Author: Daniel Terungwa

Nigeria’s oil production drops 17.7% to 1.25m bpd — NUPRC Nigeria’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023. This confirms the position of the Organisation of Petroleum Exporting Countries,…

Savannah Signs New Natural Gas Sales and Purchase Agreement with Amalgamated Oil Company Nigeria Limited   Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the…

Russia’s Sakhalin-1 Oil Project Returns to Peak Production  The Sakhalin-1 oil project in Russia is back to producing its peak level of 200,000 barrels per day (bpd) of oil from zero, an Indian company that is part of the new venture operating the project has said. ONGC Videsh, the overseas unit of Oil and Natural…

Oil Steady after U.S. Debt Deal but Rate Hike Worries Linger  Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer but concerns about further interest rate hikes capped gains. Brent crude futures slipped 20 cents, or 0.2%,…

Fuel Subsidy Is Gone – President Bola Tinubu Newly sworn president of Nigeria, Bola Ahmed Tinubu has disclosed plans of his administration to totally remove fuel subsidy in Nigeria. The president made this known in his inaugural speech on Monday at Eagle Square, Abuja. He said, “We commend the decision of the outgoing administration in…

Canadian Oil Sands Output Expected to Reach 3.7 Million Bpd by 2030 – S&P Global Canadian oil sands production is expected to reach 3.7 million barrels per day by 2030, S&P Global says, raising the analytics firm’s 2030 production outlook for the country for the first time in half a decade. S&P Global raised its…

Two Largest Pension Funds in the U.S. Could be Forced into $15B Oil, Gas Divestment A new bill that was approved by the California state Senate last week, would require two of the country’s largest pension funds to pull $15 billion in investments from oil and gas companies. The measure passed the California Senate with…

ConocoPhillips to purchase remaining 50% interest in Surmont from TotalEnergies ConocoPhillips, one of the world’s largest independent E&P companies based on production and proved reserves across 13 countries of operations has announced that it is exercising its preemption right to purchase the remaining 50% interest in Surmont from TotalEnergies EP Canada for approximately $3 billion (CAD$4 billion), subject…