Aramco let contracts for two offshore projects in Saudi Arabia to Saipem under an existing long-term agreement.
The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April.
Petro Matad aiming for Heron start-up before year-end
A stronger dollar tends to lower oil prices as buyers using other currencies have to pay more for their dollar-denominated crude
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said crude oil production increased by 31,629 barrels per day (b/d) from 1.4mb/d in May 2024 to 1.5mb/d in June 2024. This was contained in its June 2024 Oil Production Status Report that the Commission released on its website.
The North Sea Transition Authority (NSTA) revealed it will get tough on operators that do not meet their obligations.
The project, which is pending government approval, would start production in 2029, lifting the country’s capacity to more than 1.4 million barrels of oil per day.Exxon operates all production in Guyana, with Hess Corp and China’s CNOOC as partners.
The first shipments of Senegalese crude oil from the Sangomar project are on their way to refineries in the Netherlands and Germany, marking a new era for the Senegalese economy.
Bolivia has discovered its largest natural gas field in nearly two decades at Mayaya Centro X1, estimated to hold 1.7 trillion cubic feet of gas.
The discovery brings hope for Bolivia to resolve its fuel shortage crisis and foreign currency crunch, as well as regain its position as a major natural gas exporter.
The $50 million investment in the drilling project is seen as a significant step towards economic recovery and a new era of oil and gas production in Bolivia.
India is set to launch its tenth bidding round for oil and gas blocks in August or September, the Directorate General of Hydrocarbons (DGH) has said. The latest round will include 25 blocks across 13 sedimentary basins, which are essential for exploration and production activities.