BP is seeking buyers for a stake in its U.S. natural gas pipeline network, potentially raising up to $3 billion to reduce its growing debt. This sale is part of CEO Murray Auchincloss's strategy to improve the company's financial performance amid investor pressure and ongoing concerns about its energy transition plans.
Uganda's oil and gas sector has significantly reduced unemployment, with 90% of its workforce being locals, including many from communities directly involved in the industry. Efforts to promote local participation include extensive training programs, joint ventures, and a focus on providing goods and services through Ugandan companies, contributing to the country's economic growth.
Aramco, TotalEnergies, and SIRC have signed an agreement to develop a Sustainable Aviation Fuel (SAF) production unit in Saudi Arabia, using local residues like used cooking oil and animal fats. This collaboration supports Saudi Arabia's Vision 2030 and Green Initiative, aiming to reduce aviation emissions and promote a circular economy.
Chevron's annual spending of approximately $1 billion on Nigerian suppliers is vital for the growth and sustainability of the country's oil and gas sector. The company remains committed to fostering local capacity, creating job opportunities, and supporting Nigeria’s long-term economic development through strong partnerships and investments.
Shell and Equinor are merging their UK offshore oil and gas assets into an equal joint venture, expected to produce over 140,000 barrels of oil equivalent per day, with the deal to be finalized by 2025. The new entity will become the largest independent producer in the British North Sea, while both companies retain control over specific assets, including offshore wind and carbon capture projects.
Ivory Coast is becoming a major force in West Africa’s oil and gas sector, attracting significant investments through strong policies, local content initiatives, and innovative partnerships. With key projects like the Baleine field and new discoveries such as the Calao find, the country is positioning itself as a regional energy hub while focusing on sustainability and economic growth.
SAIPEC 2025 will showcase multi-billion-dollar opportunities in Africa's oil and gas sectors, bringing together industry leaders and stakeholders. The conference will focus on advancing Africa's energy ambitions, promoting local content, and fostering partnerships across the continent.
Oil prices rose over 2% due to rising tensions in Lebanon and the potential extension of OPEC+ supply cuts. While geopolitical risks in the Middle East and production cuts are supporting prices, weak global demand and rising U.S. inventories point to downward pressure on oil in the longer term.
Algeria and Qatar, among Europe’s top LNG suppliers, are under scrutiny for high emissions linked to their gas exports. Reports highlight the environmental impact of LNG, raising concerns about its role in Europe’s transition to cleaner energy.
At the 8th Energy Summit in Nigeria, stakeholders urged the government and African nations to invest heavily in LNG, CNG, and other clean energy solutions for a sustainable energy transition. Experts emphasized the need to stop gas flaring, utilize Africa's abundant resources, and prioritize clean energy over continued fossil fuel exploration.
Qatar Energy signed a long-term agreement with Shell to supply China with 3 million tons of LNG annually, starting in January 2025, reflecting the growing global demand for energy. This partnership, expected to last at least 10 to 15 years, strengthens Qatar's role as a leading LNG supplier and supports China's position as the world's largest LNG market.
Oil prices saw a significant rise last week, driven by geopolitical tensions and a surge in natural gas demand, with notable developments from Equinor’s new discovery in the North Sea and Shell’s exit from Ukraine. Additionally, Petrobras, TC Energy, and BP also made major announcements, including large investment plans and innovative projects in the energy sector.
Saudi company Addis Oilfield Services has significantly boosted oil production in Egypt's Ras Badran field, increasing output to 7,500 barrels per day just three months after starting operations. This success is part of a broader plan to invest up to $66 million in revitalizing aging oil fields in the Gulf of Suez, supporting Egypt's efforts to meet growing energy demand and reduce its import dependency.
Russian fuel continues to reach European markets despite strict sanctions through the use of "shadow tankers" and alternative transshipment points.
Donald Trump's transition team is preparing an energy plan to boost oil and gas production, including approving new LNG export permits, expanding drilling on federal lands, and restarting the Keystone Pipeline. The plan also aims to roll back Biden-era climate regulations and replenish the Strategic Petroleum Reserve, prioritizing energy security and U.S. production.
Uganda and Tanzania are strengthening their economic partnership through the East African Crude Oil Pipeline (EACOP), with a focus on regional integration, job creation, and sustainable development in the oil and gas sector. The Uganda-Tanzania Oil and Gas Networking Forum highlighted the progress of the EACOP project, emphasizing capacity building, environmental protections, and increased employment opportunities for local communities.
QatarEnergy has acquired additional stakes in two offshore blocks in Namibia’s Orange Basin from TotalEnergies, increasing its ownership in these blocks to over 35 percent. This move strengthens QatarEnergy’s position in the region, which has seen significant oil discoveries, attracting major industry players.
TotalEnergies is facing reputational and legal risks due to its deep ties with Indian billionaire Gautam Adani, who is under U.S. investigation for bribing officials to secure solar power contracts. Despite not being directly accused, the energy giant's growing Indian renewable investments and its partnership with Adani Green Energy could be affected by the ongoing corruption charges.
Astron Energy has reached a major milestone by unveiling its 400th rebranded service station in La Roche, Gqeberha, as part of its goal to transform over 800 stations nationwide. The rebrand, which began in 2022, is the largest change in the South African fuel industry in three decades, reflecting the company's commitment to growth, community, and exceptional customer service.
As Europe's natural gas prices hit a one-year high, the widening price gap between Europe and the U.S. is prompting U.S. LNG exporters to increase shipments to Europe. This surge in European prices, driven by colder weather and supply concerns, has also led to a shift in global LNG trade, with cargoes initially bound for Asia being diverted to Europe.
Africa Oil Corp. has completed the purchase of an additional 7.0% stake in Impact Oil and Gas, increasing its ownership to 39.5%. This acquisition strengthens Africa Oil's influence over key projects in Namibia's Orange Basin, including the Venus oil development and ongoing exploration efforts.
Iraq's fuel oil exports reached a record high in October, surpassing 2.15 million metric tons, with projections indicating annual exports could exceed 18 million metric tons in 2024. This surge in fuel oil exports is helping to lower refinery costs, increase global supply, and boost Iraq's oil sector revenues, reinforcing its role as a major global energy supplier.
At the COP29 summit in Baku, OPEC Secretary General Haitham Al Ghais described crude oil and natural gas as "a gift from God" and argued that climate talks should focus on reducing emissions rather than selecting energy sources. He emphasized that the priority should be mitigating environmental impact while ensuring energy security, particularly for developing nations.
Greece has extended naval exercises until March 2025 to prevent Russian oil tankers from transferring cargo off its coast, as part of efforts to limit funding for Russia's war in Ukraine. Despite these efforts, Russian tankers continue to swap oil at sea, prompting the European Parliament to call for more targeted sanctions against Russia’s shadow fleet.
TotalEnergies and Oil India have partnered to use AUSEA technology for methane emissions detection at OIL's sites, supporting the Oil and Gas Decarbonization Charter’s goal of near-zero methane emissions by 2030. This collaboration highlights OIL's commitment to reducing emissions and advancing global sustainability efforts.
Egypt is seeing a surge in oil and gas production, driven by incentive packages that attract both local and international investment. Minister Karim Badawi outlined a comprehensive strategy focusing on boosting exploration, refining, and mineral wealth, while integrating renewable energy and improving environmental sustainability.
Peninsular Malaysia's oil and gas reserves have halved in the past decade, causing concern about the country's energy security and its growing dependence on imports. Economy Minister Rafizi Ramli highlighted the challenges of resource allocation, the need for economic adjustments, and the ongoing discussions over revising revenue-sharing agreements with East Malaysia.
The China-Russia east-route natural gas pipeline has completed construction and entered its final commissioning phase, set to deliver 38 billion cubic meters of gas annually to key regions in China. This vital infrastructure project will ease supply constraints, support cleaner energy development, and drive economic growth in eastern China.
Four major international oil companies—TotalEnergies (France), BP (UK), Equinor (Norway), and Shell (multinational)—have announced a joint commitment to invest $500 million to improve electricity access in the Global South.
Africa’s deepwater oil and gas production is poised for significant growth over the next decade, fueled by recent discoveries and new projects.
ExxonMobil announced on Wednesday that it has reached a major milestone, producing 500 million barrels of oil from the Stabroek block off the coast of Guyana, just five years after beginning production.
Centrica Energy Storage has chosen Exceed, alongside Wood, as key partners for the redevelopment of the rough gas field in the UK’s Southern North Sea.
QatarEnergy has acquired a 23% stake in the North El-Dabaa offshore block in Egypt from Chevron, further expanding its global oil and gas portfolio. The deal strengthens QatarEnergy's partnership with Chevron and enhances its presence in key energy regions, including Egypt and the Mediterranean.
Adnoc Gas plans to boost earnings by 40% by 2029 through increased gas production and $15 billion in investments, driven by rising demand. The company is also expanding LNG exports, including a stake in the Ruwais LNG project, while maintaining strong dividend payouts.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has warned the government against granting import licenses to petroleum marketers, citing concerns about substandard fuel imports and the negative impact on local refineries. The controversy has escalated into legal action, with marketers challenging the dominance of Dangote Refinery, while also benefiting from the removal of fuel subsidies, leading to significant profits in the sector.
Oil prices fell as concerns over supply disruptions from a U.S. storm eased and China's stimulus package failed to meet market expectations, dampening hopes for a rebound in fuel demand. Despite ongoing production outages in the U.S. Gulf of Mexico, the market's focus has shifted to China's economic policies and stronger demand from U.S. refiners.
BP and Shell are shifting their focus back to traditional oil and gas operations, dialing back some of their renewable energy commitments to boost short-term profits. Despite reaffirming long-term climate goals, both companies are investing in fossil fuels to ensure financial stability while navigating the energy transition.
Namibia's offshore oil discoveries, initially hailed as a major economic opportunity, have encountered complications due to unexpectedly high gas content, requiring additional infrastructure and delaying development. The need to reinject or process the gas, along with rising costs, may make the projects less profitable and push oil production into the 2030s, dampening earlier expectations.
Jordan is on the brink of a major gas discovery at the Risha field, with reserves estimated at 10 trillion cubic feet, which could reduce the Kingdom's energy import reliance and support economic growth. Plans to expand production, improve infrastructure, and connect to regional pipelines, including Egypt's Arab Gas Pipeline, are central to this transformative energy strategy.
Nigeria plans to end gas flaring by 2030, converting flared gas for use in cars and power generation. The country is also pushing for global collaboration and capital access to support its decarbonization efforts and address energy poverty.
Europe boosted LNG imports in October to stock up for winter, while Asian imports, particularly from China, slightly declined. Global LNG demand continues to rise, driven by Asia’s energy transition and industrial growth.
At African Energy Week 2024, Gazprom unveiled a project to supply Tanzania with CNG fueling trucks to support its growing natural gas vehicle market. Russia also explored opportunities for cooperation in energy, infrastructure, and workforce training across Africa.
Kenya plans to exit its oil import deal with Gulf countries due to unmet goals and market distortions. The government aims to return to the open tendering system for more stability.
EWURA has set new cap prices for petroleum products in Tanzania, effective from 6th November 2024, based on global oil trends and exchange rate changes. Retailers must comply with these prices, display them clearly, and issue receipts for all transactions.
Russia continues to supply oil and gas to some European countries, but future cooperation depends on negotiations with European nations and Ukraine, especially regarding the expiring gas transit contract through Ukraine.
Tanzania will auction 26 petroleum exploration blocks in March 2025, with improved fiscal terms and accessible geological data to attract investors. The government aims to boost investment by leveraging its experience and enhancing the country's oil and gas sector.
TotalEnergies has secured a 15-year deal with Sinopec to supply 2 million tons of LNG annually to China, starting in 2028. The agreement strengthens TotalEnergies' position in China's energy transition, promoting natural gas as a cleaner alternative to coal.
Crude oil futures rose after OPEC+ announced a delay in a planned production increase, extending voluntary cuts to support prices. Geopolitical tensions in West Asia, particularly involving Iran, also contributed to concerns about potential supply disruptions.
The UAE opened its annual oil-and-gas summit, committing to boost oil production to 5 million barrels per day despite falling prices and political uncertainties. Officials emphasized the continued importance of fossil fuels alongside cleaner energy while maintaining strong ties with Russia.
Tanzania plans to expand its Compressed Natural Gas (CNG) infrastructure by opening three new filling stations by December 2024, increasing accessibility for the growing number of CNG-powered vehicles. The initiative aims to promote cleaner fuel options, with a total of eight stations expected by 2024 and an additional 13 by 2025.
Russia is seeking to enhance energy and agricultural cooperation with Tanzania by increasing supplies of liquefied natural gas (LNG) and agricultural technology. This partnership aims to support Tanzania's growing energy needs and agricultural development while positioning both countries for greater market access in their respective regions.
The first autonomous electric submarine represents one of the latest advancements supported by artificial intelligence, including increased robotic usage to lower carbon emissions.
The Energy Research Unit's latest report for 2024 highlights a 3.6% decline in Arab liquefied gas exports, with drops from Algeria and Oman, while the UAE and Qatar saw increases. The U.S. remains the largest global exporter, and Egypt has re-emerged as a net importer for the first time since 2018.
Qatar Energy and ExxonMobil have received a three-year extension for their Golden Pass LNG project in Texas, following delays caused by the bankruptcy of the main contractor, Zachry Holdings. The extension allows for new contractors to take over and aims to ensure the project, expected to produce over 18 million tons of LNG annually, moves forward toward completion.
An oil discovery in Gabon is progressing towards a production target of 40,000 barrels per day, with Norwegian company BW Energy successfully drilling new wells and repairing existing ones in the Dusavo oil field. Recent discoveries have raised resource estimates significantly, positioning the region for increased output and establishing Gabon as a key player in the oil sector.
The East African Crude Oil Pipeline (EACOP) project has reached 45.5% completion, with ongoing construction activities from Hoima, Uganda, to Tanga, Tanzania. Significant progress includes the creation of thousands of jobs and substantial local investments, with construction expected to be completed by mid-2026.
The report on the largest exporters of liquefied gas in Africa during the third quarter of 2024 highlights an increase in exports from most African countries, with the exceptions of Algeria and Equatorial Guinea.
In the third quarter of 2024, the top 10 global importers of liquefied gas remained unchanged in the top five compared to the first half of the year, with China maintaining its lead.
A Belgian company plans to invest over $26 billion in developing a green hydrogen project in Egypt, reinforcing Cairo's ambition to become a major export hub for green fuels.
According to Wood Mackenzie, investments in oil and gas among the world's 23 largest producers are expected to surge by over 60% by next year.
Saudi Arabia is set to host the 27th World Energy Congress from October 26 to 29, 2026, as announced by the World Energy Council.
Uganda’s Ambassador to Tanzania, Fred Mwesigye, praised the East African Crude Oil Pipeline (EACOP) project for its potential to enhance economic growth and job creation in both countries. He dismissed environmental concerns as propaganda, emphasizing the project's importance while highlighting its compliance with international standards.
Tanzania has announced new oil and gas licensing rounds, promoting 24 exploration blocks set to open on March 5, 2025, during the East African Oil and Gas Conference. Additionally, Zanzibar will offer eight blocks for exploration, reflecting the country's efforts to harness its significant natural gas reserves and attract foreign investment in the energy sector.
Equinor is committed to a $42 billion liquefied natural gas project in Tanzania, despite delays caused by proposed changes to a financial agreement by the government. Senior executive Nina Koch emphasized the company's focus on reaching commercial agreements while maintaining open dialogue with Tanzanian officials.
DHL Express has partnered with TotalEnergies in Tanzania to provide convenient access to global shipping services at TotalEnergies service stations. Customers can utilize DHL’s Express Easy product, allowing them to send documents and parcels at a fixed price, streamlining the shipping process.
The Rural Energy Agency (REA) of Tanzania has introduced a loan initiative to support the construction of small-scale fuel stations in rural areas, aimed at improving energy accessibility. This program invites eligible applicants to apply for funding, promoting local economic growth and enhancing the availability of essential energy products.
On October 9, 2024, Oman signed a liquefied natural gas deal with Japan's Kansai Electric Power, marking its fifth agreement this year. This move strengthens Oman's position in global energy markets as it aims to boost production and secure long-term contracts.
Puma Energy Tanzania has launched a new fuel station in Dege Mtaa, Kigamboni, enhancing local access to energy services and products, including a supermarket and cooking gas refills. District Commissioner Halima Bulembo praised the company for its commitment to improving community access to energy and supporting economic development through partnerships with the government.
Deputy Minister of Energy, Hon. Judith Kapinga, participated in the Africa Oil Week conference in Cape Town, South Africa, focusing on investment opportunities in oil, natural gas, and alternative energy. The event, which also featured key officials from the energy sector, aims to promote collaboration and growth in Africa's energy landscape.
Saudi Arabia has raised the price of its Arab Light crude for Asia by $0.90 per barrel amid market volatility, while simultaneously cutting prices for the U.S. and Europe to regain market share. This pricing shift reflects expectations of stronger demand in Asia and comes in the context of rising oil prices due to geopolitical tensions in the Middle East.
Turkey plans to invest in Sudan's oil, gas, and electricity sectors to address the country's ongoing energy crisis exacerbated by civil conflict. Sudanese officials are actively promoting investment opportunities, particularly in renewable energy projects, signaling a commitment to enhancing energy security and infrastructure.
Deputy Prime Minister Dr. Doto Biteko has urged EWURA to expedite permits for Sky Ruby to establish advanced fuel stations across Tanzania. Sky Ruby aims to enhance fuel access in remote areas with mobile stations offering various fuel types and plans for nationwide expansion.
The Tanzania Petroleum Development Corporation (TPDC) is addressing challenges related to the availability of compressed natural gas (CNG) refueling services due to increasing vehicle adoption. TPDC plans to expand infrastructure by constructing new refueling stations, including one at the University of Dar es Salaam, and collaborating with the private sector to establish 13 additional stations by July 2025.
TotalEnergies plans to increase its oil and gas production until 2030, projecting a growth rate of around three percent annually, primarily driven by liquefied natural gas. The company is also investing significantly in renewable energy while preparing for potential market adjustments following record profits in recent years.
The article discusses a recent meeting between the Petroleum Upstream Regulatory Authority (PURA) and Maurel et Prom Exploration Production Tanzania Ltd (M&P) regarding the drilling of three natural gas wells in the Mnazi Bay Block. Key topics included project budgeting, local content compliance, and the project's potential impact on natural gas production in Tanzania.
Iran has launched over 100 ballistic missiles into Israel, following a U.S. warning of an imminent attack, with no immediate reports of casualties. The global focus is on Israel's potential retaliation, which could target Iran's oil industry and push oil prices even higher.
Saudi Arabia is accelerating the process of ending its oil production cuts, causing fluctuations in oil prices. This move signals potential lower prices ahead, as the kingdom seeks compliance from other OPEC+ members on production limits.
Oil prices are set to decline for the third consecutive month due to a strong supply outlook and concerns over demand, despite rising tensions from Middle East conflicts. OPEC is responding strategically by planning to gradually increase production while estimating a rise in global oil demand in 2024.
The Petroleum Upstream Regulatory Authority (PURA) of Tanzania Mainland and the Zanzibar Petroleum Regulatory Authority (ZPRA) are enhancing their collaboration through initiatives outlined in their 2022 Memorandum of Understanding, as demonstrated in a recent meeting to review their 2023/24 implementation report. Key achievements include refining production-sharing agreements, developing CSR guidelines, launching Zanzibar's first licensing round, and promoting open blocks to attract investment.
OPEC and the IEA have sharply contrasting forecasts for global oil demand, with OPEC predicting over 2 million barrels per day of growth this year, while the IEA estimates it will be under 1 million. This divergence highlights fundamental disagreements on the future of oil consumption, particularly regarding the role of China in the global energy landscape.
TotalEnergies has acquired a 45% interest in dry gas assets from Lewis Energy Group in the Eagle Ford basin, enhancing its natural gas production and integration across the U.S. gas value chain. This acquisition follows their earlier purchase of the Dorado asset and positions TotalEnergies as the largest exporter of U.S. LNG, with plans to increase its export capacity significantly by 2030.
BP has reaffirmed its commitment to India’s energy sector during a recent board meeting in New Delhi, highlighting the importance of collaboration with local partners like Reliance Industries. The company aims to leverage opportunities in oil, gas, and clean energy to support India’s growing energy needs and ambitions for energy independence by 2047.
OPEC's 2024 World Oil Outlook projects that global oil demand will continue to grow, potentially exceeding 120 million barrels per day by 2050, largely driven by non-OECD countries like India and Africa. Despite the rise of renewable energy, OPEC emphasizes that oil will remain a critical component of the global energy mix, requiring substantial investments to sustain supply.
The start of gasoline production at Aliko Dangote’s oil refinery in Nigeria is pushing the government closer to removing costly fuel subsidies that have long burdened the economy, despite fears of public backlash. Both Dangote and the government are engaged in negotiations over pricing and supply, as the country seeks to stabilize its fuel market amidst ongoing economic challenges.
Equinor has announced a significant oil and gas discovery in the northern North Sea, with estimated resources of about 56 million barrels, although current market conditions render it "unprofitable." This follows another recent find of 16 million barrels, highlighting ongoing exploration successes in the region despite economic challenges.
Turkey's long-term LNG agreement with TotalEnergies aims to enhance energy security by diversifying its energy sources and reducing dependence on conventional gas imports. This partnership not only strengthens Turkey's position as a regional gas hub but also provides European countries with alternative gas supplies, bolstering their energy resilience amid geopolitical uncertainties.
TotalEnergies signed a 10-year agreement to supply Air France-KLM with 1.5 million tons of sustainable aviation fuel (SAF) through 2035. The agreement expands a previous deal and strengthens both companies' efforts to reduce aviation's carbon footprint.
Shell is temporarily shutting down production at its Stones and Appomattox facilities in the Gulf of Mexico and evacuating non-essential personnel due to a tropical disturbance that has a 50% chance of becoming a cyclone. The U.S. National Hurricane Center has warned that conditions are favorable for the disturbance to develop into a tropical depression or storm in the coming days.
Nigeria has begun discussions with Libya to construct a gas pipeline aimed at enhancing energy cooperation between the two nations. The proposed pipeline would transport gas from Nigeria to Libya and is part of Nigeria's strategic shift from oil to gas, leveraging its vast gas reserves.
The demand for UAE Murban crude is rising in Asian markets due to its distinct chemical characteristics being light, low in sulfur, and having a carbon density less than half the global average.
A U.S. liquefied natural gas (LNG) company, Venture Global LNG, has entered into a regasification agreement with Greece's Gas trade SA to address the shortage of Russian gas supplies caused by the Ukrainian war in February 2022.
Tanzania will enhance its Bus Rapid Transit (BRT) project with a new fleet of gas-powered buses from Scania Marcopolo, aimed at transforming public transport in Dar es Salaam. Funded by the World Bank, the ongoing BRT infrastructure development promises to provide residents with a faster, safer, and more reliable transportation system.
Sudan is actively seeking to enhance its oil and gas production amid an energy deficit caused by the ongoing civil war, with Minister Dr. Muhyiddin Naim emphasizing collaboration with Russia for investments and expertise in these sectors. Additionally, the country is exploring solar energy projects in partnership with Turkish companies to address its growing electricity demands and expand renewable energy initiatives.
South Sudan and Sudan are in talks to resume crude oil exports through Sudanese ports after a months-long shutdown caused by a ruptured pipeline amidst ongoing conflict. South Sudan’s engineers are set to assess the infrastructure’s readiness, as the country struggles financially due to its heavy reliance on oil revenues.
Pakistan has uncovered potentially massive oil and gas reserves, but experts warn that significant investment and years of work are needed for exploitation, with security concerns deterring international oil companies. As a result, China is emerging as the most likely partner for development, while Pakistan continues to grapple with an energy crisis exacerbated by fuel smuggling from Iran.
Equinor ASA and its partners have discovered new natural gas reserves in the Gudrun field of Norway’s North Sea through two wildcat wells, with preliminary estimates indicating recoverable oil equivalent between 0.1 and 1.3 million standard cubic meters. The Gudrun field, already in production since 2014, continues to show substantial reserves, prompting further evaluation of its prospectivity.
India will continue to prioritize buying oil and gas at the lowest prices, focusing on discounted Russian crude, which has become its largest supply source. The country is also exploring long-term supply agreements with Russia to ensure stable oil supplies as it expands its refining capacity.
Turkey's national energy company, Botaş, has signed a long-term LNG agreement with Total Energy, set to begin in 2027 and supply 1.6 billion cubic meters annually. This deal, part of Turkey's strategy to enhance energy security and diversify sources, positions the country as a potential gas hub for exports to Europe, despite a recent decline in LNG imports from Egypt.
The LNG industry is encountering several challenges that may affect its future growth, including regulatory obstacles, supply chain disruptions, and price sensitivity. A key driver of the industry’s expansion, Asian demand for LNG, is showing signs of cooling as storage capacity approaches its limit.
Shell is facing a lawsuit in Nigeria, with communities from the Niger Delta demanding hundreds of millions of dollars in compensation for environmental damage caused by the company’s operations.
Crude oil prices continued their upward trend today, building on Thursday's gains, and are on track to break a three-week losing streak if the momentum holds.
Earlier this month, OPEC and its partners from Central Asia and Russia postponed the planned rollback of production cuts originally agreed upon in 2023 to counter falling oil prices.
An Indian company, Orga Bharat BTE Limited - Abu Dhabi, has been granted oil and gas production concessions in Ruwais, UAE, highlighting the strengthening cooperation between the two nations.
Qatar Energy has taken delivery of its inaugural liquefied natural gas (LNG) carrier from China.
Turkey has signed a 10-year liquefied natural gas (LNG) import agreement, extending until 2037, as announced by Energy Minister Alp Arslan Bayraktar on Monday, September 2, 2024.
Algeria has made history by unveiling a significant energy deal aimed at diversifying its economic growth beyond oil and gas exports.
Nigeria is advancing its methanol production sector as part of its commitment to achieving carbon neutrality by 2060.
Azerbaijan's state oil and gas company, SOCAR, has announced a temporary halt in operations at its Turkish refinery, which has a production capacity exceeding 200,000 barrels per day.
After a six-day journey, the Algerian fuel shipment aboard the tanker "Ain Aker" arrived in Lebanon at the port of Tripoli on August 27, 2024.
A Pacific island nation is preparing to import liquefied natural gas (LNG) for the first time, addressing its lack of a receiving station for fuel, which is currently in high global demand.
Jordan is taking a significant step toward securing a stable and permanent energy supply by building a regasification unit, which converts liquefied gas back into its natural form.
Turkey is actively expanding its presence in Africa and enhancing its energy security.
Niger has resumed oil exports after resolving a border dispute with Benin that had halted crude shipments since June.
ADNOC's recent expansion in Africa highlights the company's and the UAE's strategic commitment to advancing the energy sector and ensuring a consistent flow of resources to meet global demand.
The UAE has secured a new long-term deal to export liquefied natural gas (LNG) from the environmentally friendly Ruwais project, reinforcing Abu Dhabi's role in global energy markets.
Preparatory work has begun for a plan to drill five gas wells in South Africa, targeting reserves estimated at 6 trillion cubic feet.
The latest issue of the OAPEC monthly bulletin, released by the Organization of Arab Petroleum Exporting Countries, reviews recent global oil market developments and their impact on Arab nations.
BP CEO Murray Ochinclus has announced that the Tortu Ahmeim Grand Project, located off the coasts of Mauritania and Senegal, is set to commence production.
Denmark's Maersk is set to expand its fleet of LNG vessels, a notable shift from its long-standing use of methanol as a fuel.
The Oil & Gas Development Company Limited (OGDCL) announced a significant gas discovery in Pakistan on Monday, July 29, 2024.
The recent surge in megadeals within the U.S. oil and gas sector, which began last year and has extended into this year, has significantly impacted oilfield services.
The Moroccan-Nigerian gas pipeline is making substantial progress, following fruitful high-level meetings between the host countries.
Turkey plans to expand long-term liquefied natural gas (Lng) purchase agreements to meet domestic energy demand as existing import contracts with Russia near their expiration.
Iraq has initiated a significant project to expand its oil storage capacity, aimed at bolstering the country’s crude oil exports and improving the efficiency of transporting oil from fields to export terminals.
The OPEC Secretariat has received compensation plans from Russia, Iraq, and Kazakhstan aimed at addressing surplus oil production.
The top 10 countries by global gas reserves indicate that three nations, including Saudi Arabia, saw increases in their reserves over the past year, while Venezuela's reserves declined.
The first floating terminal for exporting green hydrogen has secured a strategic partner to provide seed funding for its development, according to the Washington-based Specialized Energy Platform.
The Wafra field, shared by Saudi Arabia and Kuwait, has recently experienced significant developments. Both countries are working diligently to increase the field's production to 300,000 barrels per day by 2027.
Saudi Aramco has awarded Italy's Saipem contracts worth USD 500 million to develop two offshore projects in the kingdom, according to a statement obtained by a Washington-based energy platform.
The world's largest FPSO vessel is vital for Petrobras' deep-water oil plans. These vessels process, store, and transport energy resources.
Production work began with the discovery of a significant gas reserve, 9 years after its announcement and 3 years after the final investment decision to develop it, according to information from the Washington-based Specialized Energy Platform.
An Australian company has been granted permission to explore for natural hydrogen in the United States, capitalizing on the recent rush to develop this carbon-free resource, which would contribute to global energy transition goals.
Last week, Gazprom signed a gas deal with the Iranian National Gas Company (NIGC). This memorandum of understanding (MoU) is a significant step towards increased control over gas supplied through both pipelines and liquefied natural gas (LNG) to global markets.
UAE's Murban crude continued to show strong trading activity in futures on the Intercontinental Exchange during the second quarter of 2024, according to recent data obtained by the Washington-based specialized energy platform.
Europe's biofuel industry has been hit hard by Shell's decide to temporarily to halt its sustainable aviation fuel project in Sweden, which was launched in 2021 in partnership with Vattenfall.
June 2024 witnessed significant activity in the liquefied natural gas (LNG) sector, with Saudi Aramco leading the charge by securing major long-term export agreements. LNG, known for being a reliable energy source that aligns with global climate goals for carbon neutrality, is becoming an essential transition fuel.
Israel's government has approved plans to significantly increase the country's natural gas exports and boost production at the Leviathan Gas Field.
The latest issue of the "Oil and Arab Cooperation" magazine, published by the Organization of Arab Petroleum Exporting Countries (OAPEC), examines the impacts of decarbonization and the circular carbon economy in the oil and gas sectors of Arab countries.
OneSubsea has secured a new contract with TotalEnergies for the Kaminho project, an offshore venture in Angola.
An oil discovery in Africa, boasting reserves exceeding 10 billion barrels, has captured the attention of about 12 international companies.
The Middle East's cargo fleet is set to expand with eight new oil and gas tankers being built by a Korean company, aiming to meet customers' fuel demand.
ADNOC and Aramco want to hedge against global energy volatility
Authorities in Germany have decided to close a hydrogen refueling station after a fire broke out following an explosion.
Chevron, a US-based company, is expanding its oil and gas operations in Equatorial Guinea.
EACOP aims to connect Ugandan oilfields to Tanzania's port for export. The project has faced delays due to environmental concerns and funding issues. However, Standard Bank's $5 billion investment has revived the project, though opposition remains strong.
Despite ongoing Western sanctions, Iran's oil exports continue to reach around 15 countries worldwide, and the country is attracting significant investment in its oil sector.
Sour gas, characterized by its high content of hydrogen sulfide (H2S), is anticipated to see a substantial production increase exceeding 50% over the next decade. This surge is pivotal as sour gas is expected to support a robust $10 billion global sulfur market annually.
When the name of the Saudi Energy Minister, Prince Abdulaziz bin Salman, is mentioned, people associate the name with oil and OPEC/OPEC+. Here is part of his job that most people do not know about
Global multinational company Shell has made a significant move to bolster its position in the liquefied natural gas (LNG) market, aligning with its strategy to expand LNG production and sales.
Iraq is embarking on a strategic initiative cooperation with the American company Honeywell, aiming to construct 7 new oil refineries with capacities reaching 500,000 barrels per day.
Algeria is venturing into new territory in energy industry growth by forging alliances with prominent international developers to tap into its vast potential in the oil and gas sectors. in a recent development, Algerian energy giant Sonatrach and its us counterpart chevron have signed a memorandum of understanding to explore opportunities for developing hydrocarbon resources in areas of mutual interest within the Ahnat and Berkine basins.
Oil flows through the Cape of Good Hope route, situated at the southernmost point of Africa, have surged by approximately 50% in the initial five months of 2024 compared to the average of 2023, attributing this increase to shifts in global shipping patterns.
Africa's largest gas reserves are banking on a new liquefied natural gas (LNG) project to tap into vast resources and achieve economic prosperity.
almost six years after imposing a ban on offshore oil and gas exploration, New Zealand plans to revisit these crucial energy sources and revenue streams, despite pressure from environmentalists.
Algeria is strategically positioning itself to capitalize on the operational insights gleaned from China's primary gas field, managed by the prominent Chinese oil and gas corporation, Sinopec, situated in the Chongqing region.
Iraq has officially commenced operations at the associated gas treatment project within the Halfaya field, located in Maysan province, after years of development efforts.
China National Offshore Oil Corporation (CNOOC) has reported a significant gas discovery in the South China Sea, as revealed in a press release obtained by the Washington-based Specialized Energy Platform.
The future of the third-largest oil field in the North Sea has been cast into uncertainty following an announcement by operators of a year-long production delay attributed to local elections in the United Kingdom.
Russian Deputy Prime Minister Alexander Novak affirmed that Russia maintained its reduction in oil production throughout May in line with the OPEC+ agreements, underscoring the ongoing dedication of OPEC+ producers to stabilize the oil market.
France's Total Energy has unveiled new global liquefied natural gas (LNG) deals with two companies, one in India and one in South Korea, enhancing its portfolio and supporting energy transition efforts.
Mozambique's significant gas reserves have garnered attention from leading global oil and energy companies, setting the stage for the country to emerge as a major player in energy markets as many nations seek new energy sources.
Saudi Aramco has completed the acquisition of a 40 percent stake in Pakistan's largest fuel retailer, bolstering its presence in the Asian markets.
Africa's largest oil refinery has marked a significant milestone by exporting its first shipment of jet fuel to Europe, solidifying its position in a market eager for diversification following the Russian-Ukrainian conflict.
Since the beginning of the year, Sonatrach has made eight oil discoveries in Algeria, a move that will boost the country's hydrocarbon reserves, secure its domestic needs, and increase its exports.
Australia's Santos has announced a long-term liquefied natural gas (LNG) agreement with Japanese utility company Hokkaido Gas. According to the Washington-based Specialized Energy Platform, the deal involves supplying up to 400,000 metric tons of LNG annually for a decade, beginning in 2027.
The leading company is Saudi Arabia's Aramco, which earned $121 billion in net profit. This is down from $161 billion in 2022.
Germany is betting on the world's first onshore LNG plant to accelerate its carbon neutrality efforts and enhance energy security. This pioneering plant will handle low-carbon energy sources, marking a significant step towards Germany's green transition.
Shell Oman is accelerating its gas exploration efforts in Oman to enhance productivity and increase its market share in the Gulf country. The company aims to capitalize on the recent boom in Oman's gas sector, which has become a focus for investment following the disappointing stabilization of crude production from new oil fields.
The Angolan oil market features developed infrastructure and a stable political environment. Angola aims to boost its oil production to over 1.18 million barrels per day, with current production at approximately 1.1 million barrels per day.
ADNOC UAE stations are a preferred choice for motorists in three Arab countries, renowned for offering outstanding and innovative customer solutions. As part of its ambitious new five-year strategy, ADNOC Distribution aims to increase the number of its stations in the UAE, Saudi Arabia, and Egypt by 20% over the next five years, according to the Specialized Energy Platform.
Algeria's largest gas field, Hassi Ramel, is experiencing significant efforts to maintain its production rates and avoid future declines, as it is one of the world's largest fields, according to the Washington-based Specialized Energy Platform.
Abu Dhabi National Oil Company (ADNOC) successfully raised AED 3.423 billion ($935 million) through the sale of 880 million shares in ADNOC Drilling. The announcement, made on Thursday, May 23, 2024, confirmed the completion of the offering, which represents 5.5% of ADNOC Drilling's total capital shares targeted at institutional investors.
Africa's largest oil refinery, Dangote, is seeking a new year-long contract to supply it with U.S. West Texas Intermediate (WTI) Midland crude. Despite Nigeria's abundant domestic supplies and declining Bonny Light crude prices, the move is driven by the competitiveness of U.S. crude prices and the refinery's need to diversify its sources.
The UAE is advancing its adoption of clean technologies across various sectors, including maritime transport, by testing the Middle East's first all-electric locomotive. On May 21, 2024, SAFEEN Group, a subsidiary of Abu Dhabi Ports Group, announced that it had tested this pioneering locomotive, as reported by the Washington-based Specialized Energy Platform.
The global LNG market has grown increasingly fragile, with price spikes becoming more likely due to imbalances between supply and demand.
European countries are actively seeking agreements and memoranda of understanding to import hydrogen from Morocco as part of their green energy plans. According to data from the Washington-based Specialized Energy Platform, Morocco's Minister of Energy Transition and Sustainable Development, Leila Benali, signed an action plan with Dutch Minister Rob Jetten.
Asian refiners are decreasing their intake of crude oil from the Middle East, opting instead for supplies from the United States and Brazil. This shift is driven by shrinking refining margins and rising Saudi oil prices, even as global benchmarks remain relatively stable.
Oil production in South Sudan dropped to 60,000 barrels per day in April, a decline from 70,000 barrels per day in March and significantly lower than the 150,000 barrels per day recorded in February.
Crude oil prices rebounded slightly following the Energy Information Administration's report of a 2.5-million-barrel inventory decrease for the week ending May 10. This shift contrasts with a minor 1.4 million barrel draw the previous week and an unexpected 3.1-million-barrel decrease reported by the American Petroleum Institute earlier.
The Center of Excellence for Energy Transition, part of Egypt's oil sector, has signed a new Memorandum of Understanding (MoU) with Norway's Carbon Limits to develop strategies for reducing methane emissions in the sector.
Severe Drought Affects LNG Shipments through Panama Canal, U.S. Producers Seek Alternatives Low water levels caused by severe drought led to extended wait times for LNG carriers in March.
SLB One Subsea and Subsea7 have announced a long-term strategic collaboration agreement with Equinor and have initiated work on two of its deepwater projects. Under this agreement, the two subsea companies, operating as the Subsea Integration Alliance, will become involved in Equinor projects at an early stage as contractors.
West Africa is drawing the attention of three companies aiming to develop untapped oil and gas fields while incorporating carbon capture technologies. Norway's Carbon Circle has joined forces with Amplus VGE, a joint venture between the UK's Amplus Energy and Nigeria-based Versatile Group.
Europe's major oil companies are considering delisting from European stock exchanges and listing on American exchanges. Total Energies' CEO, Patrick Pouyanné, has announced serious consideration of a primary listing in New York. However, Total Energies' unique business composition poses challenges for a move to the U.S.
Currently, all attention is on the liquefied natural gas (LNG) market, especially following the disruptions in Russian gas supplies and the volatility in the global gas market triggered by the Ukraine war and subsequent sanctions.
Today, on the 8th of May 2024, Shell Singapore Pte Ltd, a subsidiary of Shell plc, has agreed to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
Iraq is currently finalizing its preparations for exporting diesel (gas oil) after achieving self-sufficiency by completing necessary logistical procedures. The Ministry of Oil announced its plans in a statement seen by the Washington-based Specialized Energy Platform on Monday, May 6, 2024.
The Energy Independence and Security Act of 2007 mandates federal buildings to phase out fossil fuel usage by 2030, focusing on transitioning to cleaner electricity sources such as wind and solar power to cut greenhouse gas emissions.
Shell International is preparing to exit its longstanding presence in South Africa, where it has operated since 1902, by divesting its shares in its retail, transportation, and refining unit. The majority stake of 72% in this unit is held by the energy company, while the remaining 28% is owned by local investment firm Thebe.
In April 2024, Russia's oil revenues doubled compared to the same month a year earlier, reaching $11.5 billion. This increase was driven by higher oil prices and a weaker ruble.
Scientists are exploring methods to reduce pollution from gas stoves at home, a new frontier after decades of cleanup in automotive, factory, and power plant sectors. Cooking with gas releases nitrogen dioxide, linked to asthma and respiratory diseases.
ADNOC has quietly increased its oil production capacity to 4.85 million barrels per day (bpd), up from the previously reported 4.65 million bpd. The United Arab Emirates state-owned oil company aims to further raise this capacity to 5 million bpd by 2027, a target set years ago.
The International Energy Agency (IEA) recommends keeping new oil discoveries in the ground to achieve global climate goals. African and Caribbean nations are under pressure to choose between economic growth and climate action.
Global Data has reported that Aramco, a leading oil company, is the largest investor in artificial intelligence (AI) in the oil industry, having spent $3.5 billion on research and development last year.
The Authority for Energy and Water Services Regulatory (EWURA), has received the second winner award in the Best Management of Indigenous Participation in Strategic Projects in the Country.
Aramco is expanding its investment focus to include new energy sources and technologies beyond Saudi Arabia. The company has doubled its venture capital fund to $7 billion, aiming to support innovative startups and disruptive technologies.
The British oil company BP has halted oil production from a platform at a significant oil field in Azerbaijan, shortly after commencing production at a new offshore rig. The suspension is part of a scheduled maintenance plan, with operations expected to resume on May 10, 2024.
Four expatriate workers lost their lives, and two others were injured in a recent drone attack on the Khor Mor gas field in Iraq's Kurdistan region. This attack, reported by an advisor to the Iraqi Kurdish Prime Minister and a senior Kurdish political source, has also led to the suspension of production at the site.
Turkey is in discussions with U.S. supermajor ExxonMobil regarding a long-term LNG supply agreement, aiming to lessen its dependence on Russia or any single supplier, Turkish Energy Minister Alparslan Bayraktar revealed in an interview with the Financial Times.
Patrick Pouyanné, CEO of Total Energies, briefed Iraqi Prime Minister Mohammed Shia al-Sudani on the specifics of his company's $27 billion energy project deal with Baghdad.
Algeria's Sonatrach is actively working to expand bilateral cooperation with Oman in the energy, mining, and hydrocarbon exploration sectors. Recently, a memorandum of understanding was signed between Sonatrach and Oman Energy Services Abraaj.
ExxonMobil anticipates approval from the U.S. antitrust authority for the acquisition of Pioneer Natural Resources by the end of June. The deal, valued at $60 billion in all-stock, would significantly expand ExxonMobil's presence in the Permian Basin, doubling its footprint.
Iraq plans to set a fixed ceiling on its oil exports until the end of 2024, irrespective of future decisions made by the OPEC+ alliance regarding production cuts.
Drilling and exploration activities in Africa are progressing rapidly, with a significant increase in activity. The Noble Venture, a large exploration vessel owned by Britain's Noble Corporation, is set to embark on two new missions in Africa.
Before the 2020s, four offshore projects were in the works near Texas. These plans, however, were derailed by a series of crises that rocked the oil industry, reshaping the flow of oil trade.
Galp's share price surged by more than 20% in early trading on Monday following the announcement of a significant oil discovery in offshore Namibia.
Despite the global rise in fuel prices, some countries are striving for a leading position among the cheapest gasoline providers. This trend is driven by the increasing energy demand and rising tensions in the Middle East, which threaten to push the price of oil above $100 per barrel.
Today, Friday, April 19, 2024, the Sultanate of Oman has finalized a new liquefied gas agreement, marking the third such deal this week and the fourth since the beginning of the year.
Kazakhstan, a non-OPEC oil producer participating in the OPEC+ agreement, is contemplating the construction of an oil pipeline in the Caspian Sea, according to a report by the Russian news agency Interfax citing Kazakhstan’s Energy Ministry.
The ranking of the largest African oil producers in OPEC during the first quarter of this year reveals disparities in average production across the continent. Some countries implemented voluntary cuts while adhering to the production reduction policy of the OPEC+ alliance.
The United States is planning to repurpose oil rigs into a missile base, a strategic move aimed at strengthening its defense capabilities against potential Chinese threats in the Pacific. Naval engineering firm Gibbs & Cox has introduced the Modip project, which seeks to convert inactive oil rigs in the western Pacific into mobile missile defense bases to counter Chinese weapons.
The Algerian gas turbine plant has taken a significant step forward, marking a first in Africa and adding to its achievements by securing a substantial share of the exports for a crucial component of power plants.
Spot LNG prices in Asia surged to their highest level since January amid concerns of escalating conflict in the Middle East.
The U.S. federal government plans to establish a specialized task force to address global carbon emissions resulting from trade and manufacturing activities.
The unveiling of the largest hydrogen fuel cell project for aircraft, supported by significant government funding, has sparked discussions about the feasibility of hydrogen in aviation.
The latest U.S. consumer price index revealed a 3.5% increase in March compared to the previous year.
US oil and gas giant Chevron has divested its stake in Myanmar's Yadana gas field, part of its ongoing withdrawal from the country following a military coup more than two years ago.
The gas deal between Oman and Germany is set to implement a rare practice in Oman, involving fixed-term contracts for the first time.
Europe recently welcomed its inaugural LNG delivery from a new African exporter, diversifying its energy sources amid efforts to reduce reliance on Russian supplies.
Iraq has long been a strategic focal point for Washington, especially since welcoming the U.S. after the fall of President Saddam Hussein in 2003.
Sinochem Energy Technology Co. Ltd., a subsidiary of the state-owned multinational Sinochem Corp., has achieved a significant milestone by shipping gasoline from Quanzhou City, China, to Singapore using blockchain technology.
Enauta, a Brazilian oil and gas company, is currently in discussions to merge with 3R Petroleum Óleo e Gás, a move that could establish a significant independent player in Latin America's energy sector.
Abu Dhabi National Oil Company (ADNOC) has redirected its medium sour grade Upper Zakum for processing at a local refinery since late 2023.
Exchange-traded funds (ETFs) are investment funds that are traded on stock exchanges, much like stocks.
During the first quarter of this year, three Arab countries were among the largest exporters of liquefied gas to Europe, with the United States alone accounting for more than 50% of the total supplies received by the European market.
Oil prices are on the rise due to increasing geopolitical tensions and a bullish trend in West Texas Intermediate (WTI) crude oil, closely following Brent crude's movements. Escalating unrest in the Middle East, particularly involving Israel and Iran, has led to uncertainties in oil supply, boosting global oil prices and contributing to the upward movement of WTI prices.
The Safaniya field in Saudi Arabia is the largest offshore oil field globally, discovered in a submerged area. The Kingdom aims to develop it further through new deals to increase production as part of efforts to support its economy.
SCHLUMBERGER (SLB), the leading oilfield services provider globally, announced a definitive agreement on Tuesday to acquire smaller competitor ChampionX Corporation in an all-stock transaction valued at $7.75 billion, as consolidation in the energy sector extends to oilfield services.
Extinction Rebellion, an activist group, conducted a week-long campaign against insurers to stop insuring oil and gas projects. However, it's unlikely that the insurance industry would be willing to drop clients that bring in between $1.6 billion and over $2 billion in premium income annually.
Global gas investment is projected to grow significantly in the coming decades, despite criticism and campaigning by environmentalists and climate workers against the industry, as per a recent analytical report obtained by the Energy Research Unit.
China's oil market is closely monitored by energy experts, not only because of its size but also due to the ongoing electric vehicle (EV) revolution.
The United Arab Emirates took the lead in the top 5 liquefied natural gas (LNG) deals in March 2024, with strong competition from Arab countries such as Iraq and Qatar.
Saudi Aramco has signed contracts worth $7.7 billion for the engineering, procurement, and construction of a significant expansion of a large gas project.
McKinsey reported a 32 million-barrel decrease in global oil inventories in February, signaling a shift in market dynamics. As new demand data emerges, prices are climbing higher.
Exxon and CNOOC have joined forces in their arbitration claims against Chevron's acquisition of Hess's share in the Stabroek oil block.
Moody's has predicted a significant increase in diesel prices in the United States, with a rise of over $1 per gallon from pre-pandemic levels, reaching $4.50 per gallon.
Crude oil prices declined today following the Energy Information Administration's report of a 3.2 million barrel inventory build for the week ending March 22. This contrasts with the previous week's 2 million barrel draw, which was accompanied by a significant draw in gasoline inventories, providing price support.
Environmental groups are contesting French oil major Total Energies' plans to drill five wells off the coast of South Africa in court. The groups aim to halt the drilling, alleging that the environmental impact assessment was not conducted in accordance with requirements.
The tightening sanctions on Russia's oil exports are leading to increased freight costs for transporting Russian crude.
The OPEC+ group has decided that there is no need for a change in the next Joint Ministerial Monitoring Committee (JMMC) meeting.
U.S. domestic gas producers remain optimistic about gas as a fuel, despite current market challenges. They believe in its continued demand both domestically and internationally.
China's leading offshore contractor Offshore Oil Engineering Company (COOEC) soared to unprecedented financial heights last year, boasting sales revenue of 30.752 billion yuan ($4.3 billion).
A top executive from Africa Oil has been appointed to the board of Impact Oil & Gas, the privately owned explorer which is a partner in Total Energies’ huge Venus's discovery offshore Namibia.
Partnership strengthens companies’ commitment to pioneering sustainable aviation fuels.
Azerbaijan is strategically capitalizing on Kazakhstan's shift away from Russian oil transit by expanding its own oil exports through the Baku-Tbilisi-Ceyhan pipeline and potentially reviving the Baku-Supsa pipeline route.
Oil industry executives are witnessing stronger-than-expected growth in oil demand compared to the International Energy Agency's (IEA) projections. This uptick is driven by sluggish electric vehicle adoption and a thriving US economy, prompting a revision of forecasts.
This week, the Environmental Protection Agency (EPA) finalized new tailpipe emission standards, described as the strictest ever, aiming to save money, create jobs, and cut billions of tons of CO2 emissions.
Today, crude oil prices dipped as the Energy Information Administration revealed a 2-million-barrel reduction in U.S. crude oil inventories for the week ending March 15, accompanied by a decline in gasoline stocks.
Saudi Arabia's state oil giant Aramco, having abandoned plans to expand oil capacity earlier this year, is now set to increase its natural gas output by 60% by 2030, according to Reuters. This information comes from an Aramco executive speaking at the Houston CERAWeek energy conference.
CNOOC Limited has announced a significant oilfield discovery in the Bohai Sea off the coast of China, confirming more than 100 million tons of oil equivalent in-place volume.
Stricter enforcement of sanctions on Russian crude oil has led to reduced exports to India. The volume of U.S. crude oil flowing to India in April is expected to be the highest since May 2023.
On March 11, 2024, the Energy Information Administration (EIA) confirmed that the United States has become the largest crude oil producer in history.
Saudi Aramco raised dividends by 30% in 2023, despite a drop in profits due to an 18% decrease in the average price per barrel of Brent crude oil.
The government's recent actions signify a proactive approach to addressing Bangladesh's energy challenges.
Tidal energy production is recognized for its potential to provide vast amounts of clean energy, utilizing predictable tidal currents through methods like tidal streams, barrages, and tidal lagoons.
International oil and gas majors, including Total Energies and ExxonMobil, along with the national oil companies (NOCs) of the Middle East, are gearing up to approve approximately 30 projects in 2024.
The total number of active drilling rigs for oil and gas in the United States rose by 6 this week, according to new data that Baker Hughes published on Friday, bringing the total rigs gained this year to 7.
Japan is intensifying its efforts to gain approval from local authorities for the restart of the Kashiwazaki-Kariwa nuclear power plant, the world's largest, located north of Tokyo.
The CEO of Shell received £7.94 million despite the company lowering its net zero targets. The new targets focus on reducing the carbon intensity of products sold, rather than overall emissions reduction.
The recent increase in gasoline prices in the U.S. is causing inflation to rise higher than expected, which poses challenges for both the Federal Reserve's monetary policy and President Joe Biden's efforts to convince voters that the economy is performing well.
Japan is seeking help from Western allies to secure LNG contracts beyond 2030, as the risks of relying on Russia for supplies have become apparent since the Ukraine invasion.
Investments in new oil production have been slowing down since around 2014, leading many to predict that higher prices are likely to persist, supported by energy policies in key jurisdictions that are against the oil industry.
This week, Total Energies and Qatar Energy announced plans to expand their exploration efforts in the Orange Basin offshore Namibia.
While China's crude oil imports increased in the first two months of 2024, it's premature to gauge their impact on global oil demand and prices for the year.
Despite the currently low natural gas prices in the United States and the abundance of shale gas resources, the futures market has experienced significant fluctuations in recent months.
Shaikh Nawaf Al-Sabah, the chief executive of Kuwait Petroleum Corporation (KPC), stated in an interview with Bloomberg that global oil demand appears strong in a balanced market this year.
The Reserve Bank of India is encouraging state refiners to negotiate 10% of oil payments in rupees with Gulf suppliers to protect the rupee's value and reduce reliance on the dollar.
Today, crude oil prices rose after the Energy Information Administration (EIA) reported estimated inventory draws across fuels.
According to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, an additional 15 trillion cubic feet (tcf) of gas has been confirmed at Saudi Aramco’s Jafurah gas field.
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.
The price of a WTI barrel soared to heights not seen since November as the market braces for an OPEC+ decision on oil production levels in April and beyond.
The long-awaited Duqm Refinery Project (DRP), valued at US$8.5 billion and capable of processing 230,000 barrels per day (bpd), was officially inaugurated on 7 February, this project, along with ancillary projects costing approximately US$10 billion, enhances Oman's appeal to China and nearby Iran.
A North American company is preparing to drill two wells that could be crucial for a new phase of European energy.
The expanded Trans Mountain will add 590,000 barrels daily to the country's oil pipeline network. With production already on a growth trajectory, it will only provide producers with offtake capacity relief for a very short while. Canadian oil production could hit 5.3 million barrels daily this year, this would be a record high and an excess on the country's pipeline network.
While some countries decrease reliance on Russian energy due to sanctions, others, like China and India, deepen ties with Moscow to secure low-cost energy supplies. China and India's increased imports of Russian energy contribute to a decline in oil prices and undermine the effectiveness of U.S. and EU sanctions. India's defense of buying Russian energy highlights its strategic energy and economic considerations amid global geopolitical tensions.
. Saudi Arabia has been spending heavily both abroad and at home. . As a result, last year, the Public Investment Fund’s cash and treasury assets slimmed from over $105 billion in 2022 to some $37 billion as of September. . Perhaps the decline in sovereign wealth fund money was part of the reason why Saudi Arabia announced earlier this month it would cancel a planned oil production capacity expansion.
Donald Trump, the most likely Republican presidential nominee, is set to overturn or at least try to dismantle many of President Joe Biden's energy and climate policies if the former president wins the November election.
The construction of a new oil pipeline expected from Dar es Salaam, Tanzania to Ndola Zambia, using the TAZAMA pipeline developer will have a length of 1710 kilometers and the capacity to transport a million tons of cubic meters 4 is about to start.
Deputy Prime Minister and Minister of Energy, Hon. Dr. Doto Biteko (Mb), has congratulated EWURA for the good management of the small petroleum sector in the country, especially in ensuring the quality and availability of the service on time and at the right price.
Prime Minister Kassim Majaliwa has chaired the meeting of the Ministerial Committee on Clean Cooking Energy, in the Speaker's hall parliament in Dodoma. The meeting was also attended by the Deputy Minister Head and Minister of Energy, Hon. Dr. Doto Biteko.
Deputy Minister of Energy, Hon. Judith Kapinga talking about something during the discussion held between her and the Minister of Petroleum of India, Hon. Shri Hardeep Singh Puri on collaborations and investment opportunities between the two countries in the oil and natural gas sector during the celebration of the Energy Week in India on 06.02.2024.
The Moroccan-Nigerian gas pipeline project includes 4 new African countries
India will soon overtake China as the largest driver of global oil demand
The agreement will be one of many to come this year as state-owned Qatar Energy secures sales for its mega expansion of North Field, a source with direct knowledge of the new contract agreement, who did not wish to be identified, said
SINGAPORE: China's independent oil refiners are rumping up fuel oil imports to process into gasoline and diesel amid robust refining margins as ongoing cargo inspections at refining hub Shandong have cut off supplies of lower-priced feedstock bitumen blend.
Crude oil prices rose by about 2%, at the end of trading today, Wednesday, May 24 (2023), to continue to reap gains for the third consecutive session, amid fears of a supply shortage.
Global oil demand rose to a new record high in March 2023, supported by growth in China and the United States. The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued few days ago on this May 2023.
Despite serving as the largest oil producer on the African continent, Angola has a minor downstream industry and currently imports approximately 80% of its refined petroleum. Consequently, one of the sub-Saharan African country’s Government’s main strategic targets is to increase domestic crude processing capacity.
The Oil Market Crisis Sparked By Russia’s Invasion Is Nearing Its End
Manager at Ninepoint Partners LP, has told the Financial Post that oil prices will return to $100 per barrel in 2023.
On Tuesday, Russian President Vladimir Putin banned the sale of Russian oil to countries that have joined the so-called Price Cap Coalition and comply with the cap imposed by the Western countries.
ARA Petroleum Tanzania Ltd has noted that the acquisition of 3D seismic data in the Ruvuma block in Mtwara in 100% complete.
The Chinese yards achieved excellent safety performance throughout this phase of construction, logging more than 16 million hours of complex construction work without a lost-time injury event.
MOROCCO: Predator Oil & Gas Receives £900,000 loan for Expansion of the MOU-1 testing programme & MOU-3 long-lead drilling items
The Government of Tanzania has signed a Production Sharing Agreement (PSA) for the Ruvuma block after 12 years of production
The government of Togo has obtained a promise of financing from the Abu Dhabi Export Office (ADEX)
Mozambique has officially started exporting liquefied natural gas (LNG) produced in the country's restive north
The NNPC, Petrosen of Senegal and the Mauritanian company of hydrocarbons signed four MoUs, in furtherance of the implementation of the NMGP project.
The majority of shale oil companies announced their rejection of US President Joe Biden's offer
Puma to support the objective of clean cooking in Tanzania
Coastline Exploration Received Final Authorization For Its Production Sharing Agreements
The President of the Republic of Congo, Denis Sassou Nguesso Emphasis Commitment Toward Energy Transition.
Russia Asking The Buyers of LNG to pay for it via the Moscow branch of an international bank,
France plans to renationalize EDF, its giant utility.
Ghanaian government decided to restart the Tema refinery, to meet domestic demand
40 percent of the total Russian oil imports are going into private refinerie
The number of total active drilling rigs in the United States rose by 7 this week,
Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August.
EU members can pay for Russian gas without violating sanctions
Oil soared to $110 mid-Wednesday as details on the European Union’s plans to ban Russia oil
German activists have allegedly succeeded in halting the flow of crude oil
Oil prices shifted nearly 3% higher at the end of trading on Thursday
EPRA said the shortage was also exacerbated by " changing supply dynamics " on international markets worsened by the invasion of Ukraine.
The East African Oil Pipeline is one step closer to implementation, after the signing on February 1 of the $10 billion Final Investment Decision.
Germany will be importing liquefied natural gas from Qatar
Oil prices rallied early on Monday amid EU consultations about potentially joining the U.S. in banning imports of Russian oil.
The shock waves of the move would end up costing the UK economy more than $90 billion, the country’s chancellor said.
BP and Eni confirmed today that they have signed an agreement to form a new 50/50 independent company.
The Duport Modular Refinery financed with equity participation by the Nigerian Content Development and Monitoring Board (NCDMB) will be ready for commissioning by end of March
VAALCO Energy has provided an update on the Etame field reconfiguration in conjunction with the replacement of the existing Floating Production, Storage and Offloading unit (FPSO) with a Floating Storage and Offloading vessel (FSO) offshore Gabon
Zenith Energy has announced that it has elected to not renew the Option Agreement with Noble Hill-Network Limited, first announced to the market on November 29, 2021, for the purchase of a 42% (forty-two percent) interest in the share capital of NHNL.
Gambia
Dubai government-owned Dragon Oil has made its first oil discovery in Egypt’s Gulf of Suez on Tuesday
African Development Bank (AfDB), has approved its first strategic framework for the development of public-private partnerships (PPPs) in an attempt to address and close Africa’s investment gap, which is estimated at over $100 billion a year
An oil production vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board
Following the discovery of important quantities of natural gas in the Rovuma Basin off the coast of Northern Mozambique in 2010,
Chinese oil giant China National Offshore Oil Corporation (CNOOC) and France's TotalEnergies on Tuesday announced the Final Investment Decision (FID) to start commercial production in Uganda.
Shell has made a significant oil and gas discovery at an closely-watched offshore well in Namibia
Tanzania International Petroleum Reserves Ltd (Tiper) - jointly owned by the government and Oryx Energies of Switzerland - has expressed readiness to build the storage centre if entrusted with the task.
Eni announces a major oil discovery in block CI-101 offshore Ivory Coast. The block is operated by Eni with Petroci Holding, who hold 90% and 10% respectively in the exploration phase.
The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market.
The Passing of East Africa Crude Oil Pipeline (EACOP) (Special Provisions) Bill 2021, the enabling legislation to operationalise the agreements is a requirement for the International Oil Companies (IOCs) to announce the Final Investment Decision (FID) for Uganda’s oil projects.
Local communities within the oil and gas operational areas will soon reap from supplying the Oil and Gas sector
Libya's Minister of Oil and Gas on Monday announced plans to construct a solar plant with French multinational Total Energies.
A massive explosion at a petrol station in Freetown, the capital of Sierra Leone, killed at least 80 people, burning people in cars and streets nearby, a rescue worker and nurse said Saturday.
Algerian President Abdelmadjid Tebboune on Sunday ordered state energy firm Sonatrach to halt gas exports to Spain through a pipeline that traverses Morocco due to tensions with Rabat.
Eight oil storage tanks and five other tanks for oil and chemical products were damaged and were leaking while the electrical transformer of the power supply system was also knocked out.
Crown Prince Mohammed bin Salman and his energy minister said Saudi Arabia would tackle climate change, but also stressed the continued importance of hydrocarbons and said it would continue to ensure oil market stability.
Nigeria is Africa's largest oil producer and although it remains the country's biggest source of revenue, the biproducts of illegal oil exploration and a powerful oil industry continue to heavily impact local inhabitants.
Tanzania is accelerating efforts to join the prestigious Liquefied Natural Gas (LNG) exporters club. After negotiations with oil companies stalled in 2019, President Samia Suluhu Hassan has restarted them. She wants talks to conclude this year and development to start in 2023.
Gabon holds proven natural gas reserves. 29 billion cubic meters mainly in the form of associated gas but currently makes only limited use of it. Almost 90% of its production is reinjected into the subsoil or burned for lack of economic outlets.