Despite multi-layered international sanctions on Russia following its 24 February 2022 invasion of Ukraine, President Vladimir Putin’s ‘special energy project’ – developing the country’s massive gas and oil resources in the Arctic – took a major step forward last week as it was confirmed that the flagship Arctic LNG 2 will begin operations before the end of this year.
This weekend, the chief executive of BP, Bernard Looney, said that the world needs to invest in more oil and gas production.
Suriname’s President Chan Santokhi had pinned his hopes on a massive oil boom to reinvigorate the former Dutch colony’s crisis-prone economy. Those hopes were dashed when French energy supermajor TotalEnergies delayed the billion-dollar final investment decision (FID) for Block 58 offshore Suriname.
The Parliamentary select committee on mines and energy has found no evidence of any losses from a deal between the Ghana National Petroleum Corporation (GNPC) and Genser Energy Ghana Limited (GEGL), concluding an investigation into unfounded claims of irregularities.
The net profit margin of the Bulk Oil Storage and Transportation Limited Company (BOST) has increased from GH₵161 million in 2021 to GH₵342 million in 2022.
The Minister of Energy, Dr. Matthew Opoku Prempeh, has assured of the government’s support in reviving the Tema Oil Refinery (TOR) to boost downstream petroleum production.
The offshore rig market is experiencing a period of rapid growth, driven by notable advancements in Guyana, Brazil, and the Middle East, infill drilling activities in West Africa, and renewed exploration in Namibia, India, and the Eastern Mediterranean, according to the International Energy Agency (IEA).
A survey has revealed that Norwegian oil and gas companies plan to increase oil and gas investments in both 2023 and 2024.
Norwegian oil company Equinor has discovered oil and gas in the North Sea, 130 kilometers northwest of Bergen, Norway, while drilling wells 35/11-26 S and 35/11-26 A.
Upstream oil and gas is enjoying a new lease of life. But with investment spend well below past highs, is the industry investing enough to fulfil its critical role of delivering enough supply to meet the rise in demand we expect over the next decade? I asked our Upstream experts, Fraser McKay and Ian Thom, who addressed this very question in our July Horizons.