The US oil, gas rig count gained five to 669 for the week ended Feb. 21, S&P Global Commodity Insights data showed, as fourth-quarter upstream earnings season essentially came to a close with indications of slightly higher capex in 2024 and also of moderating production growth.
Boma Femi Julius is the founder and CEO of Globat Oil and Gas Skills LLC, a registered company in Nigeria and the U.S. He holds a Bachelor of Engineering (B.Eng) in Polymer and Textile Engineering from the Federal University of Technology Owerri and a Master of Science (MSc) in Drilling and Well Engineering from Robert Gordon University, U.K. His career in drilling fluids began with an internship at Baker Hughes as a student, after which he joined Geo-Fluids and later M.I Swaco Ltd in Nigeria and Gabon, and he later consulted for Baker Hughes in Saudi Arabia.
On Wednesday 28 February 2024, the Council of Ministers adopted a communication concerning an expression of interest by Eni Côte d’Ivoire Limited in offshore oil blocks CI-504, CI-526, CI-706 and CI-708.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the 51 field development plans it approved within the space of one year should attract an investment inflow of $17.64 billion. The Chief Executive, NUPRC, Engr. Gbenga Komolafe, made this known while delivering the keynote speech during the Nigerian Petroleum Producers Forum panel at the ongoing 7th Nigeria International Energy Summit (NIES) on Wednesday in Abuja.
Canada’s Africa Oil Corp now says its earlier announced plans to pull out of Kenya’s Turkana oil project have hit fresh headwinds following delayed State approvals.
Oil prices on Thursday fell after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure.
Oil prices edged up more than $1 on Tuesday as producer group OPEC+ considers extending voluntary oil output cuts into the second quarter to provide additional support, sources said.
Crude oil prices went lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 4.2 million barrels for the week to February 23.
Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark, with traders anticipating potentially impactful US economy data coming in later this week – first the US personal consumption expenditures readings, followed up by European inflation figures and Chinese PMI developments reflecting the Chinese Lunar New Year.
Prices for North Sea and West African crude grades have increased this month.
The Red Sea shipping crisis and OPEC+ output cuts have tightened oil markets.
U.S. benchmark oil prices are also supported by higher demand for American crude in Europe due to the Red Sea disruption to flows.