While the upstream mega deals in the U.S. shale patch have been drawing the most market attention, pipeline operators are also embarking on a merger spree in a quest to add scale, optimize assets, and gain more exposure to export markets.
Crude oil futures rose Wednesday as Federal Reserve officials indicated that interest rates have likely reached their peak
The Producer Price Inflation (PPI) rate for January 2024 stood at 17.4%, higher than the 16.6% recorded in December 2023.
Last year, Saudi Arabia’s sovereign wealth fund became the world’s top spender, accounting for a quarter of the $124 billion that sovereign wealth funds invested in total.
Saudi Arabia has been spending heavily both abroad and at home—the home of the world’s megaprojects, such as the $500-billion futuristic Neom project and a whole new airline, among others.
While the upstream mega deals in the U.S. shale patch have been drawing the most market attention, pipeline operators are also embarking on a merger spree in a quest to add scale, optimize assets, and gain more exposure to export markets.
Last month, U.S. oil and gas supermajor Exxon Mobil Corp. (NYSE:XOM) released its long-term global energy outlook report. Exxon has predicted that global energy demand will reach about 660 quadrillion Btu in 2050, good for a 15% increase from 2021 levels reflecting a growing population and rising prosperity.
Ghana’s top oil regulator expects the country’s long-delayed natural gas-import terminal to be completed by the end of the year, despite numerous setbacks.
Saudi Arabia’s crude production increased to 8.94 million barrels per day in December 2023, a monthly rise of 1.43 percent, according to a Joint Organizations Data Initiative study.
The analysis revealed the Kingdom’s crude exports in December declined by 28,000 bpd to 6.3 million bpd, a 0.44 percent decrease from November.
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Exploration and production of crude oil and natural gas has existed for over a century and remains central in today’s energy and feedstock mix. As demand for transportation fuels, petrochemicals, and energy continues to increase, so does the need for efficient and sustainable offshore and onshore oil and gas production.