Category: Oil & Gas Industry
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Norway to “Milk” Troll: Equinor’s Major Expansion
Equinor is set to increase production at the Troll field by 7 billion cubic meters per year, according to Reuters. Equinor and its partners will invest $1.13 billion to expand gas production from Troll’s largest offshore field. “Gas from Troll alone meets about 10 percent of Europe’s needs,” said Kjetil Hove, Equinor’s head of exploration…
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Zimbabwe’s Mukuyu gas field ranked as the second-largest field discovered in sub-Saharan Africa in 2023
The largest gas field discovered in sub-Saharan Africa in 2023 was Namibia’s Jonker-1 field. “Having the Mukuyu discovery independently recognized as one of the largest discoveries in 2023 and acknowledged among several multinationals confirms our confidence in the quality and scale of this new gas field in Sub-Saharan Africa,” said Scott McMillan, Managing Director of…
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Guyana has become a major driver of global oil supply growth
Data published by the U.S. Energy Information Administration this week showed that Guyana had the third-fastest production growth rate globally, after the United States and Brazil. Between 2019, when oil production began in the tiny South American country, and 2023, output grew at an average annual rate of 98,000 barrels daily, taking the total from…
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Analyzing the Impact of Sanctions on Russian Oil Tanker Operations
π·πΊπΊπΈ Endless fascination surrounds the flow of water, the burn of fire, and Bloomberg’s diligent tracking of Russian tankers. Recently, Bloomberg highlighted what seemed a minor tempest, reporting that nearly every Russian oil tanker affected by sanctions has been idle for months. Currently, 40 such vessels are idle, with 21 owned by Sovcomflot. According to…
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Chevron to Exit English North Sea After Over Five Decades
Chevron Corp., one of the largest U.S. oil corporations, has announced its plans to divest its assets in the English North Sea. The American oil giant has operated in this region for more than 55 years, as reported by the Financial Times. This move is part of a strategic shift following a comprehensive review of…
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Guyana Revenue Authority Sues Exxon Mobil Over Alleged $12 Billion Overcharge
π¬πΎ The Guyana Revenue Authority has initiated legal action against Exxon Mobil following claims by a supplier that the company erroneously overcharged for oil well equipment, amounting to approximately $12 billion. Exxon, headquartered in Trinidad, and Ramps Logistics attributed the overvaluation to a technical error, wherein the quoted amount was in US dollars instead of…
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Diplomatic dispute threatens Niger-Benin pipeline oil exports
π³πͺπ§π― 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 SΓ©mΓ¨ KrakΓ© 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
πͺπ¬ 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
π³π¦ 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
π»πͺ 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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