Chief Executive of the Commission, Egbert Fabile Jnr called for reforms to the country’s legal framework on oil explorations.
The packages include approximately 49,000 net acres concentrated in Lea County, New Mexico, and around 200 kilometres of pipeline and other infrastructures. Coterra expects the new acreage will yield a total equivalent production of 60,000-70,000 bopd.
The LNG will be sourced from ADNOC Gas’s Das Island natural gas facility and will be delivered on the basis of six cargoes per year. The deal is ADNOC’s first such sales and purchase agreement with an Indian buyer.
Data by the Guyana government has revealed that the consortium’s agreement generated $6.33B for the partners last year, with Exxon netting $2.9B, Hess earning $1.88B, while Cnooc amassed $1.52B from Stabroek. Exxon Mobil owns 45% of the Stabroek block; Hess 30% while Cnooc owns a 25% stake
Carbon credits enjoyed significant popularity a few years back, but a media investigation revealed that most fail to deliver on the promises of conservation and emission reduction. Nevertheless, many continue to push for expanded carbon credit trading, touting it as a win-win solution. However, this argument may be both flawed and costly.
Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 8. In fuels, however, inventories fell.
The UK government has admitted in court that its approval of the giant Rosebank oilfield off Shetland was unlawful. Government lawyer Chris Pirie KC accepted at an Edinburg court that the previous Conservative administration did not include “the effects on climate of the combustion of oil and gas to be extracted from the fields.”
Rystad Energy’s just-launched annual flagship report Global Energy Scenarios 2024 provides a strategic roadmap for a low-carbon future and an in-depth look at what it will take to achieve the IPCC’s 1.6°C scenario.
The demand growth projection for 2025 was revised slightly down to 990,000 bpd from 998,000 bpd, as the agency warned that demand growth this year and next will be much lower than in previous years, also because of weak Chinese demand.
Protesters shut down oil distribution valves in response to the kidnapping of a senior intelligence officer, for which they blame the government in Tripoli.