Discover how Kosmos Energy defied economic uncertainties to achieve unprecedented growth in the oil industry through stringent cost controls, strategic foresight, and promising future prospects.
Nigeria, Africa’s largest oil producer, is the second most expensive place globally to extract crude oil, BusinessDay has reported.
Oil prices fell on Monday, extending losses on market views that higher than expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand.
Crude oil futures rose Wednesday as Federal Reserve officials indicated that interest rates have likely reached their peak
The Producer Price Inflation (PPI) rate for January 2024 stood at 17.4%, higher than the 16.6% recorded in December 2023.
Benchmark Energy II, which is majority owned by Acacia Research, has agreed to acquire certain upstream assets and related facilities in Texas and Oklahoma, US, from an undisclosed private seller.
Total revenue for the fourth quarter of 2023 was €25.027bn ($26.96bn), a decrease from €31.81bn in Q4 2022.
This is however lower than the $696.815 million secured in the same period of 2022.
No reasons have yet been attributed to the drop in proceeds.
Meanwhile, the sad development comes particularly at a time when the government is in dire need of funds to shore up its domestic revenue in the wake of the closure of the international capital markets to the country.
The Chamber of Petroleum Consumers, (COPEC) has projected an increase in fuel prices, beginning tomorrow, February 16, 2024.
The U.S. and global oil and gas sector is currently enjoying a third year of relatively high energy prices with oil demand on a steady growth trajectory. WTI crude has traded above $70 per barrel for the better part of the past 12 months, well above the $54 per barrel average breakeven price for U.S. shale basins. However, U.S. oil majors are not allowing high energy prices to lull them into a false sense of security, rankled by the memories of the historic oil price crash of 2020. Oil majors are now hedging their bets by targeting new oilfields that can be profitable even at $30 per barrel oil, reflecting executives’ belief that high prices are anything but guaranteed.