Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened.
The Minister of Energy, Dr Matthew Prempeh, has called on American investors to take advantage of the country’s immense energy, mineral resources and invest here.
After remaining range-bound for much of the second quarter, oil prices have mounted a significant rally, with front-month Brent gaining over 10% since the beginning of the month to trade at $83.30 per barrel.
China has gobbled up a record amount of Russian crude, adding some 2 million bpd to its strategic and commercial inventories last month.
Slowing global oil demand growth and dissent over crude production policies could lead to a break-up of the OPEC+ alliance, which would send oil prices tumbling to as low as $35 per barrel, a portfolio manager at investing group Clean Energy Transition said on Thursday.
For years, OPEC has warned that not enough is being invested in future oil and gas production on a global scale. For years activists have been calling for an end to even that reduced investment.
The near collapse of Venezuela’s once colossal oil industry under the weight of endemic corruption‚ and strict U.S. sanctions, along with Mexico’s sputtering mature oil fields, saw Latin America’s economically crucial hydrocarbon sector fall into decline.
British Gas has posted record profits, fuelled by Ofgem’s lucrative allowances in the energy price cap, with the household energy giant reporting a near ten-fold increase in its earnings.
Ghana has recorded a total of US$540 million in petroleum receipts during the first half of 2023, as reported by the Petroleum Holding Fund report released by the Bank of Ghana, which provides insights into the Fund’s performance.
The world’s oil demand jumped by more than 3 million barrels per day (bpd) in May compared to April, nearing the record demand level seen in March this year, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday.