President Nana Akufo-Addo has indicated that the government’s gold-for-oil policy has significantly reduced pressure on forex.
Africa Oil Corp (TSX:AOI) swung to a profit for the full year 2023 driven by income from its joint venture Prime Oil & Gas Coöperatief U.A.
Coming amid attacks on refineries, ban is intended to avert shortages and spiking prices on the domestic market.
Major international oil companies (IOCs) are reaffirming their dedication to the development of African oil and gas resources, signaling positive prospects for service providers, drilling contractors, and the wider industry. During a recent event in Nigeria, top representatives from TotalEnergies, Shell, and Chevron disclosed substantial investment plans, spanning from pioneering exploration endeavors to facilitating gas supply from mature markets. With the Invest in African Energy (IAE) forum scheduled for May in Paris, there exists a prime opportunity for investors to capitalize on this renewed commitment to advancing Africa’s energy sector.
Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark, with traders anticipating potentially impactful US economy data coming in later this week – first the US personal consumption expenditures readings, followed up by European inflation figures and Chinese PMI developments reflecting the Chinese Lunar New Year.
British supermajor Shell last week exited Iraq’s potentially game-changing US$11-billion Nebras Petrochemical Project.
Shell signed the NPP deal, having agreed to the original memorandum of understanding back in 2012.
The key problem stopping Iraq from fulfilling its potential in oil, gas, and petrochemicals, remains the widespread corruption in its oil and gas sector, among others,
Investigation into Eni’s projects in Kenya and the Republic of the Congo shows company is failing to produce “miracle” drought-resistant biofuels crops at scale.
The Cop28 UN climate summit in December secured agreement from almost 200 nations to “transition away from fossil fuels in energy systems in a just, orderly and equitable manner” – a decision hailed by world leaders as “historic”.
Oil prices fell on Monday, extending losses on market views that higher than expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand.
Serica Energy PLC and Jersey Oil & Gas PLC on Monday said they have completed the Greater Buchan Area farm-out agreement.