Welcome to “Feet to the Fire: Big Oil and the Climate Crisis,” a biweekly newsletter in which we share our latest reporting on how the fossil fuel industry is driving climate change and influencing climate policy in five of the nation’s most important oil- and gas-producing states. In addition, we shine a spotlight on the financing of the fossil fuel industry, holding banks and other financial institutions accountable for their role and providing you with updates on their activities.
Talos Energy Inc. has agreed to acquire QuarterNorth Energy Inc., Houston, for $1.29 billion. The deal would add about 30,000 boe/d from offshore US Gulf of Mexico assets for full-year 2024, averaging about 75% oil from about 95% operated assets.
As 2024 presses on, Rigzone asked several U.S. based oil and gas recruitment experts what themes will dominate oil and gas recruitment this year.
JX Nippon Oil & Gas Exploration is a Japanese company operating in the oil and gas industry, seeking and developing new energy resource deposits worldwide. With over 50 years of experience, the company has established itself as a major player in this highly competitive sector.
In a victory speech following the close of the Iowa Caucuses last night, the first electoral event of the U.S. Republican Party’s 2024 primary race, former President Donald Trump’s first order of business was a promise to “drill, baby, drill — right away” if re-elected. The priority given to concerns regarding the U.S.’s energy output by the Republican frontrunner appeals to Americans’ frustration with relatively elevated oil prices and an expectation that they will rebound again in the near future.
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.
Japanese shipping operator Nippon Yusen has become the latest among dozens of shipping companies to suspend sailings through the Red Sea.
Beijing has so far remained tight-lipped about the raging war between Israel and Hamas in the Gaza Strip despite China being Israel’s second-largest trading partner.
Beijing has called for an end to attacks on civilian vessels in the Red Sea.