Eni has announced an oil discovery on the Eban exploration prospect in CTP Block 4, offshore Ghana. The Eban – 1X well is the second well drilled in CTP Block 4, following the Akoma discovery. Preliminary estimates place the potential of the Eban–Akoma complex between 500 and 700 million boe …

BP has commenced production from the East South flank, the new phase of its Shah Deniz II gas field in Caspian Sea offshore Azerbaijan. Planned to reach full production rates in the third quarter of this year, the deepwater flank has a production capacity of 400 million standard cubic feet …

The postponement of the OPEC+ meeting will not jeopardize the group’s efforts until April 2022, but oil supplies are already squeezed in an already tight market. The agreement is still valid until then, even if the 18th OPEC+ meeting hasn’t yet reach a deal on output increases, as the UAE …

OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market’s volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the …

Oil prices steadied on Wednesday after a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share. Brent crude was up 3c at $74.56 a barrel by …

Oil prices were little changed and trading only slightly down early on Monday while the market is waiting for the OPEC+ group to begin a third day of meetings to try to reach a consensus about oil production levels in the coming months. As of 10:15 a.m. EDT on Monday, …

Qatar Petroleum has signed agreements with TotalEnergies to acquire a stake in three offshore exploration blocks in South Africa. The assets involved in the deal include the South Outeniqua block, DWOB block, and OBD block. Under the deal, the state-owned firm will acquire a stake of 25% in the approximately …

Oil prices are balancing above $75 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and partners failed to agree on output policy. If the group fails to boost production, crude prices could surge. Crude prices retreated slightly on Monday, with Brent futures down 0.11% to $76.09 a …

Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month. The bitter clash has forced OPEC+ to halt talks twice already, with the next …

Iraq supports the proposal to increase OPEC+ production between August and December and backs the extension of the output cuts agreement till the end of 2022, the country’s oil minister said July 4, as ministers prepare to meet to resolve an impasse spilling over from last week’s meeting. The OPEC+ …