Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes.
Tullow Oil has forecast a capital expenditure (CAPEX) of c.$400Million in three African countries 2023.
The offshore oil and gas sector is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up. India has also lined up ambitious plans in this regard.
U.S. Secretary of Energy Jennifer Granholm told a crowd of energy executives on Wednesday that even as the Biden administration targets a nationwide, carbon-neutral country by 2050, oil and natural gas is going to remain a part of the energy mix for years to come.
Reports of the shine going off the oil and natural gas sector with investors have been greatly exaggerated.
Pointing to key Biden administration policies to mitigate climate change, Energy Secretary Jennifer Granholm promised Wednesday that the United States would lead global energy transition.
Fears of a slowdown in the U.S. economy have pressured crude oil prices, setting them for what could end up being their worst weekly performance in five weeks.
OPEC is once again the most influential force in global oil supply – and will be so for the foreseeable future – now that U.S. shale production growth is slowing, American industry executives say.
Oil prices are trading flat on Thursday after two consecutive days in decline as a strike in France, a drop in U.S. crude inventories, and a faltering dollar offset fears over the economic impact of rising interest rates.
The leaders of the OPEC+ coalition, Russia and Saudi Arabia, pledged to continue close cooperation in oil policy in the group during a visit of Saudi Arabia’s foreign minister to Moscow on Thursday.