The cut in oil production measure put in place by the Organisation of Petroleum Exporting Countries (OPEC+) towards the end of last year may be yielding the desired results.
Despite being blessed with abundant oil and gas resources, Wood Mackenzie, also known as WoodMac, a global provider of data and analytics for the energy sector, has said that Africa will account for only 6% of global upstream investment over the next ten years, noting that the Continent’s production will drop from a projected 12.4 million Barrels of Oil Equivalents Per Day (BOEPD) in 2024, to 10.1 million in 2033 due to under-investment.
Mach Natural Resources LP (MNR, Financial) released its 8-K filing on April 1, 2024, unveiling its financial and operating results for the year-ended December 31, 2023. The independent upstream oil and gas company, which focuses on the acquisition, development, and production of oil, natural gas, and NGL reserves in the Anadarko Basin region, has reported a transformative year marked by significant achievements.
The operator of Jubilee and TEN oil fields, Tullow Ghana, along with its partners, has undertaken significant initiatives aimed at enhancing community infrastructure and engagement in a concerted effort to bolster support for coastal communities in the Western Region.
Prime Minister Olzhas Bektenov and Upstream Director of the Italian company ENI Luca Vignati reviewed ongoing joint work at the Karachaganak and Kashagan fields and explored opportunities for launching new projects in renewable energy sources at a meeting on March 27, reported the Prime Minister’s press service.
Nigeria’s oil regulator met with producers and local refiners to fix implementation of a policy mandating crude sales to domestic refineries, the head of the agency said on Tuesday.
Ithaca Energy has been given a four-week exclusivity period by Italy’s Eni to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.
It is estimated that the total abandonment or decommissioning cost of Jubilee wells, subsea infrastructure, and FPSO in a fully developed Greater Jubilee will amount to approximately US$704 Million
Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22.
Two environmentalist groups have challenged in court French oil major TotalEnergies’ plans to drill five wells offshore South Africa.
TotalEnergies acquired a 33% stake in an exploration block offshore South Africa earlier in March.
Despite the apparent risks, TotalEnergies and QatarEnergy are moving ahead with their exploration effort off the South-African coast.