While other oil majors have left Alaska due to high capital costs and regulatory hurdles, one U.S. oil firm is pushing ahead with oil development in the state, betting on a new project that could pump crude for decades.
Iraq’s crude oil production has been stuck between the 4.0-4.7 million barrels per day (bpd) level since 2016, with a mean average of about 4.5 million bpd during that period, but it could relatively straightforwardly produce 12 million bpd – way more than Saudi Arabia’s true crude oil production average of 8.2 million from 1973 to last Friday.
Southeast Asia will be a hotbed for upstream mergers and acquisitions (M&A) in the next two years, with more than $5 billion of assets up for grabs, Rystad Energy research shows. The bulk of these opportunities are in Indonesia, where upwards of $2 billion of assets are on the market, followed by Malaysia and Vietnam which have approximately $1.4 billion and $1 billion for sale respectively.
As oil sector deal-making starts to show signs of recovery, Brookfield Renewable Partners will acquire Australia’s Origin Energy utility for over $10 billion, while the Permian basin has scored another victory with a $1.45-billion asset sale.
Oil prices rose by 2% early on Monday, with the U.S. benchmark up above $70 a barrel again, driven up by a halt to Kurdistan’s 400,000-bpd of crude exports and signs of easing concerns about the global banking sector.
There is a narrative that I hear from time to time that President Biden made billions of dollars for the country by selling oil from the Strategic Petroleum Reserve (SPR) last year at high prices and buying it back at low prices. The only problem is that the story is only half true.
Russia’s crude oil exports by sea have held above the 3 million barrels per day (bpd) mark in the past six weeks, after the EU ban on fuel imports from Russia took effect and after Moscow said it would lower its production by 500,000 bpd, tanker-tracking data compiled by Bloomberg shows.
The US is weighing sanctions on Myanmar’s state-owned oil and gas company to choke funding to the nation’s military regime, according to people with direct knowledge of the matter, a move that risks hitting American allies involved in the sector.
This year’s U.N. climate talks could set the first ever global goal for renewable energy — so long as everyone is on board.
Saudi Aramco plans to build a $10-billion refining and petrochemical complex in China over the next three years, taking advantage of the country’s growing demand for energy.