OPEC Secretary General Haitham Al Ghais who said this while delivering a keynote address at the ongoing African Energy Week in Cape Town, South Africa, said African producers will play a central role in meeting rising demand.
The surveying project was started by ADNOC in 2018 and, in what has become one of the world’s largest continuous seismic surveys, it has come to cover 85,000 square kilometres across onshore and offshore areas in Abu Dhabi.
The project will cover 6,000 square kilometres. The location of the survey was not specified.
Shearwater’s Amazon Warrior seismic vessel has been allocated to the three-month project, commencing in Q4 2024.
According to StanChart, much of the negative sentiment that has dominated oil markets over the past three months can be chalked up to misapprehensions about the tapering mechanism for the voluntary cuts made by eight OPEC+ countries.
Citi analysts have forecast that Brent crude would average $60 per barrel next year driven lower by the energy policies of the incoming U.S. administration.
November normally marks the start of the heating season proper in most of Europe. This year has been no exception—and gas demand is set to surge in the final months of the year to make up for lost solar and likely wind generation.
These huge deals followed hot on the heels of 14 other major Iraqi oil and gas concessions awarded to Chinese companies in May and dozens more before then
Mena Terminals will be expanded by approximately 93,000 square metres to house the plant, which is scheduled for completion in 2026.
Crude oil prices were under pressure this morning after the U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 1.
For the first time in ten months, Europe’s imports of liquefied natural gas rose in October from the previous month as it moved to fill its gas storage sites for the winter in which the transit deal for Russian pipeline gas flows via Ukraine expires.