China’s extraordinary economic expansion almost singlehandedly drove a supercycle in key commodities since the mid-90s.
This robust performance across several major sectors in China’s economy is in sharp contrast to the growth drivers seen last year.
China continues to buy oil from Russia and Iran at a discounted price
With just about seven months to go for the general election this December and with possibly a new government to be sworn-in soon after that, dubious contracts worth millions of dollars are being awarded by the Akufo-Addo/ Bawumia government to their relatives and cronies. One of such dubious contracts is the award of the Ghana Gas Company Phase 2 project to a son of the Nana Asante Bediatuo.
Saudi Aramco’s net income for Q1 2024 fell due to lower crude sales.
The company maintained its $31.1 billion dividend payout despite the profit dip.
This prioritization of shareholder payouts over short-term profit raises questions about Aramco’s strategy.
UK-headquartered oil and gas giant BP has recorded a fall in profit on a quarterly and year-over-year (y-o-y) basis driven by the downturn in energy prices. However, Britain’s oil major still raked in a multimillion-dollar profit in the first quarter of 2024 while upping its oil production ante.
In a bold move, oil companies are significantly ramping up their offshore drilling operations, reflecting a global surge in demand for energy. Despite the increasing push for renewable energy sources, the immediate reliance on traditional oil and gas remains strong, leading to expanded exploration and drilling activities in offshore locations.
BP’s new Azeri-Central-East (ACE) facility is expected to boost oil production by 25 percent.
The ACE facility has the capacity to handle up to 2.6 bcm of gas per year, which could help Azerbaijan meet its gas supply commitments to the European Union.
The launch of the ACE facility comes at a fortuitous time for Azerbaijan, which is heavily dependent on hydrocarbon exports.
The integrated engineering, procurement, construction and installation (EPCI) contract is aimed at expediting the subsea tieback process to extend the life of ageing platforms.
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.