Saudi Arabia’s government transferred a further $164 billion stake in Aramco to the Public Investment Fund, a move aimed at bolstering cashflow at the state-backed investor that’s ramping up spending on huge local projects.
In an oil market update sent to Rigzone late Tuesday, Rystad Energy Senior Vice President Jorge Leon outlined that OPEC+’s extended production cuts of 1.7 million barrels per day into the second quarter have resulted in an increase of $5 per barrel to Rystad Energy’s previous price projection.
Oil prices were little changed on Thursday as markets weighed new economic data from China against increasing supply from the Western Hemisphere. Brent crude futures settled flat at $82.96 a barrel. U.S. West Texas Intermediate crude futures ended 20 cents lower at $78.93.
The Tamar offshore gas field situated in the Levantine basin off the coast of Israel commenced production in 2013.
Somalia and Turkey have announced the signing of a deal to explore for oil and gas that further strengthens cooperation between the two countries, according to officials from both countries.
The absolute ownership of all petroleum operations in Nigeria reside with the federal government.[2] To this end, applicants seeking to engage in petroleum operations in Nigeria can only do the same upon issuance of a petroleum license by the Minister of Petroleum. The hallmark of issuing petroleum licenses, for upstream, midstream and downstream petroleum activities to companies is to ensure effective and efficient harnessing of petroleum resources, sustainable development of petroleum resources and fostering business environment that would guarantee conducive petroleum operations in Nigeria.[3]
The Ghana Upstream Petroleum Chamber is a non-profit upstream petroleum organisation which aims to achieve long term success of the upstream petroleum industry in Ghana.