ncreased geopolitical risk in oil-producing regions is seen as a key driver of higher oil prices.
Tighter markets due to OPEC+ cuts and Russia’s export limitations are putting upward pressure on prices.
In an increasingly bullish oil market, Morgan Stanley sees Brent Crude hitting $94 per barrel in the third quarter of 2024.
OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, OPEC will need to make a decision.
Pantheon Resources plc shared the results of the updated Independent Expert Report (“IER”) by Netherland Sewell & Associates, Inc. (“NSAI”). The update includes approximately 43,000 acres located on its 100% owned Kodiak oil and gas field on the North Slope of Alaska.
ven after a record $200 billion dealmaking frenzy last year, US oil and gas producers haven’t consolidated nearly enough. On a-per-barrel basis, there are still too many companies, too many chief executives, and too many drilling rigs wooing a limited pool of available capital.
Since 2020, there have been military coups in Burkina Faso, Mali, and Niger. Potential spillover of conflicts to the coastal West African countries could endanger some oil projects and deter foreign investment, according to report by analyst – Tsvetana Paraskova, writing for Oilprice.com.
Mozambique has finalized agreements with Chinese oil company the China National Offshore Oil Corporation (CNOOC) for the exploration and production of five offshore blocks. These blocks, located in both shallow and deep waters, were awarded as part of the country’s sixth licensing round initiated by the Mineral Resources and Energy ministry.
Senegal’s newly elected President Bassirou Diomaye Faye has stated that he would conduct a thorough audit of Senegal’s oil , gas and mining sectors.
TotalEnergies and SONATRACH have signed a Memorandum of Understanding to conclude an oil and gas contract in the north-east Timimoun region, under the aegis of Law n°19-13 governing oil and gas activities.
Israel withdrew forces from the southern Gaza city of Khan Younis over the weekend, bringing its troop levels in the enclave to one of the lowest levels since the war with Hamas began last October.
U.S. crude and Brent gained more than 4% last week as tensions mounted between Israel and Iran.
Enauta, a Brazilian oil and gas company, is in talks to merge with 3R Petroleum Óleo e Gás, creating a major independent player in Latin America.
The merger would combine Enauta’s recent acquisitions in Brazil’s offshore region with 3R Petroleum’s existing assets, resulting in a company with a production capacity of over 100,000 barrels per day.
The move is part of a growing trend of mergers and acquisitions in the global oil and gas industry, as companies seek to consolidate and cut costs.