Oil and gas engineer Hunting has ridden the wave of continued oil and gas drive from supermajors to a near 30 per cent revenue uplift.
Nigeria has received 60% of the African Export and Import Bank’s (Afreximbank) N30 billion investment in Africa’s oil and gas sector.
Denison Gas Ltd. has started a five-well drilling program to support production and reserves growth across its Denison North and South Project areas.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.
Oil prices on Thursday fell after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure.
In a bid to increase the nation’s revenue base, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected an investment inflow of about $17.67 billion into the upstream petroleum sector with expected cumulative 2.12 billion barrels of oil and 13.13 Trillion Cubic Feet (TCF) of gas production in the next five years.
Oil prices edged up more than $1 on Tuesday as producer group OPEC+ considers extending voluntary oil output cuts into the second quarter to provide additional support, sources said.
Supergiants like Exxon are focused on big offshore venues like Guyana and Namibia, leaving behind prime onshore natural gas assets in Europe – a region that is now desperate for affordable domestic resources that aren’t controlled by Russian Gazprom.
Vitol: A slower pace of the energy transition will push peak oil demand beyond 2030.
Vitol CEO Hardy: Overall global demand for oil, natural gas, and coal is also set to peak later than expected as the energy transition is progressing slower than initially thought.
OPEC, which has a vested interest in continued oil demand growth for decades, sees robust demand even in the long term.
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Profits for the biggest US oil and gas producers have almost tripled under President Joe Biden, even as the industry berates his administration’s “hostile” policies and warns that a second term would be “disastrous” for the sector.