Nigeria namess ex-Shell executive as head of state oil company NNPC
The Nigerian presidency announced on Wednesday that Bola Ahmed Tinubu had appointed Bayo Ojulari as head of the state-owned oil company NNPC Ltd. This is in response to the country's desire to increase oil production and revitalize its refinery capacity. Tinubu, who in his first year as president devalued the naira twice and ended costly subsidies, has now shifted his attention to overhauling state oil company to maximize its contribution to revenue. In a press release…
US oil production dropped to an 11-month low, according to data.
The U.S. Energy Information Administration reported on Monday that U.S. crude production dropped by 305,000 barrels a day in January to 13,15 million bpd, its lowest level since Feb. 2024. The data revealed that this was the largest monthly decline in U.S. crude oil production since January 2024. The EIA lowered their estimate of U.S. record oil production for December by about 40,000 barrels per day to 13.45million bpd. The oil output in Texas, which is the largest U.S. state for oil production, dropped by 105,000 barrels per day (bpd) to 5,58 million bpd.
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing in the global energy landscape is getting a boost with domestic refining capacity expanding in 2025. The Dangote Refinery near Lagos presents a transformative…
Libya announces the first oil exploration bid round in 17 years
Masoud Sulman, the acting chairman of the National Oil Corporation, announced on Monday that Libya will hold its first oil exploration bidding round in over 17 years. Libya is Africa’s second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadhafi was overthrown in 2011. Oilfields have been shut down by disputes between rival armed factions over oil revenue.
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq, along with other members of the Organization of the Petroleum Exporting Countries (OPEC), hold the majority of the world's spare production capacity. This is the idle oil that can be turned on in the event of a war or natural disaster. How much is there?
BP to invest upto $25 billion in Iraqi Kirkuk oil and Gas
A senior Iraqi official said that BP will spend up to 25 billion dollars over the life of a project redeveloping four Kirkuk oil fields and gas. Baghdad is trying to win foreign investment back. If the deal is finalized, which could happen in the next few weeks, this would be a major breakthrough for Iraq. The country's production has been severely constrained over the years by war, corruption, and sectarian tensions. It is the second largest oil producer within the Organization of the Petroleum Exporting Countries.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues. Oil theft on a large scale has reduced government revenues and slowed down production in recent years.
Iraqi oil minister: Iraq and BP will sign Kirkuk oil deal in first week of February
Iraq and British oil giant BP will be signing a mammoth agreement covering four Kirkuk gas and oil fields by the 1st week of February. This was revealed by Oil Minister Hayan Abdul-Ghani during a trip to Britain. He said the deal would be bigger than a TotalEnergies 2023 Basra deal, which was valued at around $27 billion. Iraq's official news agency reported on Wednesday that Baghdad had signed a preliminary deal with BP to evaluate the feasibility of redeveloping Kirkuk and its neighboring oil and gas fields. However, the report did not provide any further details.
BP and Iraq agree on technical terms for redeveloping Kirkuk oilfields
The British oil giant BP announced on Thursday that it had reached an agreement with the Iraqi Government on the technical conditions for redeveloping the Kirkuk Oil and Gas Fields. In August, the company signed an agreement to explore and develop the Kirkuk oilfield located in the north of Iraq. This will include the construction of solar power plants and other energy infrastructure. Sources have said that unlike historic contracts, which offer foreign companies razor thin margins, new agreements will include a generous profit sharing model.
Alberta, Canada's oil province, will clean up 5% of its inactive wells by 2023
A regulatory report on Thursday said that the number of inactive gas and oil wells in Alberta, Canada’s largest fossil fuel producing province, dropped 5% from 2022 to 2023, indicating progress in reclamation and decommissioning work. Alberta has 79,000 inactive wells compared to 83,000 in 2012. Inactive wells are no longer producing oil or gas, and must be permanently plugged. The land surrounding them should also be restored. Canada is the fourth largest oil producer in the world and the sixth largest gas producer.
Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.
Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries. The Russian president Vladimir Putin criticised the green movements in Europe for exploiting people's fears over climate change.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S. production of oil and gas could put Canadian exports into competition with other countries.
Texas voters elect conservative Craddick as oil regulator
Texas reelected Christi Craddick, a conservative incumbent in her third term as the state's chief oil regulator. This is a victory for the industry which has seen its production increase during her tenure. According to the most recent government statistics, Texas, which is home to the Permian basin, is the United States' largest oil producer, producing around 5.8 million barrels of crude oil per day. The Texas Railroad Commission, which Craddick is set to chair for six more years, regulates this industry. It oversees everything from pipeline safety to well permitting.
Drone crashes into oil depot in Russia’s Stavropol Region
Vladimir Vladimirov, the local governor of Stavropol in southern Russia, said that a drone had crashed on an oil storage depot. This was the second suspected Ukrainian strike in a row on Russian energy and fuel targets. It followed a period of seven weeks after a fuel station in Tula, Russia was attacked on September 10. Vladimirov, on Telegram, said that there were no injuries in the incident at Svetlograd Oil Depot. Baza Telegram, a channel close to Russia's Security Services, has posted a CCTV footage purportingly showing the attack at the oil depot.
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico is the second largest oil producer in the U.S. A leading economist released this week a study about potential drilling restrictions. The study showed that they could affect up to 5,4% of the future crude production and cost billions in revenue. The study evaluated the setback proposals that were made during the legislative session of 2024, which would limit how close operators could drill to certain environmental and structural areas. These setbacks are designed to protect the public against oil and gas pollution.
Nigeria's Belemaoil resumes oil lease 55 operations after a three-year hiatus
The Nigerian independent producer Belemaoil Producing announced on Monday that it has resumed its operations at Oil Mining Lease 55, after a three year shutdown due to theft-related damage. Belemaoil purchased OML 55 from Chevron Corporation in February 2015, which is located in an area of swampy to shallow waters, about 40km west of Bonny's oil export terminal. Belemaoil's spokesperson stated that the OML 55 operations were stopped in 2021 because of rampant thefts from the delivery line leading to Bonny.
Chevron CEO criticizes Biden's natural-gas policies and says fuel is essential for AI
Michael Wirth, CEO of Chevron, criticized U.S. president Joe Biden on Tuesday for "attacks" on the natural-gas industry. He also emphasized the critical role that Permian gas plays in accelerating the growth of artificial intelligence. The CEO's comments followed new plans by the government to ensure that power-hungry AI centers do not undermine U.S. Climate Goals. The White House created a taskforce on AI Datacenter Infrastructure last week to coordinate policies that align with government economic and environmental goals.
Rains hit India and Pakistan, evacuating thousands
Authorities warned of further heavy rains on Thursday after heavy rains flooded parts of India's western Gujarat state, forcing thousands of people to flee their homes and causing utility lines to be cut. At least 28 people were killed. Television images showed that the army has joined in on the relief effort as people wade through waist-high water which had partially submerged roads and vehicles. Prabhu Soni, a resident of the coastal city Jamnagar, said that there had been no electricity for two days.
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year. Which country can compete against us in energy transition? He asked this question at the signing ceremony. Lula said that he wants to make Brazil a global supplier of low-carbon fuels and the "Saudi Arabia" of renewable energy within 10 years.
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 been locked in a struggle for control over the central bank and its oil revenues. Khalifa haftar, the eastern Libyan military commander, controls most of the oilfields in Benghazi. Libya, the largest oil producer in the Mediterranean region, has experienced little stability since an uprising supported by NATO in 2011.
