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Escalating Middle East tensions a fresh jolt to world markets

Stocks tumbled on Friday, oil briefly jumped more than $3 a barrel and safe-haven government bonds rallied. Moves were relatively modest, but the heightened tensions inject fresh uncertainty and fuels concern that high oil prices […]

US restricts drilling and mining in Alaska wilderness, angering state leaders

The Interior Department finalized a regulation to block oil and gas development on 40% of Alaska’s National Petroleum Preserve to protect habitats for polar bears, caribou and other wildlife and the way of life of […]

ReconAfrica drills exploration well onshore Namibia

*Kavango basin map. Newswire — In an operations update, Canadian oil and gas company Reconnaissance Energy Africa Ltd. (“ReconAfrica”) said that it plans to begin drilling its first Naingopo exploration well in Namibia’s Damara Fold […]

Equatorial Guinea targets offshore oil and gas engineers

*Vice President Teodoro Nguema Obiang Mangue. – As oil production drops 20% from peak on leadership problems Newswire – Two South African engineers working in Equatorial Guinea’s offshore oil fields were preparing to return home […]

India’s crude oil imports stable at 232.5 million tons in FY 2023-24

*A crude oil tanker sails in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel/File Photo. Bengaluru — India imported 232.5 million metric tonnes (MMT) of crude oil in the […]

Japan oil refiners to tap reserves in case of Middle East disruption

Kito acknowledged that if the conflict were to escalate and affect the broader Middle East it would pose a serious problem. “In case of any disruption in crude oil supply, it is important to be […]

NUPRC unveils impressive figures of Nigeria’s oil & gas reserves

*Offshore oil rig – Crude oil, condensate reserves reach 37.5bn barrels– Gas reserves stand at 209.26TCF Oritsegbubemi Omatseyin Lagos — Latest figures on Nigeria’s crude oil and gas reserves released by the Nigerian Upstream Petroleum Regulatory […]

‘Tinubu paying fuel subsidy without legislative backing’

*Fuel dispenser nozzle. Mkpoikana Udoma Port Harcourt — As the landing cost of Premium Motor Spirit hits N1,000 per litre, President Bola Ahmed Tinubu-led administration is still paying subsidy on petrol, even when fuel subsidy […]

Namibia eyes 2024 FID on “massive” deepwater oil discovery

*Namibia oil prospect map. Newswire – Namibia will invest a big chunk of any revenue it gets from a potentially massive oil discovery into a sovereign wealth fund and expects to learn if the find […]

China’s March crude imports slip 6% but rise slightly in Q1

*An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS – March crude oil imports slip 6.23% from […]