The preliminary estimated gross recoverable resource in the appraisal well is between 4 million and 25 million barrels of oil equivalent, bringing the total estimated recoverable resource in the Countach field to between 10 million and 55 million boe.
The IEA said demand from China, the world’s biggest importer of oil, has “slowed markedly” as its economic growth has sputtered, while emerging Asian countries would lead gains in 2024 and 2025.
One of the reasons for a persistent glut could be the fact that while producers in Australia and, to some extent, in China, are curtailing output and delaying project ramp-ups, lithium mines in Africa owned by Chinese battery makers are not reducing supply.
Trump is likely to implement universal tariffs on imports to encourage domestic production, along with incentives for reshoring key industries back to the US. He will most likely reduce the corporate tax rate to 15%, extend individual tax cuts, and eliminate taxes on Social Security benefits. At the same time, he is almost certain to push for a “big bang” of deregulation, which will decrease the regulatory burden and costs for corporate America. On the balance, while tariffs will ultimately be inflationary, tax cuts and deregulation will be deflationary, and it’s hard to predict which factors will prevail in the end.
Recently, Libya’s oil output hit an 11-year high of over 1.4 million bpd, after recovering from the dip in September due to the field blockades over a row about the leadership of the Central Bank of Libya, the only internationally recognized depository of Libya’s oil revenues.
In a letter to Speaker Johnson, the coalition highlights an alarming trend: the average time for energy infrastructure projects to go from initial permitting to operation has more than doubled, from two years in 2000 to over five years in 2021. This significant delay is deterring investment, impedes the nation’s ability to meet future energy demands and jeopardizes national energy security.
On July 30, 1946, KOC exported its first shipment of crude oil, marking a transformative moment in Kuwait’s history. This milestone ushered in an era of rapid progress, as oil revenues elevated Kuwait to a leading position among oil-producing nations.
“I am excited to have joined GDEP at such a pivotal time for the company,” Paradis said. “As a market leader, GDEP has always delivered innovative solutions and exceptional service to their customers, and I look forward to building on this strong foundation to unlock new opportunities for growth and collaboration. Since joining the organization, it’s evident we have a great team that is focused on serving customers and delivering great outcomes for all our stakeholders.”
Matt Cope has joined the agency as Director of Government Relations. Cope previously worked for the University of Texas at Tyler as the Associate Vice President for Government Relations. His prior experience also includes work as a policy advisor in the Texas Senate and the Governor’s Office, and as a legislative aide in the Texas House of Representatives. He also spent some time as a wildland firefighter for the U.S. Forest Service.
“We are very excited about what’s on offer at this year’s event,” said Mark Wilson, HSE and operations director at OEUK. “Energy development and production is a changing world at an ever-faster rate. There are constant new challenges demanding up to date knowledge and problem-solving skills.