The cost to use a drilling rig to explore for crude oil and natural gas in the Middle East may have bottomed out after dropping almost 20% since the end of 2023 after Saudi Aramco cancelled its long-planned crude output capacity expansion in late January.
Tellurian Inc. and Aethon Energy Management LLC announced an agreement for Aethon to acquire Tellurian’s integrated upstream assets for $260 million, alongside a Heads of Agreement for Aethon to purchase two million tons per annum (MMtpa) of liquified natural gas (LNG) from Tellurian’s Driftwood LNG plant.
ConocoPhillips has entered into a definitive agreement with Marathon Oil Corp. to acquire the independent oil and gas E&P company in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt.
ARA Petroleum announced that the Ministry of Energy in Tanzania has granted a 25-year Development Licence over the Ntorya natural gas discovery area to the Ruvuma joint venture.
Many African countries face challenges in developing and utilising their energy resources. These challenges include lack of access to capital, inadequate infrastructure, unclear regulations, and limited local expertise.
Lithium exploration is set to kick off in the West African country of Ghana. The license for the exploration has been granted to the Australia-based lithium-focused exploration and development company, Atlantic Lithium Limited.
The companies submitted bids for the Modified UC block, which is located close to the Teak, Sammaan, Poui producing fields.
Chevron’s biggest rival, ExxonMobil, however, has arbitration proceedings in Guyana’s Stabroek oil block that may prevent merger
The keel of a new floating production storage and offloading unit (FPSO) has been laid at the facilities of Chinese shipbuilder Dalian Shipbuilding Industry Company (DSIC).
Brent crude futures for July delivery added 18 cents, or 0.2%, to US$84.40 a barrel by 0630 GMT. U.S. West Texas Intermediate futures for July climbed 28 cents, or 0.3%, to US$80.11