The General Staff of the Armed Forces of Ukraine has announced a strike on the Kstovo-based Lukoil-Nizhegorodnefteorgsintez oil refinery, one of the fuel suppliers for the Russian army. “On the night of July 2, as part of reducing the military-economic potential of Russia, units of the Ukrainian Defense Forces struck the Lukoil-Nizhegorodnefteorgsintez oil refinery in […]
Namibia has emerged as one of the world’s most promising frontier oil and gas markets, with multi-billion-barrel discoveries positioning the country for first production by 2030. Yet moving from discovery to commercial production requires more than resource potential. It requires an investment framework that provides fiscal certainty, reduces execution risk and enables long-term capital deployment […]
Eni SpA and Abu Dhabi National Oil Co PJSC’s international investment arm, XRG PJSC, have signed agreements to each acquire a 32 percent ownership in three blocks in Argentina’s Vaca Muerta gas shale. The South American country’s state-controlled YPF SA, which has assumed full ownership of the Aguada Villanueva, Las Tacanas and Meseta Buena Esperanza […]
Italian oil company Eni SpA and commodity merchant Mercuria Energy Group Ltd. signed an agreement to join forces in trading, seeking growth in an area that has seen huge price swings and profit opportunities during the war in Iran. The two firms will be combining their main trading books for various commodities including oil, liquefied natural gas and biofuels […]
Continental Resources remained the largest private oil and gas producer in the United States, according to Enverus‘ latest annual ranking of the nation’s top 100 private E&P operators. The company topped the list with average production of approximately 707,000 boed, followed by Mewbourne Oil at 575,000 boed and Aethon Energy at 443,000 boed. Ascent Resources and Hilcorp rounded out the top five, with no changes […]
Namibia has approved Eco Atlantic’s sale of an 85% stake in offshore exploration license PEL 98 to locally owned Lambda Energy. The transaction is part of Eco Atlantic’s strategy to focus on deeper-water assets with greater exploration potential. The approval reflects faster regulatory processing as Namibia seeks to support investment in its fast-growing offshore oil […]
Tema Oil Refinery (TOR) Managing Director Edmond Kombat disclosed that he has initiated direct conversations with government on mechanisms to recapitalise the company’s balance sheet – including releasing the refinery’s outstanding share of Energy Sector Levy Act (ESLA) receivables, which he says stand at a minimum GH¢1.6billion. Presenting his review at TOR’s 18th annual general […]
A new study has found that Ghana’s local content policies in the upstream petroleum sector have contributed significantly to employment creation, local business participation and supplier engagement, although progress toward deeper industrial transformation and technological independence remains gradual. The research, conducted by Frank Yao Gbadago of the Department of Accounting Studies Education at Akenten Appiah-Menka […]
Shell has struck a deal to sell a 50% stake in the Na Kika oil platform and related assets to Talos Energy and Ridgewood Energy, with the price tag at $1.7 billion, the supermajor said. According to Shell’s partner in Na Kika, BP, the deepwater platform off the Louisiana coast is one of the most prolific production hubs […]
Rhino Resources has confirmed a connected oil-bearing reservoir at the Capricornus discovery offshore Namibia, advancing the appraisal of the field and providing further evidence of reservoir continuity across the accumulation, the company said on Tuesday. The Capricornus-1A appraisal well was drilled on Block 2914 in the Orange Basin and intersected a gross reservoir interval of […]