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Kenya hopes it will begin commercial crudeoil production and exports next year, Opiyo Wandayi, Cabinet Secretary for Energy and Petroleum, said on Monday, as companies are finalizing an asset sale and development project plans for an onshore resource basin.
Nigerias Dangote Petroleum Refinery has suspended sales of petroleum in the country after it stopped receiving naira-denominated crude cargoes from the state-owned Nigerian National Petroleum Company (NNPC). To date, our sales of petroleum products in naira have
crudeoil production surged to an all-time high in March, reaching 13.488 million barrels per day, according to newly released monthly EIA data. Total petroleum product supplieda broad proxy The increase reflects steady momentum from the Permian and Gulf Coast operatorseven as drilling activity slows elsewhere.
The Organization of Petroleum Exporting Countries (OPEC) reduced its crudeoil production in March, ahead of its planned production increase for May, a new Bloomberg survey showed on Tuesday. OPEC reduced its crudeoil production for March to an average of 27.43
But theres a silver lining in falling crude prices profits from refining the crude rise with cheaper feedstock. Stronger refining margins and higher exports of petroleum products have generated more income
The major oil producers in the Middle East are exporting record volumes of refined petroleum products, reducing the overall impact of their crude production cuts on the market, Reuters reports, citing flow-tracking data and analysts.
Crudeoil prices reversed their trajectory from earlier this week, trending lower today after the American Petroleum Institute reported an estimated inventory rise in both gasoline and middle distillates, and Saudi Arabia cut its oil prices for Asian buyers to an almost four-year low. Brent crude was trading at $64.76
crudeoil output rose to a monthly record high in March, while demand for oil products declined to the lowest in a year, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday. crudeoil output rose to 13.49 million barrels per day in March, up from 13.16
Kuwait, one of the top OPEC producers in the Middle East, plans to invest as much as $50 billion to raise its oil production capacity to above 3 million barrels per day (bpd) over the next five years, Kuwait Petroleum Corporations deputy chairman and CEO, Shaikh Nawaf Al-Sabah, has said. Kuwaits crudeoil production averaged 2.415
(World Oil) – South Africa has officially established its new state-owned oil corporationSouth African National Petroleum Company (SANPC). The establishment of the SANPC aligns with broader goals by the South African government to create a more competitive and investment-friendly petroleum sector.
(Investing) – OPEC+ has been unwinding its voluntary production cuts at a faster rate than it had previously outlined, although this has yet to translate into a noticeable change in volumes on very large crude carriers, according to analysts at Jefferies. Known commonly as VLCCs, these tanker ships are designed to transport crudeoil.
Pertamina has been importing Russian crudeoil complying with the Western sanctions, a top official at Indonesias state energy firm said on Wednesday. The company imports Russian crude for its domestic refineries and complies with the sanctions imposed on Russian
Wednesdays main oil market headline was that U.S. The main headline from Wednesday mornings release of the Department of Energys (DOEs) Weekly Petroleum Status Report was that U.S. crudeoil inventory increased again. Commercial crudeoil inventory increased 1.3 inventory increased again. That and it 20.5
crudeoil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies.
Among the 19 specific industry sectors TIPRO uses to define the Texas oil and natural gas industry, Support Activities for Oil and Gas Operations led in the ranking for unique job listings in May with 1,972 postings, followed by Gasoline Stations with Convenience Stores (1,447) and Petroleum Refineries (824).
The price of WTI crudeoil back below $60 reflects much fear plus news that OPEC+ will increase production. While price expectations are extra depressed, crudeoil inventory at Cushing (where futures contracts are delivered) is down extra low. Oil bearishness is helped by the increase in total U.S.
“The government recognizes the complexities and high costs associated with the development of the Venus oil field by TotalEnergies,” Kornelia Shilunga, special adviser and head of upstream petroleum unit in the Namibian Presidency, said in a reply to questions.
(World Oil) – Nigerian energy company Green Energy International (GEIL) has completed the development of the Otakikpo onshore terminal, situated in OML 11 near Port Harcourt. Improved fiscals introduced through Nigeria’s Petroleum Industry Act in 2021 further enticed investments by both international and regional players.
(Oil & Gas 360) – April 22, 2025 – For over 25 years, global petroleum consultancy Netherland, Sewell & Associates, Inc. NSAI) has hosted its highly regarded Oil & Gas Property Evaluation Seminar. NSAI is pleased to announce it is hosting a two-day session in Dallas on May 5 th and 6 th.
(Oil & Gas 360) – April 22, 2025 – For over 25 years, global petroleum consultancy Netherland, Sewell & Associates, Inc. NSAI) has hosted its highly regarded Oil & Gas Property Evaluation Seminar. NSAI is pleased to announce it is hosting a two-day session in Dallas on May 5 th and 6 th.
(World Oil) – Kazakhstan, which has created tensions within OPEC+ by consistently breaching its production limit, has no plans to cut oil output in May, the countrys Energy Ministry said. Last week, Chevron Corp.
Minister of Petroleum and Mineral Resources, Karim Badawi, visited the infrastructure for receiving, and storing petroleum products and LNG at Sokhna Port, operated by Sumed and Sonker companies. The post Egypt Petroleum Minister Tours Key Sokhna Port Energy Infrastructure first appeared on Egypt Oil & Gas.
About Valero Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Valero owns 15 petroleum refineries located in the U.S.,
(Oil Price) –Mexico has temporarily suspended imports of fuels from the United States by truck as it is stepping up inspections of permits in a bid to clamp down on illegal fuel trades, sources with knowledge of the matter have told Reuters. fuel imports despite being a major crudeoil producer.
(Investing) –WASHINGTON -The United States issued new sanctions on Tuesday targeting Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network, the Treasury Department said, amid ongoing talks with Tehran on its nuclear program.
Khalda Petroleum Company Chairman Saeed Abdel Moneim reviewed the most important performance indicators and targets for the next fiscal year (FY), indicating that it is planned to invest approximately $1 billion during FY 2024/25. As for the second half of the current fiscal year, it is planned to drill 29 crudeoil and natural gas wells.
percent decline in crudeoil production. Total crudeoil produced amounted to a total of 35.42 This decrease is linked to the natural decline in the Tweneboa, Enyenra, and Ntomme (TEN) field, leading to an escalation in the gas-to-oil ratio and water production in the Jubilee and Sankofa fields.
(Oil & Gas 360) – Publisher’s Note: CanCambria Energy will present at EneCom Denver – The Energy Investment Conference at the Westin Downtown , August 17-20, 2025. Register to attend. CanCambria Energy Corp. The area has no existing deep drilling and is largely unexplored, covered only by old 2D seismic.
NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Conference Dates: August 17–20, 2025. Benefitting IN!
(Oil & Gas 360) –HOUSTON(BUSINESS WIRE) Chevron Corporation ( NYSE: CVX ) announced today that it started oil and natural gas production from the Ballymore subsea tieback in the deepwater Gulf of America. Chevron is a leading leaseholder in the Gulf and continues to actively pursue opportunities for growth in the basin.
Oil and Gas 360 April 28, 2023 For over 25 years, global petroleum consultancy Netherland, Sewell & Associates, Inc. NSAI) has hosted a series of highly regarded oil and gas property evaluation seminars. is a worldwide leader of petroleum property analysis to industry and financial organizations and government agencies.
Kazakhstan has increased in February its crudeoil and gas condensate production by 13% to a record of 2.12 million barrels per day (bbl/d), exceeding its quota within the OPEC+ group of oil producers, as Reuters reported. Excluding gas condensate, Kazakhstan’s crudeoil production surged by 15.5%
Minister of Petroleum and Mineral Resources Karim Badawi attended the General Assembly meeting of the Middle East Oil Tankage & Pipelines (MIDTAP) company to discuss its 2024 performance. The total volume of petroleum products traded on the company’s marine dock reached 4.7 million tons in 2024, compared to 1.6
Consumption of petroleum-based refined products is declining due to a host of factors including increased renewable diesel (RD) usage, slowing population growth, electric vehicle (EV) penetration and fuel efficiency improvements, just to name a few, but thats only half the story.
The state of Texas is the US' top crudeoil and natural gas producing state. As Q4 2024 approaches, the US remains world's largest LNG exporter and its largest crudeoil producer. All at a time when oil prices are currently lurking around 2021 lows. So k eep reading, keep it here, keep it 'crude'!
"This causes a de facto partial supply disruption if there is a lack of tankers to carry the oil that needs to be exported," Lipow said. The inability of oil to traverse through, even temporarily, can ratchet up global energy prices , raise shipping costs and create significant supply delays. Meanwhile, it noted several U.S.-flagged
(Investing) – Crude futures tumbled 1.4% today as market participants reacted to a report by Bloomberg indicating that Saudi Arabia is advocating for more aggressive oil supply increases by OPEC+. This move is part of the kingdoms strategy to capitalize on the peak oil demand during the northern hemispheres summer season.
(Investing) –The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June.
(World Oil) – Kazakhstan is considering its options for complying with the countrys OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line over the weekend. Central Asias largest oil producer is considering all possible options for meeting its commitments.
(Investing) –Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday. shale supply amid relatively low inventories.
We are discovering previously unknown hydrocarbon deposits one after the other and further strengthening the country’s security of supply: with the oil deposits in Vecss and Tura and the natural gas fields in Eastern Hungary, we have reached a five-year peak in domestic production. thousand barrels of oil equivalent per day (boed).
Kuwait is examining a new contract model for IOCs operating in the country as it targets a 1mn b/d increase in crudeoil production capacity over the next decade, MEES understands. Capacity currently stands at 3mn b/d (see chart), and the Kuwait Petroleum Corporation (KPC) aims to increase this to 4mn b/d by 2035.
These efforts reflect a broader trend across the continent, where NOCs are leaning on foreign partnerships to advance oil and gas production. The Tanzania Petroleum Development Corporation is developing the Tanzania LNG project, working with Shell and Equinor to monetize resources in Blocks 1, 2 and 4.
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