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…
Ajaokuta Steel Company to commence production under next govt – Adegbite Minister of Mines and Steel Development, Arc Olamilekan Adegbite, has expressed optimism over the Ajaokuta Steel Company to production under next government. Adegbite stated this during his remarks at a valedictory session organised by Diplomatic Vista in recognition of his outstanding contribution to the…
TotalEnergies, Africa Oil Withdraw From Kenya’s Oil Project Two international firms, TotalEnergies and Africa Oil have announced their decision to quit from Project Oil Kenya in Turkana County. To this end, authorities have announced that Tullow Oil plc, a global independent oil and gas exploration and production firm, will now fully acquire the project. Tullow…
Production at Equinor’s Statfjord A remains halted after gas leak Production at the Statfjord A oil and gas platform in the North Sea remains shut following the discovery of a gas leak late on Thursday, Equinor said on Friday. “It is too early to say something about when the production can start again, our focus…
Petrobras Requests Reversal of Decision to Block Exploratory Well Petróleo Brasleiro said yesterday that it has asked Brazil’s environmental agency to reverse a decision it made to block the state-controlled oil company from drilling an exploratory well off the country’s northern coast. Petrobras, as the company is known, said last week that the Brazilian Institute…
OML 130: NNPCL, CNOOC, SAPETRO renew oil production contracts. The Nigerian National Petroleum Company Limited, has announced the renewal of the Oil Mining Lease 130 Production Sharing Contract and conversion of the acreage to a Petroleum Mining Lease in accordance with the provisions of the Petroleum Industry Act 2021. In a ceremony at the NNPCL…
