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.
PetroChina Co. Ltd. has reported CNY 161.15 billion ($20.6 billion) in net income for 2023, up 8.3 percent compared to 2022 as growth in both upstream and downstream output offset weaker oil prices.
International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources.
Dr. Klaus Endresen, Chairman of the Namibia Petroleum Operators Association, speaks with Energy Capital & Power about interfacing between industry, government and the public following Namibia’s offshore discoveries.
The upstream industry hopes 2024 can be a bounce-back year for high-impact oil and gas drilling after a lackluster 2023, with Africa and Latin America likely to spearhead activities
The global upstream oil and gas sector ended 2023 on a weak note. Despite the geopolitical tensions and other factors like production cuts, oil prices remained lower during the year as compared to 2022 prices. And the outlook for 2024 has been somewhere near moderate growth.
Kosmos Energy Ghana, a leading international deep-water exploration and production company in Ghana’s Upstream Oil and Gas Sector, has constructed a new dormitory block to house visually impaired students at the Ashanti School for the Deaf at Jamasi, in the Ashanti Region.
Nigeria’s crude oil production, including condensate, rose year-on-year, YoY by 30 per cent to 1.6 million barrels per day, bpd in October 2023, from 1.2 million bpd recorded in the corresponding period of 2022.
The Middle East also stands out as the only region where upstream oil and gas investments have exceeded pre-pandemic levels.
Promote a business-friendly regulatory environment in upstream petroleum sector – PIAC to government
The Public Interest and Accountability Committee (PIAC) is advising the government to promote a very business-friendly regulatory environment in the upstream petroleum sector to attract foreign investors.