Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming oil glut may be scaring off would-be investors.
OPEC+ has been withholding 2.2 million barrels of oil supply daily for well over a year now—and it might have to start thinking about these cuts as a long-term policy. The market just keeps refusing to respond to them as OPEC+ wants.
It’s been a relatively calm week for oil prices despite plenty of developments on both the geopolitical and fundamental front, but prices might just begin to climb next week.
A recent report in Bloomberg has collected and analyzed five years of satellite images monitoring the South China Sea off Malaysia to detail something which should come as no surprise: Iran and China’s sanction-busting activity regarding Iranian oil exports has been going strong.
Italian oil and gas major, Eni and Ivorian Ministry of Mines, Oil and Energy have signed contracts for the acquisition of four(4) new exploration blocks in the country’s offshore.
The contracts, which were signed in Abidjan further consolidates Eni’s presence in the West African nation.
Tullow Oil disclosed this in its Trading Update, released on November 29, 2024, to investors.
The court is going ahead with the ruling after hearing arguments from both sides on the issues.
Production on the Jubilee Oil Field slowed marginally to 89, 000 barrels per day (bpd) at the end of October 2024. This was captured in the November 2024 Trading Update released by Tullow Oil today, November 28, 2024. Daily Crude Production on the Jubilee field was above 90,000 barrels a day at the end July […]
Oil prices fell on Friday, heading for a weekly drop of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC+ is expected to extend output cuts.
Angola plans to start the production of natural gas not associated with oil, from 2025, through the New Gas Consortium (NCG), the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo has announced as carried by Angola News Agency.
Sapura confirmed the award of a contract for the provision of Pan Malaysia offshore maintenance, construction, modification, and hook-up and commissioning services, dubbed Package C2 (Sarawak asset oil).