Tuesday, 27 October 2026

1947 Oil & Gas was awarded two offshore lease blocks, West Delta 133 and South Timbalier 314, in the US Gulf of Mexico, according to Offshore Magazine. The two blocks add 10,000 gross acres to the company's portfolio.

The bid for the two lease blocks totaled approximately USD 260,000, Offshore Magazine reported.

Both leases now carry a lower 12.5% royalty rate, which the company says will improve the economics of its redevelopment opportunities.

Tanker freight rates have climbed to more than 10 times normal levels as armed conflict continues in the Middle East, with the cost of importing crude outpacing gains in product prices, according to Hellenic Shipping News.

The Rotterdam refining margin, a European profitability gauge, stood at minus USD 10.95 per barrel on the 5th, Hellenic Shipping News reported, citing London Stock Exchange Group (LSEG) data. Singapore's refining margin, the Asian benchmark, fell below minus USD 4 per barrel on September 10.

Tanker freight costs of about USD 60 million per vessel in late October have made long-distance U.S. crude shipments economically unviable for most Asian buyers, according to RocketNews. Those rates have eased from peak levels but remain elevated.

The Cypriot government and Eni are proceeding with contracts worth up to USD 1.8 billion to develop subsea natural gas infrastructure in Cyprus, according to The National Herald.

The signing ceremony for the contract covering the Cronos gas field infrastructure is scheduled for Monday at the Presidential Palace, according to The National Herald.

The Lamu refinery project has moved into its construction phase, according to Africa PORTS & SHIPS. Construction equipment has already arrived in Lamu, with activity concentrated on the Kwasasi and Kalavuu villages in Lamu West, the proposed site for the project, according to Nation.

The vessel MV Great Prosperity reportedly discharged 154 units of heavy construction machinery weighing a combined 8,213 tonnes for the planned Dangote East Africa Refinery on Kenya's northern coast, according to Africa PORTS & SHIPS.

Stocks on Wall Street closed broadly lower as climbing oil prices increased pressure on the market.

The price of Brent crude oil rose 3.1 per cent.

The S&P 500 fell 0.5 per cent. The Dow Jones Industrial Average fell 1.2 per cent, while the Nasdaq composite slipped 0.2 per cent.

Ghana's Public Interest and Accountability Committee (PIAC) said it had not received Ministry of Finance information on how the Annual Budget Funding Amount (ABFA) was used, limiting its ability to fully assess expenditure under the programme, according to PIAC Chairman Richard Ellimah.

PIAC also called on the government to attract fresh investment into the Tweneboa, Enyenra and Ntomme (TEN) oilfield to improve production, which has fallen below initial expectations.

State-owned Oil India Limited (OIL) has reported a natural gas discovery in the shallow-water Krishna-Godavari Basin off India's east coast, according to Indian Defense News.

The gas was struck at the Godavari-1 appraisal well, which targeted the Matsyapuri formation, a geological zone that had not been drilled before.

Oil India plans to drill and evaluate a further zone within the basin to gauge the area's wider resource potential, Indian Defense News reported.

A split has emerged within the UK cabinet over whether to approve drilling at the Rosebank oilfield, with chancellor John Healey backing the North Sea project, according to the Guardian.

Energy secretary Miatta Fahnbulleh holds responsibility for the decision and was leaning towards rejecting it, the Guardian reported, after granting permission for the smaller Jackdaw gasfield.