Oil prices were little changed on Monday after Joe Biden announced he would not seek a second term as U.S. president, while investors watched for more signs that U.S. interest rates could be cut as early as September.
PetroChina today became the newest Signatory of the Oil & Gas Decarbonization Charter (OGDC), joining more than 50 oil and gas producers committed to reducing emissions. With PetroChina joining the OGDC, the Charter’s Signatories now represent more than 42% of global oil production.
U.S. oil and gas trade groups, including the Independent Petroleum Association of America (IPAA) and the National Ocean Industries Association (NOIA) released statements after Senate Energy & Natural Resources Committee Chairman Joe Manchin (I-WV) and Ranking Member John Barrasso (R-WY) introduced the permitting reform package, the Energy Permitting Reform Act of 2024.
The major players on the world energy production stage are well known, and particularly in the field of oil and gas, where most of them have been in the game for a long time.
SLB and Halliburton Co., two of the world’s biggest oil field service providers, said they see strong international demand for crude drilling after posting earnings that met or beat forecasts, supporting their shift into overseas markets.
US supermajor ExxonMobil is transferring the operatorship of two production sharing contracts offshore Malaysia to Petronas Carigali, the upstream division of national energy behemoth Petronas, and not completely pulling the plug there.
One of the most important and significant sectors of the world economy, the oil and gas industry shapes geopolitical environments, powers society, and fuels economic expansion. Certainly, the oil and gas industry is a dominant source of energy across the globe and several oil companies supply billions of barrels of petroleum products daily to power transportation and industry.
Iran’s Oil Minister Javad Owji has claimed a major gas import deal with Russia as the country suffers from serious power shortages, without saying how the gas can reach Iran.
Tullow has reached an agreement with 12 financial institutions in the country to facilitate access to finance for its local supplier community in Ghana.
Continued investment in oil and natural gas is critical while carbon capture and removal technologies will play a key role in meeting decarbonization targets, according to oil and natural gas supermajor bp in its 2024 Energy Outlook.