Australian junior Invictus Energy received a welcome fillip from studies carried out on last year’s Mukuyu-1 wildcat in Zimbabwe, with data indicating the presence of light oil, natural gas condensate and helium.
ABU DHABI, May 9 (Reuters) – The United Arab Emirates’ energy minister Suhail al-Mazrouei said on Tuesday that additional voluntary output cuts by the OPEC+ producer group were implemented to balance the oil market.
The Kremlin pledged to cut crude output by 500,000 barrels a day in March and maintain it through to December in retaliation for Western restrictions, which include a price cap imposed by the Group of Seven industrialized nations. Yet so far, crude flows from ports have shown little evidence of output cuts.
GEORGETOWN, May 8, 2023 – MODEC has signed an EPCI contract to build an FPSO bound for TotalEnergies’ offshore Uaru field in Guyana, the Japanese shipbuilding company announced on Monday.
Crude oil prices were once again on the decline today in Asian morning trade, extending a slip that began yesterday after the American Petroleum Institute surprised markets by estimating an inventory build in both crude and gasoline.
Despite oil’s most recent slump to a 15-month low last week, analysts and investment banks continue to expect higher prices at the end of this year as demand is set to pick up with the driving season, and supply is bound to tighten with the OPEC+ cuts in the second half of 2023.
Russia’s crude oil exports by sea hit a new high of 3.55 million barrels per day (bpd) in the four weeks to May 5, the highest shipments since at least early 2022, tanker-tracking data monitored by Bloomberg showed on Tuesday.
TotalEnergies, along with Italy’s Eni and the UK’s BP and Shell, have been at the vanguard of securing new oil and gas supplies for Europe to substitute for lost energy supplies from Russia since its invasion of Ukraine in February 2022.
Morocco is at a crossroads. Its ecological conditions, with the sun of the Sahara and the wind of the Atlantic coast, make it a prime candidate for massive-scale solar and wind farms.
BRASíLIA, May 9, 2023 – Petrobras’ Anna Nery FPSO has begun production at the Marlim and Voador offshore fields on the Campos Basin in Brazil, the Brazilian NOC announced on Monday.