BP and Shell, among others have scaled back promises to cut back oil and gas production and have signalled they would be there to provide the world with fossil fuel energy as long as it needs it. This is despite all European majors continuing to target net-zero emissions by 2050. …
Read More »Nigeria’s Oil Production Growth may Lead to Output Cut by OPEC
The output from other countries that had witnessed downward production are squaring up which may likely lead to output cut by the Organisation of Petroleum Exporting Countries (OPEC). Similarly, the improved security situation in the oil rich Niger Delta area is helping Nigeria to inch up oil production activities. The …
Read More »OPEC Foresees Oil Market Demand Growth in 2024
The Organisation of Petroleum Exporting Countries(OPEC), is optimistic of oil demand growth in 2024 despite current market slowdown. The organisation will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still …
Read More »Chevron to Spend $15bn on Growth, New Energy Business
Oil major, Chevron Corporation, has said, it is leveraging on its progress to leverage its strengths to safely deliver lower carbon energy to a growing world at its annual investor meeting. Chevron also expects to maintain capital and cost discipline to deliver higher returns while growing energy supplies. Under the …
Read More »TotalEnergies, Shell Boosts Energy Diversification Strategies
Oil giants, TotalEnergies, Shell and BP, are making strategic investments in the area of energy diversification struggling to remain focused in the years to come. Currently, oil and gas investments by the three largest integrate energy companies are likely to remain significant through to 2030. Shell, BP and TotalEnergies share …
Read More »OPEC Forecasts another Decade of Oil Demand Growth
The Organisation of the Petroleum Exporting Countries(OPEC) has maintained its view that global oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said. The OPEC, is scheduled to update …
Read More »TotalEnergies to Intensify Oil Production in next 5 Years
Oil major, TotalEnergies has pledged to upscale investment in Nigeria, targeting more oil and gas production in the next five years. The firm said, it is also deepening partnership with the federal government to achieve its target of providing electricity to 80 per cent of the population by 2030. In …
Read More »Barkindo to Join Atlantic Council, Leaves OPEC July 31
The Atlantic Council has disclosed that Mohammad Sanusi Barkindo, secretary general for the Organization of the Petroleum Exporting Countries (OPEC), will join the Atlantic Council as a distinguished fellow in the Global Energy Center after the conclusion of his term at OPEC on July 31. Barkindo’s fellowship at the council …
Read More »OPEC Records Huge Oil Export Drop in 2020
The Organisation of Petroleum Exporting Countries (OPEC), saw a sharp decline in its global crude export in 2020, following disruptions occasioned by the COVID-19 pandemic. According to available data, OPEC member countries exported an average of 19.70 million barrels a day, mb/d of crude oil in 2020, a sharp decrease …
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