Category: Oil & Gas Industry
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Diplomatic dispute threatens Niger-Benin pipeline oil exports
๐ณ๐ช๐ง๐ฏ Diplomatic tensions escalate as Benin President Patrice Talon rejects Niger’s proposal to use its port for oil exports, citing Niger’s refusal to cooperate. Two weeks after oil production commenced at Sรฉmรจ Krakรฉ in Benin, Talon criticized Niger’s approach, emphasizing the importance of formal cooperation. Benin, a member of ECOWAS, previously faced threats of military…
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Egypt Leases LNG Storage Facility to Meet Growing Import Demands
๐ช๐ฌ Amidst declining production and rising domestic demand, Egypt, formerly an exporter of gas, has leased a storage facility for LNG imports. The move signifies a shift in energy dynamics for the country. A floating storage facility with regasification capacity (FSRU) is set to be established in Egyptian waters, marking a strategic collaboration between Australian…
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Namibia Encouraged to Join OPEC Amidst Oil Discoveries
๐ณ๐ฆ The Organization of the Petroleum Exporting Countries (OPEC) is actively enticing Namibia to become a member, offering support to bolster the southern African nation’s emergence as a significant oil producer. “We are encouraged by the potential of the Namibia-OPEC partnership and stand ready to offer support at this crucial time,” stated OPEC Secretary General…
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Venezuela Expands Oil Trade to Cryptocurrency amid U.S. Sanctions
๐ป๐ช In response to renewed U.S. oil sanctions, PDVSA is increasing its utilization of digital currency for oil and fuel transactions. The U.S. Treasury Department recently set a deadline of May 31 for PDVSA’s customers and providers to conclude transactions under a general license that remains unrenewed due to electoral reform issues. Since last year,…
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Record Natural Gas Exports from the U.S. in 2023
๐บ๐ธ In 2023, the United States witnessed a significant milestone in natural gas exports, with a remarkable increase of 10% compared to 2022, reaching a record-breaking 20.9 billion cubic feet per day. More than half of these exports comprised liquefied natural gas (LNG), marking a pivotal moment in the nation’s energy landscape. Notably, LNG exports…
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๐ฌ๐พ Hess Secures Construction Permit for Whiptail Project, Squeezing Out Exxon
Hess has successfully acquired a construction permit for its sixth project within the Stabroek block – Whiptail offshore Guyana. With the backing of local authorities, Hess anticipates a capacity increase of 250 thousand barrels per day by 2027. Interestingly, news surfaced in April regarding ExxonMobil’s interest in investing $12.7 billion in Whiptail. Notably, Exxon operates…
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Middle East conflict escalation to increase global oil prices, Nigeria Budget Office warns
๐ณ๐ฌ The escalation of the ongoing conflict in the Middle East could spike global oil prices and that could result in slowing down economic growth, Ben Akabueze, the Director General of theย Nigerianย Budget Office of the Federation, toldย Sputnik. ๐ฌ”If the conflict escalates, it might have implications for globalย oilย prices, oil markets, and to that extent,” Akabueze said.…
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Breakthrough: Transforming Carbon Dioxide into Fuel
โ Researchers from Massachusetts Institute of Technology and Harvard University have unveiled a groundbreaking method for converting carbon dioxide into formate, a solid fuel with versatile applications. This innovative technology not only addresses carbon emissions but also offers a practical solution for energy production and household heating. Formate, specifically potassium formate, is a widely utilized…
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Energy Concerns Escalate in Texas
๐บ๐ธ The Lone Star State faces mounting energy concerns as the main grid operator issues a warning of a potential power emergency looming next week. Rising temperatures are anticipated to surge demand, potentially depleting backup supplies. In Dallas, temperatures are forecasted to soar to 91ยบF (33ยบC), while Houston braces for 88ยบF (31ยบC) on Wednesday. Typically,…
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Embarking on a New German Venture
๐ฉ๐ช The Bundestag has greenlit a proposal aimed at constructing a 9,700-kilometer “backbone” hydrogen network throughout Germany. This ambitious initiative is projected to require an investment of approximately โฌ20 billion. Notably, around 60% of the infrastructure will repurpose existing gas pipelines. While the state refrains from direct investment, it pledges to furnish businesses with assurances…
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