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.
Italian major offloads a third of its shares in Italian contractor current, but still controls one fifth of company
Senegal’s President Bassirou Diomaye Faye has said profits from the sale of oil and gas will be “well managed” as the West African state started producing oil for the first time.
This week’s announcement of the government’s plans to reopen New Zealand’s territorial waters to oil drilling comes as no surprise. All three coalition parties campaigned on reversing the 2018 ban on offshore oil exploration.
Matador Resources Company has announced a significant acquisition in the Permian basin. A subsidiary of Matador is set to purchase a subsidiary of Ameredev II Parent, LLC, which includes oil and natural gas properties in Lea County, New Mexico, and Loving and Winkler Counties, Texas.
New Zealand proposed a ban on oil and gas exploration back in 2018.
This week, the coalition government said it would introduce a bill in Parliament in the second half of 2024 to remove the ban on petroleum exploration beyond onshore Taranaki.
The removal of the ban is aimed at dealing with the energy security challenges posed by rapidly declining natural gas reserves.
Indonesia’s upstream industry is poised to grow strongly in 2024 and beyond as the government has offered number of blocks for exploration and production.
Japanese FPSO operator MODEC has congratulated Woodside Energy on starting production at Senegal’s first offshore oil development where a floating production storage offloading (FPSO) unit it sold to the Australian energy giant is working.
PTT Exploration and Production, Thailand’s national upstream company, has acquired the 10% participating interest held by German independent Wintershall Dea in the UAE’s Ghasha Concession, the companies announced on Tuesday.