Bangladesh on Sunday announced an international bid round for the exploration of oil and natural gas in 24 blocks in the Bay of Bengal under a new Production Sharing Contract (PSC) to enhance energy production.
If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
Members of the Ghana Upstream Petroleum Chamber have held a breakfast meeting with the Vice President Dr. Mahamudu Bawumia to inform him of the challenges facing the sector and discuss how the industry might collaborate with government to address them.
Offshore Namibia, the success rate in offshore discoveries has been phenomenal so far.
This week, TotalEnergies and QatarEnergy said they were expanding their efforts to explore for oil and gas in the Orange Basin offshore Namibia.
In Uruguay, Brazil’s neighbor to the south, a subsidiary of Chevron entered in a deal this week to buy 60% and assume operatorship of an offshore exploration block.
As major discovery comes to light
Italy’s oil and gas giant Eni, has made a new significant hydrocarbon discovery in block CI-205 off the coast of Côte d’Ivoire, West Africa.
The Uganda National Oil Company (UNOC) has reiterated commitment to developing national content within the oil and gas sector.
Africa’s biggest producer is trying to halt a flight of investment capital from its onshore fields by oil majors fleeing assets prone to spills caused by attacks including sabotage and vandalism
Brazilian state-controlled company Petrobras saw earnings down in the final quarter of 2023, as results were affected by the depreciation of Brent crude prices and lower oil products margins.
For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive.
Several oil majors beat expectations despite reporting smaller overall profits in 2023 compared to 2022.
The combined profits of Big Oil came in at around $107.5 billion last year
Oil prices were little changed on Thursday as markets weighed new economic data from China against increasing supply from the Western Hemisphere. Brent crude futures settled flat at $82.96 a barrel. U.S. West Texas Intermediate crude futures ended 20 cents lower at $78.93.