An Ad-hoc Committee that was set up by the House of Representatives to investigate the alleged loss of over $2.4bn in revenue from the illegal sale of 48 million barrels of Crude Oil in 2015 including crude oil exports from 2014 to date has cleared the Nigerian National Petroleum Company Ltd of any wrongdoing.
U.S. crude oil production could gain 720,000 barrels daily this year, up from a previously forecast growth rate of 640,000 bpd, according to the latest edition of the Energy Information Administration’s Short-Term Energy Outlook.
Oil prices will not average more than $80 per barrel in the second half of this year, despite the most recent production cut announced by Saudi Arabia, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO) released this week.
Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance
The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has proposed an upfront payment mechanism for surface rentals in a bid to curb rising defaults by oil companies.
The Ghana National Petroleum Corporation (GNPC) has commenced exploring for potential hydrocarbons in the Northern and Savannah Regions, in what could be the country’s first onshore production.
The upstream oil and gas sector in Ghana contributed 3.7% to the Gross Domestic Product (GDP) of Ghana in 2020.
After Exxon’s string of high-quality oil discoveries in offshore Guyana delivered more than 11 billion barrels of oil resources South America started garnering considerable attention from energy investors.
Traders are not buying the oil deficit story. That’s the conclusion that forces itself based on the latest oil and fuel buying and selling developments ahead of the latest OPEC+ meeting.
Following the recent slew of major cooperation agreements (including in energy, security, and logistics) between various permutations of Iran, Iraq, Russia, and China, another set of agreements – this time between Iran and Oman – allows Beijing to further consolidate its grip over the principal oil transit routes from the Middle East. It also allows it the opportunity to develop another major source of liquefied natural gas (LNG) supplies, to the detriment of the U.S.’s key allies in Europe.