Boasting an estimated 3.5 billion barrels of oil and producing an average of approximately 149,000 barrels per day (bpd) in 2023, South Sudan’s oil sector plays a vital role in the country’s economy. During the forecast period 2022-2027, South Sudan’s oil market is poised to grow at a compound annual rate of 1.5% – rising from 134,000 in 2021 to approximately 160,500 bpd by 2027.
Members of the Ghana Upstream Petroleum Chamber have held a meeting with Alan Kyerematen, leader of the Movement for Change as part of a series of engagements that the chamber is carrying out with key stakeholders. The engagements are geared at helping critical stakeholders to understand the underpinnings of the sector for the benefit of the upstream industry.
Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
Brazil’s oil giant Petrobras should increase its efforts to boost natural gas supplies and lower prices to help revive the nation’s industry, said mines and energy minister Alexandre Silveira.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
Indian oil refiner Reliance Industries has resubmitted a request to the U.S. for an authorization to import crude oil from sanctioned Venezuela, three people close to the matter said, and resume oil trade between the OPEC producer and the once second-largest destination for its oil.
AIM-listed Mosman Oil and Gas, the hydrocarbon, helium and hydrogen exploration, development, and production company, has provided an update on its Stanley project in the US (34.85% to 38.5% WI) where the recent gross production has increased 84% to circa 221 boepd (30 day average flow rate in April). This is a material improvement from the recently notified March quarter gross average flow rate of 120 boepd.
On Wednesday, May 1st, Brazil’s Tupi field reached 15 years of operations and 2.6 Bboe or accumulated production, with seven units in operation. Located offshore Brazil in the Santos basin, Tupi is the country’s largest producing field, with an average volume of 850,000 bopd, accounting for 20% of the total produced in Brazil, according to Petrobras.
Top executives at U.S. oil giants Exxon Mobil and Chevron Corp said on Monday that the U.S. needs to clarify rules on energy subsidies to drive the rapid, large-scale investments needed to fight climate change.
Brent crude futures rose 21 cents, or 0.3%, to US$83.54 a barrel by 0810 GMT while U.S. West Texas Intermediate (WTI) crude futures were up 1 cent at US$78.49