The Azerbaijani finance ministry expects GDP to grow by 2.7% in 2027.
Azerbaijan’s Finance Ministry said on Wednesday that they expect gross domestic product to increase by 2.7% in the year 2027, compared with 1.7% this year. The ministry said that its draft budget for 2027 assumed an average oil cost of $65 per barrel. The forecasted GDP growth is 2.6% for 2028, 4.2% for 2029, and 3.6% for 2030.
Libyan oil production has returned to normal following a brief shutdown of fields, NOC Chief says
Massoud Suleman, Chairman of the National Oil Corporation (NOC), said on Wednesday that Libyan oil production has returned to normal following a brief protest on Tuesday by'security personnel who closed down three oilfields. Suleman stated that he doesn't expect any further shutdowns.
Azerbaijan looks to develop its tech sector and move beyond oil
Azerbaijan, which has been heavily reliant on its oil and gas sector for many years, is now attempting to attract foreign investment into a small but growing tech sector. Since its independence in 1991, the former Soviet Republic has become heavily dependent on exports of energy. According to the International Monetary Fund…
Inpex's Australian LNG worker back pay agreement could set an industry standard
Workers at Inpex’s Ichthys plant for liquefied gas in Darwin have unanimously backed a pay deal that they hope will be replicated across Australia's offshore oil and gas sector. This agreement is part of what the unions call a "second wave" of bargaining in the energy sector. They are seeking similar pay and working conditions with Shell…
Strikes are increasing in Australia's major export sectors
Labor unrest is rife in Australia's resource sector. The lucrative iron ores mines and ports are facing increased strike risks. This comes on top of high costs and bureaucracy that, according to majors such as BHP, are deterring investors from investing. Since the Labor government passed a law…
Azule Energy approves $5.1 billion offshore Angola project
Azule Energy - a 'joint venture' between BP, Eni and?Their partners - has approved the $5.1 Billion Greater PAJ offshore oil projects in Angola. This was announced by company and government officials at a Monday signing ceremony. The project is Angola’s first integrated cross block development.
US upstream oil & gas deals hit a two-year high during Q1 2026
Enverus, a firm that provides analytics, reported on Wednesday that the amount of deals in the U.S. oil and gas sector upstream jumped to $38 billion during the first quarter this year. This was the highest quarterly figure in two years. Last week, Devon Shale Producers and Coterra, a smaller competitor to Devon…
Reeves, UK's Reeves, says that the Middle East crisis makes predicting when the oil and gas profit levies will end difficult.
The British Finance Minister Rachel Reeves told oil and gas executives on Wednesday that it was harder to predict the end of a tax on their profit due to the conflict in 'the Middle East, but that she was committed to eliminating it. Reeves spoke with representatives of the oil and gas sector, including BP and Adura.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country.
Presidio, a US energy company, plans to use a Goldman Sachs debt facility worth $1 billion to finance deals.
Presidio Investment Holdings and Goldman Sachs are working on a debt?facility of up to $1 billion, which will give the U.S. Oil and Gas Producer a war chest to pursue acquisitions when it becomes a public listed company. Energy producer EQV Ventures Acquisition Corp. will list the company…
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified…
Source: Kimmeridge will nominate Scott Sheffield to Coterra Energy Board
Sources familiar with the matter say that investment firm Kimmeridge plans to nominate Scott Sheffield, former CEO of Pioneer Natural Resources? to Coterra Energy’s board. Source: Kimmeridge, one of the most well-known activists in the oil and gas sector, is planning to nominate five directors…
Norway will outline future oil and gas drilling in its 2027 policy update
The Norwegian government announced 'on Monday' that it would present to the parliament a document next year on 'the future of oil and gas', which will include companies' access rights to exploration land. In a speech, Prime Minister Jonas Gahr Stoere stated that the oil and gas sector is vitally important to Norway and should not be?phased out.
Canada announces new rules for reducing oil and gas methane emission
Canada has announced rules that have been promised for years to reduce methane emissions in the country's oil & gas sector. The regulations set out a way?for?Canada, the fourth largest oil producer in the world to reduce its greenhouse gas emissions by 75% from 2014 levels by the year 2035.
Abu Dhabi's GSU launches $1 billion energy project in Yemen
On Wednesday, the United Arab Emirates announced that it would launch energy projects in Yemen worth $1 billion to help rebuild its energy sector. These will be implemented through Abu Dhabi-based Global South Utilities. GSU announced in a press release that the agreement would see the…
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated…
Russia Warns of Cutting Oil Output Following Drone Attacks
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday.Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized…
Sources say that Canada could drop its oil emission cap as part a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized…