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After months of holding out, Exxon Mobil finally warned that a huge piece of its reserves may be unfeasible to extract due to low oil prices.
Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior government oil official said on Wednesday. Battered by violence and an Islamist insurgency since clan warlords overthrew a dictator in 1991, Somalia is offering seven deep water offshore blocks in its maiden licensing round in one of the world's last frontier markets. The oil and gas auction officially opened on Tuesday.
A group of investors is raising concerns about the treatment of migrant workers in the Gulf, warning that labour practices risk leading to abuses such as modern slavery. The group, led by fund manager CCLA, says it represents 38 investors with over $3 trillion in managed assets and wants companies to disclose how they protect migrant workers.