Crude oil prices moved higher today, after the Energy Information Administration reported an inventory draw of 5.1 million barrels for the week to April 21.
Europe has managed to reduce natural gas consumption by more than the targets set last summer, but it may have to cut a lot more demand this year and in the coming years to offset the lack of Russian pipeline gas supply, avoid shortages, and balance the gas market.
In as little as eight years since ExxonMobil’s first offshore discovery in Guyana the impoverished former British colony has emerged as a major oil producer and exporter.
Mexico still has a strong potential for oil and gas despite faltering due to nationalisation policies and a poor health and safety record in recent years. Despite a poor track record from Mexico’s state-owned oil company Pemex and the introduction of policies that have pushed away foreign investors, recent developments show that Mexico’s oil and gas industry may have a long way to go before the green transition curbs demand.
A court in the Netherlands has suspended a project for natural gas drilling and extraction in the North Sea due to potential environmental damage.
The managing director of Bulk Oil Storage and Transportation Company, Edwin Provencal says some private bulk distribution companies (BDCs) have been importing petroleum products at cheaper rates than under the government’s gold-for-oil programme.
Nigeria’s oil and gas sector is currently feeling the impact of about $21 billion in divestments by oil multinationals, as its upstream capital expenditure assumes a downward trend.
CAIRO, April 25, 2023 – Chevron is readying a tender for a drillship to explore natural gas options in Cyprus, Egypt and Israel, Reuters reported on Monday.
MEXICO CITY, April 26, 2023 – Wintershall Dea has made a major oil discovery at the shallow-water Kan prospect on Block 30 in Mexico, the German oil and gas operator announced on Tuesday.
Since the 2020 COVID-19 pandemic, Colombia’s economically crucial oil industry has struggled to recover. During 2022, Colombia only pumped an average of 754,199 barrels daily, which is significantly lower than the 885,851 barrels per day produced in 2019.