LAKE CHARLES, La. (KPLC) – A big change to how oil and gas companies do business in the Gulf.
The Biden administration plans to decrease the number of offshore oil and gas leases over the next 5 years.
Last April, Germany shut down its last three nuclear power stations, marking the end of the country’s atomic age.
Berlin has unveiled plans to spend €16 billion on 10 gigawatts (GW) of new gas-fired power plants in a major overhaul of the country’s energy grid.
Germany is also abandoning its short-lived love affair with coal.
Oil and energy officials from Nigeria and Morocco met to elevate discussions toward a final investment decision for a planned transborder gas pipeline linking North and West Africa.
The lowest gasoline price days of the season are now in the rearview for drivers in the United States, with the spring surge in gasoline prices right around the corner, according to GasBuddy’s Patrick De Haan.
RIYADH — Saudi Aramco President and CEO Amin Nasser expected global demand for oil to rise by 1.5 million barrels per day (bpd) to 104 million bpd in 2024.
The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.
Oxy CEO Hollub: “2025 and beyond is when the world is going to be short of oil.”.
Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.
A cold snap in the U.S. and continued attacks on ships in the Red Sea have boosted bullish sentiment in oil markets, although increasing product stocks could counter that narrative.
PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.
China’s oil imports reached 11.28 million bpd in the previous year, an 11% increase from
2022, driven by strong fuel demand at home and abroad.
Domestic crude oil production in China also hit a record, totaling 208 million tons for the year, averaging 4.2 million barrels per day.
China’s substantial oil storage activities and fuel exports, particularly to Europe post-Russian embargo, highlight both domestic and international demand dynamics.
Despite the recent bearishness, investors are still betting heavily on one corner of the market: offshore oil and gas.
The Clarksons Offshore Index is projected to reach all-time high in 2024.
Rig, OSV and Subsea markets are particularly robust, with oil and gas vessel rates now higher than 2014 levels in the majority of sectors/regions.