Oil and Gas News

In line with its expansion programmes in Africa, Italian oil giants, Eni, has signed two agreements with Algeria’s Sonatrach to boost energy security and fast-track emissions reduction. The two strategic agreements outline joint future…

The Joint Ministerial Monitoring Committee of the OPEC+ group is expected to recommend keeping the current levels of oil production when it meets next week, in a wait-and-see approach amid significant uncertainties about supply and demand…

…Joins league of big time lenders committed to energy transition by vowing to end oil, gas financing French bank, BNP Paribas, has announced the decision to reduce lending to the oil and gas industry by 80% by 2030 as part of entering a…

...Hopes to reach first production before 2025  Uganda has confirmed that it has started drilling operations on its first commercially viable oil site.The country’s ministry of energy and mineral development said on Tuesday the East…

The Dalia offshore oilfield in Angola has been billed for a planned maintenance lasting more than a month beginning on February 20. The period will affect will affect Angola’s presence in the international market A spokesperson for the…

Norway’s petroleum and energy ministry has announced that the country, which is Western Europe’s biggest oil and gas producer, is offering up to 92 new blocks for hydrocarbon exploration in the new round of licensing in mature areas. …

Oil prices were reportedly steady during morning trade yesterday amid hopes of a fuel demand recovery in the world's top crude importer, China. Brent, the benchmark for two thirds of the world’s oil, was 0.63 per cent higher at $88.18…

...It's Kuwait’s 6th cabinet in 3yrs. The 3rd formed by PM, Al-Ahmed Al-Sabah since he took office in August last year. The government of Kuwait has resigned its appointment yesterday amid a power struggle with the Arab Gulf country's…

France’s TotalEnergies has begun gas production from onshore Block 10 in Oman, in line with its growth strategy focusing on fuels contributing to the energy transition. TotalEnergies has a 26.55% stake in Block 10, with Oman’s…

The UK government has said it will support its indigenous industries, including those in construction, mining, and quarrying sectors, with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding,…

OPEC has increased control of oil markets as supply concerns return, with declining output growth in other crude supplying countries. Global investment banking and securities firm Goldman Sachs, noted yesterday that a “broader…

Europe Union is said to be currently discussing the possibility of further lowering the $60 price cap over Russian crude oil to put additional pressure on Putin, but, quoting unnamed sources, Bloomberg said last night that US President,…

Demand from China, India, and Japan is believed to have lifted global oil demand by 1.7 million barrels per day (bpd) in November to the highest level since February 2022. Latest data from the Joint Organizations Data Initiative (JODI)…

Last year was a good year for the oil industry. Despite predictions of its looming demise as renewable energy leads to electrification that in turn leads to the death of oil, fossil fuels were the stars of the year, with demand for all,…

The Organization of the Petroleum Exporting Countries increased its December production, according to the most recent Monthly Oil Market Report published on Tuesday. OPEC-13’s average December production rose by 91,000 barrels per day,…

The largest oil and gas producer in Britain’s North Sea, Harbour Energy, will likely cut jobs as a result of the UK’s windfall tax, While the number of cuts coming remains undetermined, Reuters said the company, which employs 1,700 people,…

Venezuela’s PDVSA has announced thev suspension of most of its crude oil exports for a review of the contractual terms that will be conducted under the new head of the company. The review aims to make sure there will be no payment…

OPEC has said that it is sticking to its global oil demand forecast for 2023, despite the improving economic outlook in top crude importer, China. The group said it also expects oil demand to grow by 2.2 million barrels a day this year,…

Oil prices reportedly moved in different directions yesterday after the announcement of 2022 GDP data from China, eagerly awaited by the oil market. The data indicated that China’s economy expanded by 3%, which is undoubtedly a positive…

America’s special presidential envoy for climate, Mr. John Kerry has said that in an interview that gas can help reduce emissions only if it is paired with projects of carbon capture. According to him, while natural gas is cleaner than…