The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria’s crude oil reserves are 31.56 billion barrels, while condensate reserves are 5.94 billion barrels, totaling 37.50 billion barrels.
Since the commencement of the Petroleum Industry Act in 2021, the Nigerian oil and gas industry has undergone significant transformation. The PIA passed by the National Assembly was signed into law by former President Muhammadu Buhari. It is one of the most audacious attempts to overhaul the petroleum sector in Nigeria.
e-Magic Guyana, known for its expertise in industrial IoT and digital twins solutions, and West Coast Gas Ghana Limited (WCGG), an innovator in hydrocarbon accounting and oil and gas data management have teamed up to launch AnaWorX Inc. This joint venture aims to revolutionize how the oil and gas industry monitors and manages production in real-time, combining the strengths of both companies to benefit stakeholders in Guyana and ultimately, around the world.
The Department of Energy (DOE) and the Japanese Ministry of Education, Culture, Sports, Science and Technology (MEXT) recently announced their agreement to accelerate fusion energy research together.
The State will audit Tullow Oil’s spending on its oil project amid a review of a plan submitted by the British firm on plans to develop the petroleum deposits found in
Turkana more than a decade ago.
Mohamed Liban, Petroleum Principal Secretary, said the new audit by an independent consultant will cover costs Tullow incurred on blocks 10BB and 13T from 2021 until the end of the 2024 calendar year as well as Early Oil Pilot Scheme (EOPS) from 2021 to the end of 2023. “In so doing, the consultant will evaluate whether the expenditures are in line with contractual obligations and if the claimed costs are entitled to cost recovery,” the official said.
Similar independent cost recovery audits for blocks 10BB and 13T for 2010-2016, 2017-2018, 2019-2020, and EOPS for 2017-2020 have been run.
Grainger plc (LON:GRI – passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 254.37 ($3.22) and traded as high as GBX 259 ($3.28). Grainger shares last traded at GBX 256 ($3.24), with a volume of 524,514 shares.
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.