The SNP are “in-between” the Conservatives and Labour policy on new licences for oil and gas fields in the North Sea, the deputy first minister has said.
Surging U.S. crude exports, particularly WTI Midland, have dominated global markets, with record export volumes and a significant portion being sent to Europe.
The addition of WTI Midland has provided benefits for U.S. producers by allowing forward sales and reducing pricing risk.
According to data from ship tracker Kpler, WTI Midland exports hit a record at 2.94 million bpd in December.
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has entered into an agreement to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for a consideration of $259 million. The transaction is expected to close in the fourth quarter 2024.
Italian oil and gas company Eni has divested a 10% interest in oilfield services provider Saipem in a deal valued at €393 million (US$422.48 million).
Crude oil prices looked set for a weekly gain earlier today, as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA.
With a strong slate of exploration and production activities and competitive licensing rounds in 2024, Africa is well-positioned to realize its potential as the global energy frontier. These bid rounds are poised to cement Africa as a global hub for hydrocarbon development.
The Nigerian National Petroleum Company Limited has applied to a High Court of the Federal Capital Territory, Abuja, to stop its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.
The Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has listed adoption of gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship as measures that would the future Nigeria’s and Africa’s energy landscape.
OPEC+ agrees to extend voluntary production cuts of 2.2 million BPD until the end of 2025, with gradual easing starting in October 2024.
The decision aims to stabilize crude prices and balance market demands, reflecting Saudi Arabia’s efforts to reconcile diverse member interests.
Weak demand concerns in China and other major economies, coupled with record U.S. oil output, have contributed to falling oil prices despite OPEC+ cuts and Middle Eastern tensions.
Aliko Dangote, Africa’s richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market.