As the world’s oil traders and analysts gathered at the annual Asia Pacific Petroleum Conference in Singapore last week, the slump in oil and where it was headed was foremost in everybody’s mind.
The fossil fuel sector is on track to miss 2050 net-zero targets by a wide margin, according to an analysis of data from S&P Global’s Sustainable1 unit.
(THE CONVERSATION) On a recent visit to Rangely, a small town in northwest Colorado, my colleagues and I met with the administrators of a highly regarded community college to discuss the town’s economy. Leaving the scenic campus, we saw families driving into the mountains in off-road vehicles, a favorite activity for this outdoors-loving community. With a median household income above US$70,000 and a low cost of living, Rangely does not have the signs of a town in economic distress.
Petrobras is set to emphasise upstream oil and gas operations in its forthcoming 2025-29 strategic plan, reported Reuters, citing the company’s CFO Fernando Melgarejo.
Economist and Former Finance Minister, Winston Jordan has urged the Government to come clean on a number of issues, specifically relating to the financing and repayment on some aspects of the gas-to-energy project, suggesting that the Government might have already committed its share of future oil resources to repay ExxonMobil for the pipeline aspect of the project.
Omani upstream energy firm ARA Petroleum has announced that it has been formally awarded a license for the development of Tanzania’s Ntorya gas discovery – the largest onshore gas project in the East African nation to date.
Global investment in upstream oil and gas is set to reach $570 billion in 2024, showing a 7% increase compared to 2023 expenditure. Of this, 33% is expected to be directed toward frontier assets, presenting a strategic opportunity for emerging oil and gas markets in Africa. Meanwhile, the International Energy Agency has estimated that delivering modern energy to the entire African continent – where more than 600 million people still lack access to electricity – will require up to $25 billion in annual spending through 2030.
A highly touted exploration well in Newfoundland’s offshore that had garnered international attention did not produce the results that energy giants ExxonMobil Canada and Qatar Energy had hoped.
It has the makings of a jigsaw puzzle. And the oil market for now is saddled with more questions than answers amid efforts to solve it.
A Colombian judge ordered Ecopetrol SA and Petroleo Brasileiro SA to halt the drilling of an offshore gas well in the nation’s Caribbean waters after an Indigenous community sought legal protection.