Italy’s Eni Tapping African Gas to Replace Russian Molecules
Italian energy major Eni has helped stabilize energy supplies in Italy and Europe after Russia’s invasion of Ukraine in February 2022 and expects its African gas projects to completely displace Russian gas volumes by 2025.
Russia's Lukoil Looks to Sell Stake in Ghana's Pecan Field
Lukoil is talking directly to potential buyers for its offshore Pecan oilfield stake because investment bankers are not getting involved due to western sanctions on Russia.
Africa Oil Commences Multi-well Drilling Program Offshore Namibia
Canada’s Africa Oil Corp. will be appraising its Venus discovery made in 2022 and further exploring possible expansion of the discovery.
OPEC Raises Forecast for China-led Oil Demand Growth in 2023
OPEC raised its 2023 forecast for global oil demand growth by 2.32 MMbbl/d, or 2.3%, 100,000 bbl/d higher than last month's forecast.
What's Affecting Oil Prices This Week? (Feb. 13, 2023)
Russia announced on Feb. 10 a 500,000 bbl/d reduction of crude production beginning next month, resulting in a spike in crude market prices.
Indian Energy Company ONGC Videsh Eyes Oil, Gas 'Hot Spots' in Africa, LatAm
ONGC Videsh is looking to invest in Ghana and Surinam, according to managing director Rajarshi Gupta.
Golar to Acquire New Fortress’ Interest in FLNG Hilli
Golar LNG will acquire New Fortress’ ownership stake in Hilli, adding approximately three more years of cash flow generation from the floating liquefaction facility in Cameroon.
E&P Highlights: Feb. 6, 2023
Here’s a roundup of the latest E&P headlines including a new well coming online and new contract awards in the upstream oil and gas industry.
Subsea Services Market Expected to Top $7 Billion in 2023
Rystad Energy sees increased brownfield activity driving a 20% increase in projected spend in the subsea services market in 2023.
Transition in the Trilemma
Despite the energy trilemma, 45% of companies oil and gas sector are confident they can reach net zero by 2050, according to the Baker Hughes Energy Transition Pulse report.