Hess Corporation (NYSE: HES) today announced it has made a final investment decision to proceed with Whiptail, the sixth development on the Stabroek Block, after receiving government and regulatory approvals. Whiptail is expected to add gross production capacity of approximately 250,000 barrels of oil per day by the end of 2027.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya has overtaken Nigeria as the top African oil producer.
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.
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.
Russia’s federal budget deficit shrank to RUB607bn ($6.7bn) in the first quarter thanks to high oil prices that pushed up oil and gas revenues by 80%, according to a preliminary estimate of the Ministry of Finance (MinFin).
Oil prices fell in early Monday trading, after Israel withdrew some soldiers from Gaza amid renewed ceasefire talks, defusing some tension in the Middle East ahead of the Eid Al Fitr holiday.
Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said that the Oil Ministry is taking steps to reach a production capacity of five million barrels per day despite the serious restrictions on oil markets and the OPEC countries’ quota limitations to maintain price stability.
The Government of Saskatchewan’s Crown petroleum and natural gas public offering, held on Tuesday, April 2, 2024, has raised $15,454,748.02 in revenue for the province, with the Estevan area generating the most cashflow.