Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference […]
Oil prices edged lower on Monday, October 5, as increased exports from the Middle East and an agreement by the Group of Seven countries to release oil and diesel from strategic reserves weighed on the market.Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel. WTI crude lost 95 cents, or 1.03%, to […]
Seven of the world’s largest oil-exporting countries agreed Sunday to maintain their baseline production levels for November, as fuel prices remain elevated amid the Iran war. The “OPEC+” group, which includes Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, decided to “maintain” oil production levels they agreed to in September, the Organization of the […]
China’s largest desert oil field has produced more than 26 million tonnes of oil and gas from reservoirs more than 6,000 meters underground, according to China National Petroleum Corporation (CNPC) on Monday. The output was recorded at the Hade-Fuman oil field, located on the northern edge of the Taklimakan Desert in northwest China’s Xinjiang Uygur […]
The Nigerian National Petroleum Company Limited committed N473.8bn to gas infrastructure projects, including the proposed Nigeria-Morocco Gas Pipeline, in 2025, while N25.7bn in interest on the facility remained outstanding at the end of the year. The funding, provided to its wholly owned subsidiary, NNPC Gas Infrastructure Company Limited, was intended to meet cash call obligations […]
Sahara Group has opened a multimillion-dollar liquefied petroleum gas (LPG) depot in Ghana’s Tema industrial area, adding 6,000 metric tonnes to the country’s storage capacity. The energy company, which operates in Africa, Europe and the Middle East, said the facility would improve LPG availability and supply chain efficiency in Ghana and neighbouring West African nations. […]
The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has urged Ghana and Tullow Oil to preserve their commercial relationship following an arbitration ruling dismissing the company’s claims and upholding a $393.09 million tax assessment by the Ghana Revenue Authority (GRA). Boakye said disagreements were inevitable in commercial relationships and that […]
The Bureau of Land Management will offer roughly 35,000 acres in California for oil and gas leasing on December 1, putting 43 parcels in Kern, Kings, Fresno and San Luis Obispo counties on the auction block, the agency said on Thursday.
ConocoPhillips and Venture Global have signed a deal that would see the liquefied natural gas major supply 1 million tons to Conoco beginning in 2030. The deal is part of a broader trend in energy to boost LNG exposure after QatarEnergy’s force majeure, with the outlook for LNG demand remaining robust despite geopolitics and their effect on prices.
The South Korean government has agreed to continue working with the United States government on a potential investment in the Alaska LNG project by the major gas-importing country, as part of their trade deal.