QatarEnergy on Jan. 31 announced $6.2 billion in contract awards for the third phase of development at its offshore Al-Shaheen oil field, the country’s biggest, which will increase production by about 100,000 b/d.
HOUSTON/CARACAS (Reuters) – A reimposition of U.S. sanctions on Venezuela’s oil and gas sectors would hurt the OPEC country’s ability to collect cash from its oil exports, crimp new energy investments and raise the risks of domestic fuel scarcity, analysts and executives said.
Natural gas estimated at $1 billion and capable of powering millions of households was flared in Nigeria last year, according to BusinessDay findings.
The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd.
The Trans Mountain pipeline project is inching closer to becoming operational and a commodities analyst says Canada’s oil sector will benefit significantly once the pipeline project comes online.
The survey will cover 740 square kilometers focusing on Balakhany and Fasila oil reservoirs, using specialized vessels for a detailed analysis.
Production from the ACG oil field has significantly declined since its peak in 2010, prompting this initiative to better manage and potentially increase remaining reserves.
The new seismic survey, complemented by BP’s ongoing projects like the Azeri Central East platform, aims to sustain Azerbaijan’s oil production and revenue in the coming years.
‘Our pipeline project will not lack gas supply’
Saudi Arabia’s state-owned oil company, Aramco, has decided to suspend its ambitious plan to boost oil production capacity to 13 million barrels per day (bpd) as per the Saudi government’s request.
AIM-listed Union Jack Oil, a predominantly UK onshore focused production, development and exploration company, has announced details of its initial expansion into the United States of America, with the purchase of three Mineral Royalty packages, brokered by the Company’s agent and adviser, Reach Oil & Gas Inc.
Bluebell Capital Partners criticized BP’s plan to reduce oil and gas production by 25% by 2030, labeling it an “irrational strategy”.
The investor group urged BP to cut funding for bioenergy, hydrogen, and renewable projects, claiming the company has “no right to win” in these markets.
Despite pressure, BP’s new leadership, under Murray Auchincloss, plans to continue with the existing renewable energy strategy.