The total number of active drilling rigs for oil and gas in the United States stayed the same again this week, according to new data that Baker Hughes published on Friday, after seeing no change in the three weeks prior.
Italian oil and gas giant Eni S.p.A (NYSE:E) has launched its next-generation supercomputer that will help it to ramp up oil and gas discovery technology and support its decarbonization strategies. Based at Eni’s Green Data Center in the small town of Ferrera Erbognone, the €100m High-Performance Computing 6 (HPC6) machine is estimated to operate at the peak of 606 petaflops, powering a number of artificial intelligence functions, as well as highly sophisticated calculations, with the help of nearly 14,000 graphics processing units (GPUs). Eni’s latest supercomputer is the world’s 5th most powerful, achieving nearly half an exascale of performance on the LINPACK benchmark.
The ICC Tribunal concluded that the Branch Profit Remittance tax (BPRT) does not apply to Tullow Ghana’s operations under its Petroleum Agreements for the Deepwater Tano and West Cape Three Points blocks, which include the notable Jubilee and TEN fields offshore Ghana.
The price of crude oil globally ended the Year 2024 in the low $70s per barrel. At this price, the government should seize the opportunity to reduce the prices of fuel and reset the economy. The high price of fuel and food has led to high inflation and high cost of living.
Doubts about oil demand growth will persist beyond 2024, and fears of a price slump will be there to keep them company. That’s according to some recent predictions about the state of the oil market in 2025, which see demand growing, China directing the market, and OPEC still likely to unwind its production cuts.
Back in February, leading energy information company, Energy Intelligence, reported that interest in long-term LNG projects remains robust despite the Biden administration pausing new licenses for LNG export projects still in the planning pipeline.
European countries are ramping up sanctions pressure on Russia as they look to reduce Vladimir Putin’s oil revenues that fund the war in Ukraine.
Dozens of kilometers of Black Sea coastline in Russia’s Krasnodar region have been covered in heavy fuel oil, local authorities and residents reported on December 17, after two oil tankers were heavily damaged during a storm in the Kerch Strait.
Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 900,000 barrels for the week to December 13.
Germany’s natural gas demand rose by 3.3% in 2024, due to lower prices compared to last year, preliminary estimates by the association of the German utilities, BDEW, showed on Wednesday.