The National Iranian Oil Company (NIOC) has revealed that the country has around US$50 billion in oil and gas and related projects now underway, with more to come.
Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter.
After a flurry of oil discoveries in Suriname’s offshore waters since 2020, it was believed the impoverished former Dutch colony, among the poorest countries in South America, would shortly join neighboring Guyana to benefit from an oil boom of epic proportions. By 2022, those hopes were dashed by the decision of TotalEnergies and APA Corporation to delay the long-awaited multi-billion-dollar final investment decision, or FID, for 1.4-million-acre Block 58, where the partners have made five commercial oil discoveries.
Crude oil prices are on the rise, driven by stark cutbacks imposed by Saudi Arabia and Russia, the main forces behind OPEC+.
Crude oil prices moved higher today after the Energy Information Administration reported a crude oil inventory draw of 2.2 million barrels for the week to September 22.
Kuwait Foreign Petroleum Exploration Company has signed an agreement to take on a 40% stake in Shell’s offshore Block 3 in Egypt, Upstream Online reported on Friday.
The governments of Venezuela and Trinidad and Tobago have struck a profit-sharing agreement that will allow them to jointly exploit the Dragon gasfield, with Trinidad exporting natural gas from the PDVSA project.
Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Nigeria’s President Bola Tinubu.
Oil prices are under pressure as the U.S. dollar continues to strengthen and fears of a higher-for-longer interest rate weight on demand expectations.
Worley has signed a FEED contract with QatarEnergy LNG for CCS facilities at the Ras Laffan project in Qatar, the American-Australian engineering giant announced on Monday.