Africa Oil & Power Conference
Source: Africa Oil & Power Conference |

OPEC+ slashes production, saves Oil Industry from collapse

Up to 20 million barrels of oil per day could come off the market in combined efforts

In a watershed moment for the oil and gas industry, OPEC and its allies in the OPEC+ group finalized a deal on Easter Sunday that, in conjunction with efforts from the G20 and International Energy Agency, could see up to 20 million barrels of oil per day removed from a…

Africa Oil & Power Conference
Source: Africa Oil & Power Conference |

G20 backs OPEC+, But Deal in Jeopardy as Mexico Refuses Cuts

Mexico is the lone holdout in a global deal to save the oil and gas industry; US set to see production decline

In an historic effort to power the oil and gas industry out of its worst tailspin in its 100-year history, the United States, Canada and other G20 nations are backing the OPEC+ group of countries in a broad effort to reduce global oil supply and restore stability to the oil…

Africa Oil & Power Conference
Source: Africa Oil & Power Conference |

CORRECTION: OPEC+ at Brink of Ending Oil Price War, awaits G20 Meeting for OPEC++ Deal

From July to December, overall production cuts will lower to 8 million barrels per day, followed by 6 million barrels per day from January 2021 to April 2022

In a move to save the oil industry — facing the biggest crisis in its history — OPEC and Russia have agreed on new production cuts, with the OPEC+ group agreeing to eliminate 10 million barrels of crude per day for an initial two-month period to save a glutted oil…

Africa Oil & Power Conference
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Source: Africa Oil & Power Conference |

5TH Gas Exporting Countries Forum (GECF) Heads of State Summit Launches Declaration of Malabo

The Declaration outlines the way in which GECF member countries can cooperate to secure a long-term and sustainable energy transition

The Declaration of Malabo was published as the outcome of the Gas Exporting Countries Forum (GECF) 5th Heads of State Summit on Friday; The declaration was presented by H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, and H.E. Yury Senturyin, Secretary General of the GECF; The Declaration…

Africa Oil & Power Conference
Source: Africa Oil & Power Conference |

Equatorial Guinea Announces Winners of EG Ronda 2019 Bidding Round

The announcement took place during the Gas Exporting Countries Forum 5th Heads of State Summit currently being held in Malabo (November 26-29)

The Ministry of Mines and Hydrocarbons announced the winners of Equatorial Guinea’s oil, gas and mining concessions on Tuesday; Block E G-27 was awarded to Lukoil and GEPetrol and Block EG-09 was awarded to Noble Energy and Gepetrol; The announcement took place during the Gas Exporting Countries Forum 5th Heads…