IOCs active in Iraqi Kurdistan finally yielded to Baghdad’s calls for oil sales to be handled by SOMO.
For China, a fractious independent Kurdistan with strong former ties to the U.S. would make the administration of Iraq’s oil and gas sector much more difficult.
Despite controlling Iraqi Kurdistan’s oil sector post-2017 independence vote, Russia prefers to work with Baghdad’s central government.
A new Chinese umbrella company grouping all the state majors will drill for ultradeep oil and gas, and explore shale formations in China.
China produced 4.2 million barrels daily in 2023.
Unconventional resources have long been a focus of attention for China’s state oil and gas majors, but developing them has been a challenge.
Kosmos Energy Ltd. announced the successful start-up of oil production at the Winterfell development in the Green Canyon area of the U.S.Gulf of Mexico.
Winterfell development set to deliver gross production of 20,000 boepd, says partner Kosmos Energy
Brazilian oil and gas company Enauta has terminated the contract to acquire the floating production, storage, and offloading (FPSO) unit Cidade de Santos from MODEC, announced in relation with the acquisition of Uruguá and Tambaú fields from Petrobras.
TotalEnergies plans to exit its discoveries of gas-condensate off the tip of South Africa to prioritise exploration in other areas closer to Namibia, according to people familiar with the matter.
Receipts from crude oil liftings (CAPI and Royalties) in Ghana amounted to $690,282,530.89 in 2023 as
compared with U$1,036,800,383.96 in 2022, representing a decrease of 33.4%, the PIAC has reported.
Vår Energi struck a similar supply deal with Germany’s VNG Handel & Vertrieb for the delivery of 5 bcm (176.6 bcf) of gas over 12 years.
OPEC+ has extended its production cuts totaling 3.66 million bpd until 2025.
Further production cuts by OPEC+ could impact global oil prices and economic stability, particularly affecting China and the U.S.
Prominent OPEC countries may be reluctant to risk lower oil prices, as doing so could jeopardize the budgets for their ambitious national spending programs.
TotalEnergies has acquired Tecoil, a Finnish company specialised in lubricants used oil regeneration, the French company announced on Monday.