Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in U.S. commercial stockpiles outweighed supply fears from heightened tensions in the Middle East.
In recent months, several oil majors have emphasised the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the wake of the Russian invasion of Ukraine and subsequent sanctions on Russian energy, to support government energy security efforts and fill the gap until there are sufficient green alternatives to meet the rising global energy demand. However, as governments worldwide pursue a green transition, scientists and environmentalists are stressing the need to cut fossil fuel funding to ensure that climate targets, such as those of the Paris Agreement, are met.
Earlier this month, the Science Based Targets initiative caused a revolt among its employees when it announced it would allow the use of carbon credits to offset Scope 3 emissions.
Despite Iran’s attack on Israel over the weekend, oil prices dropped on Monday as an Iranian response to the Israeli hit on the Iranian diplomatic mission in Syria was largely expected and priced in.
Nigeria, Africa’s largest oil exporter, is shaking up its oil industry by mandating oil firms to supply a portion of their crude oil to domestic refineries before exporting it.
The Nigerian government has released new rules to force oil producers to sell crude oil to local refineries, aiming to reverse the country’s reliance on imported refined petroleum products. The directive is a significant highlight of a comprehensive template guiding the implementation of Domestic Crude Oil Supply Obligation (DCSO) that aligns with the Petroleum Industry Act (PIA) of 2021.
The Federal Government of Nigeria has announced that domestic crude oil refiners and other operators in the sector are now permitted to buy crude oil in either naira or dollars.
Guido Brusco, Chief Operating Officer Natural Resources, Eni will speak at the 2024 edition of the Angola Oil & Gas (AOG) Conference & Exhibition – taking place October 2-4 in Luanda under the theme Driving Exploration and Development Towards Increased Production in Angola. Through Azule Energy – a joint venture with energy major bp – the company has an extensive footprint across the Angolan oil and gas market and is looking at accelerating investments across the value chain.
Energas West Africa CEO David Pappoe Jr. will speak at the Invest in African Energy (IAE) forum in Paris next month, spotlighting opportunities for local service companies within Africa’s growth markets.
With 4 Drill Ships Arriving Nigeria in 2025, Oil Service Firms Expect Rebound in Upstream Activities
Nigeria’s upstream oil and gas industry is set to experience a rebound in projects with potential for crude production growth and other associated values as four drill ships are expected to arrive the country by 2025, THISDAY has learnt.
Many exploration and production projects in the deepwater environment have been lined up for commencement next year, which are being promoted by the International Oil Companies (IOCs) operating in Nigeria.