The Nigerian National Petroleum Company Limited (NNPC) has said with all the ongoing upstream projects, it plans to meet its 40 billion barrels crude oil reserves target by 2030.
OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday.
Bullish sentiment has been growing in oil markets this week, with inflation in the U.S. slowing dramatically and markets tightening on the back of supply disruptions and production cuts.
Libya’s largest oilfield was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned and are set to reduce global oil supply at a time when Saudi Arabia is cutting production by 1 million barrels per day (bpd) and Russia has promised a 500,000-bpd cut to exports in August.
The total number of total active drilling rigs in the United States fell by 5 this week, after a 6-rig increase last week, according to new data from Baker Hughes published Friday.
Oil prices fell by around 1% in early Asian trade on Monday after major Libyan oilfields resumed production over the weekend following a brief shutdown and after China reported second-quarter economic growth below expectations.
Opec+ will continue pursuing efforts to stabilise the oil market and will do “whatever is necessary”, Saudi Arabia’s Energy Minister has said.
As part of a massive, pre-holiday weekend document dump by the Biden administration on June 30, the domestic oil and gas industry received an unwelcome gift from the U.S. Fish & Wildlife Service (USFWS), one that shifts Mr. Biden’s continuing war on oil and gas to the Permian Basin.
Cutting oil and gas production would be “dangerous and irresponsible”, the boss of energy giant Shell has told the BBC.
ONGC Videsh, a wholly-owned subsidiary of India’s Oil and Natural Gas Corporation (ONGC), is reconsidering buying a stake in Tullow Oil’s assets in Kenya, reported Bloomberg.