Traders’ pessimism in the global oil market began to increase after OPEC reiterated it might consider rolling back production cuts in 2024.
Rystad Energy recently predicted that global oil supply growth will be virtually non-existent this year because of the OPEC+ cuts without mentioning spare capacity.
Crude prices have recovered in recent days, but the supply side looks bearish due to OPEC+’s spare capacity and rising production from the US, Guyana, and Brazil.
Major global oil companies are expressing interest in participating in an oil and gas field development project in the East Sea, where the government estimates up to 14 billion barrels of gas and oil reserves are buried, according to Kim Dong-sub, CEO of the Korea National Oil Corp. (KNOC), Wednesday.
Oil climbed, building on its biggest weekly advance since early April and extending a short-covering rally, helped by risk-on sentiment in broader markets.
Under supportive policies, investment in domestic offshore energy sectors such as oil and gas, offshore wind, hydrogen, and carbon capture and storage technology could surge by more than 50%, rising from approximately £13 billion last year to over £20 billion by the early 2030s, according to a new report
New Zealand proposed a ban on oil and gas exploration back in 2018.
This week, the coalition government said it would introduce a bill in Parliament in the second half of 2024 to remove the ban on petroleum exploration beyond onshore Taranaki.
The removal of the ban is aimed at dealing with the energy security challenges posed by rapidly declining natural gas reserves.
US oil and gas drilling company Noble has signed a definitive agreement to acquire Diamond Offshore Drilling in a cash and stock deal.
John Browne, the former head of BP, has seemingly backed a Labour Party pledge to end North Sea oil and gas exploration.
The industry heavyweight, who joined the energy giant as an apprentice in the 1960s, said that plans for the North Sea and the “energy transition” would be important issues at the next election.
With a strong slate of exploration and production activities and competitive licensing rounds in 2024, Africa is well-positioned to realize its potential as the global energy frontier. These bid rounds are poised to cement Africa as a global hub for hydrocarbon development.
Baker Hughes has announced a significant order from Petrobras for workover and plug and abandonment (P&A) services in pre-salt and post-salt fields offshore Brazil.
The Ministry of Natural Resources has raised an alarm over the increase in cases of locals ‘fronting’ for foreign companies, which undermines the Local Content Act, and in some cases, evade taxes that ought to be paid to the Guyana Revenue Authority.