The maintenance activity, set to begin Tuesday, March 25, for 16 days, will upgrade operations, boost production capacity, and reduce risks in the field.
During this period, Tullow Ghana will focus on essential repairs and improvements to the Kwame Nkrumah FPSO vessel, including retooling of key equipment, conducting leak tests and expanding works on the facility to accommodate increased gas export.
Oil advanced after the US ramped up measures to hobble Iran’s crude exports, increasing pressure on Tehran amid a push for a new nuclear accord.
The United States last year added the most pipeline takeaway capacity from natural gas-producing regions since 2021. This year, more gas pipelines could be announced or revived, with the support of the Trump Administration, in what could be a shot in the arm for U.S. natural gas producers and a step toward reducing energy costs for consumers, especially in the Northeast.
Oil prices rallied on Wednesday after U.S. government data showed a draw in fuel inventories. Brent crude for May delivery gained 1.6% to trade at $71.98 per barrel at 12.30 pm ET while the comparable WTI contract climbed 1.8% to change hands at for U.S. government data showed that crude stocks rose by 1.7 million barrels last week to 437 million barrels, significantly higher than the Wall Street consensus of a 512,000-barrel build. However, distillate inventories, including diesel and heating oil, fell by 2.8 million barrels to 114.8 million barrels, exceeding expectations for a 300,000-barrel drop.
US offshore services provider Edison Chouest Offshore has acquired Norwegian ROV systems manufacturer Kystdesign, Chouest announced on Wednesday.
Odfjell Technology, an integrated supplier of well services technology and engineering solutions, has successfully deployed a 36” x 38” conductor pipe in Kuwait’s first offshore Jurassic well.
Baker Hughes announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.
The reductions pledged by countries including Kazakhstan, Iraq and Russia should — in theory — offset the group’s plans to revive halted output through to the end of next year, according to a statement on OPEC’s website.
All current production by Vancouver, Canada-based Africa Oil, which explores and develops oil and gas in Africa, comes from Prime. Netherlands-registered Prime holds stakes offshore Nigeria.
“There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors”, Africa Oil president and chief executive Roger Tucker said in an online statement.
On Tuesday, U.S. President Donald Trump threatened to double his planned tariffs on Canadian steel and aluminum from 25% to 50%. Trump said his latest move comes in response to a threat by the province of Ontario to put a 25-percent surcharge on electricity exports to some U.S. states.