US federal energy revenues to fall 10% by 2024 but remain among the highest ever
The U.S. Interior Department reported that federal revenue from energy production in public lands and water fell 10% to $16.4 billion during the last fiscal year. Interior Department announced on Friday. This was the fourth-highest year since 1982, and the lowest total since 2021.
Ghana's oil production increases for the first time in five years
Ghana's crude output increased 10.7% on an annual basis in the first half of 2024. This reversed a five-year-old decline in production. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023…
Libya's east-based government will close all oilfields
The Libyan government in the east said Monday that all oilfields were closing, stopping production and exports. However, Tripoli's National Oil Corp., which controls Libya's oil resources, did not confirm this. Libyan factions have…
Guyana's Oil Exports Double, with Europe Taking Half of Cargoes
Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian…
Block Energy Acquires West Rustavi Asset
The oil and gas company in Georgia, Block Energy said its working interest in the West Rustavi licence, in Georgia, has increased to 100%.The increase, from 71.5% and originally from 25%, follows an agreement made with Georgian Oil & Gas Ltd in late February.With immediate effect…
Top Citgo Executives Removed as PDVSA Chaos Continues
Citgo Petroleum Corp has removed at least three top executives close to Venezuelan President Nicolas Maduro, people familiar with the matter said on Monday, in a move to cement management control under a new board of directors.The U.S.
Key Oil Export Terminals Reopen in Libya
Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export…
U.S.: Global Oil Capacity Will Make Up for Iran Cutbacks
The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its regional. A senior U.S. State Department policy adviser said they believe there is enough spare global oil capacity to make up for a lower supply from Iran.
Conoco Moves to Seize PDVSA's Caribbean Assets
U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions. The U.S.
South Sudan: U.S. Sanctions Undermine 'search for peace'
U.S. sanctions on 15 South Sudanese oil operators will work against efforts to restore peace and stability in the nation, the government said on Thursday. The sanctions, which were announced on Wednesday, will require companies and…
Congo Seeks Debt Relief From Trading Houses
IMF pushing Congo to renegotiate debt; loans primarily came from Trafigura, Glencore. Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants…
Marathon Oil Posts Bigger Quarterly Loss
U.S. shale exploration company Marathon Oil Corp reported a bigger quarterly loss on Thursday, due to a nearly $5 billion impairment charge related to the sale of its Canadian oil sands business. The company's net loss widened to $4.96 billion…
Exxon Exits Kurdistan Exploration Blocks - Iraq Oil Report
Exxon Mobil has pulled out of half of the six exploration blocks it operated in the Kurdistan region, the Iraq Oil Report reported. The oil company has walked away from its operations in the Qara Hanjeer, Arbat East, and Betwata blocks…
Saudi Aramco Inaugurates $800 mln Cultural Center in Dhahran
Saudi Aramco opened an $800 million cultural center in Dhahran on Thursday, underlining the wide range of commitments the world's biggest oil company has made as the kingdom tries to transform its economy. Saudi Arabia's sweeping…
As Cracks Emerge in Global Oil Pact, Saudis May Need to Compromise
Tough negotiations await a group of OPEC experts as they meet their counterparts from other oil producers such as Russia on Oct. 28-29 to hammer out details of an output-capping agreement, with disagreements threatening to scupper the deal.
Venezuela's Maduro to Visit Oil Producers, China
Venezuelan President Nicolas Maduro will visit OPEC and non-OPEC countries in coming days to push a deal to stabilize oil markets and will also travel to key financier China, as the cash-strapped nation seeks to ease a steep recession. OPEC agreed in Algiers on Sept.
Extraction Oil & Gas Jumps About 20% in Debut
Shares of Extraction Oil & Gas Inc - the first producer to launch a U.S. IPO this year - rose as much as 19.7 percent in their market debut as crude prices held above $50 per barrel. Denver-based Extraction Oil priced its offering of 33.33 million shares at $19 each…
Iraq Blacklists Tankers Lifting Kurdish Crude
Iraqi state oil firm SOMO has blacklisted three tankers involved in shipping crude from Kurdistan, stepping up pressure on the semi-autonomous region amid tense talks on sharing oil revenue. Kurdistan has been exporting crude independently…
Nigerian Oil Output Falls toward 22-year Low
A series of attacks on Nigeria's oil infrastructure has pushed its output of crude close to a 22-year low, Reuters data shows, putting intense pressure on the country's finances. Shell workers at Nigeria's Bonga oilfield in the southern…
First Oil from TEN Fields off Ghana
Ghana began pumping crude from a second offshore field operated by British company Tullow Oil on Thursday, hoping the additional revenue will boost its flagging economy. The Tweneboa, Enyenra and Ntomme (TEN) field expects to average around 23…
