Category: Oil & Gas

If ever a year needed a shot of glass-half-full attitude, it’s 2020. I got it recently from an oil executive. Conversation turned inevitably to the pandemic and 10 million barrels a day of oil consumption — one in ten — going *poof*. Against which they offered this: Despite epic disruption, we still used 90 million barrels a day of the stuff. How’s that for describing the worst drop in oil demand ever? They had reason to be cheerful, though. After spring’s sudden collapse, oil ends the year with renewed vigor. Brent crude is back above $50 a barrel, and energy stocks,… Read More Here

Getting upstream oil and gas projects off the ground in sub-Saharan Africa was challenging before the Covid-19 pandemic. Now the operating environment is even tougher, as the industry contends with labour restrictions, disrupted supply chains and the long-term impact on revenues and investment of the collapse in global demand for energy products. International oil companies that previously regarded the acquisition of new hydrocarbons reserves as a primary indicator of their corporate health are now touting the benefits of prudent investment in their existing oil and gas assets and diversification away… Read More Here

The Mozambique liquefied natural gas project has closed up to $ 16 billion in funding for a number of banks despite a slowdown in energy investment as the corona virus pounds the global economy. According to the White & Case LLP law firm, which advised the financiers, it is the largest foreign direct investment in Africa to date. The financial closing is scheduled for the end of September. The African Development Bank will provide $ 400 million in senior loans, and the Japanese International Cooperation Bank has signed a loan… Read More Here