prices across West Africa, according to James Gooder, vice president for crude markets in Europe and Africa at Argus Media.
The Middle East war is creating the biggest oil supply shock in history, the International Energy Agency
warned Thursday, as Iran launched a new wave of attacks against Gulf energy targets that sent prices spiking
above $100 a barrel.
Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the conflict in the Middle East.
The Tema Oil Refinery (TOR) has reaffirmed that it has the technical capacity to refine crude oil produced from Ghana’s oil fields, countering claims suggesting the refinery is unable to process locally sourced crude.
Economist Dr Adu Owusu Sarkodie has stated that the escalating war in the Middle East could unexpectedly increase Ghana’s revenue if global oil prices continue to rise.
A cargo vessel has been hit by an unknown projectile in the Strait of Hormuz, which has ignited a fire onboard, the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, said on Wednesday.
Shipping companies have grown reluctant to call at the port of Fujairah in the UAE, prompting cancellations of oil cargoes that Adnoc is then reselling at higher prices, Bloomberg has reported, citing anonymous sources.
Iranian drones struck oil storage facilities at the Port of Salalah in Oman on Wednesday, marking the latest attack on Gulf energy infrastructure as the regional war expands into a full-scale confrontation over global oil supply.