Ghana National Petroleum Corporation (GNPC) could soon become unproductive as it cannot finance its operations due to the government’s failure to settle the unsustainable debts owed to the parastatal organisation.
Grainger plc (LON:GRI – passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 254.37 ($3.22) and traded as high as GBX 259 ($3.28). Grainger shares last traded at GBX 256 ($3.24), with a volume of 524,514 shares.
Hess Corporation (NYSE: HES) today announced it has made a final investment decision to proceed with Whiptail, the sixth development on the Stabroek Block, after receiving government and regulatory approvals. Whiptail is expected to add gross production capacity of approximately 250,000 barrels of oil per day by the end of 2027.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya has overtaken Nigeria as the top African oil producer.
ncreased geopolitical risk in oil-producing regions is seen as a key driver of higher oil prices.
Tighter markets due to OPEC+ cuts and Russia’s export limitations are putting upward pressure on prices.
In an increasingly bullish oil market, Morgan Stanley sees Brent Crude hitting $94 per barrel in the third quarter of 2024.
OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, OPEC will need to make a decision.
Pantheon Resources plc shared the results of the updated Independent Expert Report (“IER”) by Netherland Sewell & Associates, Inc. (“NSAI”). The update includes approximately 43,000 acres located on its 100% owned Kodiak oil and gas field on the North Slope of Alaska.
ven after a record $200 billion dealmaking frenzy last year, US oil and gas producers haven’t consolidated nearly enough. On a-per-barrel basis, there are still too many companies, too many chief executives, and too many drilling rigs wooing a limited pool of available capital.
Since 2020, there have been military coups in Burkina Faso, Mali, and Niger. Potential spillover of conflicts to the coastal West African countries could endanger some oil projects and deter foreign investment, according to report by analyst – Tsvetana Paraskova, writing for Oilprice.com.
Mozambique has finalized agreements with Chinese oil company the China National Offshore Oil Corporation (CNOOC) for the exploration and production of five offshore blocks. These blocks, located in both shallow and deep waters, were awarded as part of the country’s sixth licensing round initiated by the Mineral Resources and Energy ministry.