Russia’s Arctic LNG 2 project is on track to begin first production later this year, one of the minority shareholders, China’s CNOOC, said on Friday.
Underinvestment in oil and gas exploration has been a scarecrow for energy security for several years now.
The offshore rig market is experiencing a period of rapid growth, driven by notable advancements in Guyana, Brazil, and the Middle East, infill drilling activities in West Africa, and renewed exploration in Namibia, India, and the Eastern Mediterranean, according to the International Energy Agency (IEA).
A survey has revealed that Norwegian oil and gas companies plan to increase oil and gas investments in both 2023 and 2024.
Norwegian oil company Equinor has discovered oil and gas in the North Sea, 130 kilometers northwest of Bergen, Norway, while drilling wells 35/11-26 S and 35/11-26 A.
Upstream oil and gas is enjoying a new lease of life. But with investment spend well below past highs, is the industry investing enough to fulfil its critical role of delivering enough supply to meet the rise in demand we expect over the next decade? I asked our Upstream experts, Fraser McKay and Ian Thom, who addressed this very question in our July Horizons.
Oil and gas exploration spending will recover from historic lows to average $22 billion a year over the next five years, according to Wood Mackenzie.
67 new oil and gas projects worth some $15 billion should be operational in Iran by next March, the country’s first vice president, Mohammad Mokhber, has said.
Last year, Greece emerged as a new hub for Russian oil via ship-to-ship (STS) loadings shortly after the U.S. and Europe slapped heavy sanctions on Russian crude. At the height of the Russia-Greece trade, shipments of Russian fuel oil clocked in at nearly a million tonnes, several times the volumes before the sanctions.
According to the Forbes Global 2000, Saudi state oil enterprise Saudi Aramco is once again the world’s most profitable company – this time with a big lead over second-placed Apple as oil and gas prices skyrocketed as part of the global energy crisis in the aftermath of the Russian invasion of Ukraine.