Nuclear power is in the spotlight at the United Nations Climate Change Conference (COP29) in Azerbaijan, where both countries and industries presented plans to deploy the carbon-free energy technology, building on the historic consensus to accelerate its use that emerged from last year’s climate summit.
Effective November 14, 2024, ExxonMobil transferred its 50% working interest in the block to Malaysian oil and gas company Petronas, which is the block’s operator. With the transfer, Petronas Suriname E&P comes to hold a 100% working interest in Block 52.
The non-binding agreement would see ExxonMobil supply lithium carbonate to the South Korean-owned cathode plant in Clarksville, Tennessee, which aims to manufacture cathodes for electric vehicle batteries.
NCMA 2, located around 48 kilometres off Trinidad’s north coast and lying in water depths of around 200 metres, opens a new area of exploration for the energy giant in the country, as all of its current production comes from the Columbus Basin off Trinidad’s east coast.
Oil market forecasters such as the International Energy Agency (IEA) may have been too pessimistic about supply-demand balances in their latest assessments, which show a large surplus for 2025.
hese massive fields offered huge additional oil and associated gas feedstock to add to that which could come from Shell’s 44 percent stake in the US$17 billion 25-year Basrah Gas Company project. Shell’s design plans for Nebras were for a project that could produce at least 1.8 million metric tonnes per year (mtpa) of various petrochemicals.
About a month ago, news emerged that Seadrill and Transocean, the offshore drilling heavyweights, were discussing a merger aimed at capitalizing on a rebound in investments in the business. Soon after, Portugal’s Galp launched its second drilling campaign offshore Namibia after a huge discovery, and Suriname is about to become the second Guyana. Offshore is back—and it’s back to stay.
The change compared with a build of 2.1 million barrels for the previous week, and another one, of 4.75 million barrels, estimated by the American Petroleum Institute for the week to November 15. Both last week’s EIA report and this week’s API report saw declines in fuel inventories, however.
The future of the United States natural gas sector hangs in the balance as a cluster of competing variables cloud the crystal ball. The upcoming regime change in the United States is certain to significantly reshape domestic production, consumption, and export trends but myriad global factors make exact projections tricky.
In the four weeks to November 17, Russian crude oil exports by sea dipped to 3.28 million barrels per day (bpd), down by 150,000 bpd compared to the previous four-week average to November 10, according to the data reported by Bloomberg’s Julian Lee.