Fitch Ratings has maintained most of its oil and gas price assumptions, reflecting broadly unchanged market fundamentals.
Our base-case oil price assumptions have not changed. While Brent crude oil prices reached USD90 a barrel in April due to increased tensions in the Middle East, prices declined once the concerns had abated.
American oil major Chevron Corporation has signed agreements with the Angolan government that will allow it to commence exploration at two of its blocks off the Atlantic coast.
TGS will manage and license Tanzania’s offshore subsurface data under an agreement with the country’s Petroleum Upstream Regulatory Authority.
Previous exploration has proven various plays, TGS said, across much of the stratigraphy offshore, from early Cretaceous to Miocene reservoirs.
As oil majors return to offshore exploration, West Africa’s deepwater has become a key drilling target for some of the biggest international companies.
The Supreme Court has ruled a local council should have considered the full climate impact of burning oil from new wells – a landmark decision which could put future UK oil and gas projects in question.
The future of new oil and gas projects in the UK has been thrown into doubt following a landmark decision by the Supreme Court.
The IEA predicts a future oil supply glut due to electric vehicles and rising non-OPEC+ production.
Past predictions of oil decline have been inaccurate, such as Bloomberg’s forecast of a crash in 2023.
The IEA’s current prediction relies on assumptions that may not hold true.
Traders’ pessimism in the global oil market began to increase after OPEC reiterated it might consider rolling back production cuts in 2024.
Rystad Energy recently predicted that global oil supply growth will be virtually non-existent this year because of the OPEC+ cuts without mentioning spare capacity.
Crude prices have recovered in recent days, but the supply side looks bearish due to OPEC+’s spare capacity and rising production from the US, Guyana, and Brazil.
Revenir Energy Inc., formerly known as Legacy Reserves Inc., has completed its exit from the market, concluding its process of monetizing its oil and gas assets and returning capital to its shareholders.
wners of a US$10-billion liquefied natural gas (LNG) project that has stalled with the bankruptcy of its main contractor are asking a court to immediately oust Zachry Indus-trial from the project, a court filing showed.