Russian Oil Price Cap is Meeting Objectives: G7 The Russian oil price cap mechanism is still meeting its objectives, a G7 price cap coalition official told Reuters on Friday. Any Russian production cuts that may be forthcoming will disproportionately hurt developing countries, the G7 official added. Earlier on Friday, Russia announced a 500,000 bpd crude…
SNEPCo’s Bonga FPSO hits One Billion Barrel milestone Nigeria’s first deep-water exploration and production vessel, Bonga, hit a 1-billion-barrel oil export mark on Monday. This milestone is coming three months after a major turnaround maintenance (TAM) of the facility was completed ahead of schedule. Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Elohor…
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And the Baton Changes… A Nation in Search of a Fulfilled Future Goes to the Polls By Emiko Aruofor MD/CEO, Pulsar Limited Pulsar Limited Come February 25, 2023, the Nigerian nation will activate the largest democratic process ever embarked upon on the African continent. 93.5 million eligible voters will have the right on that day,…
Big Oil Doubles Profits in Blockbuster 2022 Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia’s invasion of Ukraine reshaped global energy markets and, in some cases, the industry’s climate ambitions. The profit surge gave the oil companies scope to…
Oil Rises for Third Day as Rate Hike Concerns Ease Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish…
Morrow Signs Mou with AI Startup Optimeering Norwegian cleantech companies Morrow Batteries ASA (Morrow) and Optimeering AS have joined forces to develop AI-driven automation software for short-term power market operations. The production must at any time align with the consumption for the power system to be stable. Norway used to have a large surplus of…
EGYPS 2023: Join Magellan X to understand safety and sustainability challenges in the Oil and Gas industry. Download Convention Program here – Egypt International Exhibition Centre, Cairo, Egypt Magellan X is gearing up to join eminent influencers of the Oil, Gas and Energy sector at EGYPS 2023, (The Egypt Petroleum Show) from 13 to 15…
Maersk Reports Record $81.5bn Revenue, $29.3bn Profit In 2022 A.P. Moller – Maersk has reported exceptional financial results for the year 2022. Despite the abnormal market conditions caused by the COVID-19 pandemic, the company said it managed to deliver solid performance across all its businesses, resulting in the best financial result in its history. In…
