Norwegian oil company Equinor has discovered oil and gas in the North Sea, 130 kilometers northwest of Bergen, Norway, while drilling wells 35/11-26 S and 35/11-26 A.
Upstream oil and gas is enjoying a new lease of life. But with investment spend well below past highs, is the industry investing enough to fulfil its critical role of delivering enough supply to meet the rise in demand we expect over the next decade? I asked our Upstream experts, Fraser McKay and Ian Thom, who addressed this very question in our July Horizons.
Oil and gas exploration spending will recover from historic lows to average $22 billion a year over the next five years, according to Wood Mackenzie.
67 new oil and gas projects worth some $15 billion should be operational in Iran by next March, the country’s first vice president, Mohammad Mokhber, has said.
Last year, Greece emerged as a new hub for Russian oil via ship-to-ship (STS) loadings shortly after the U.S. and Europe slapped heavy sanctions on Russian crude. At the height of the Russia-Greece trade, shipments of Russian fuel oil clocked in at nearly a million tonnes, several times the volumes before the sanctions.
According to the Forbes Global 2000, Saudi state oil enterprise Saudi Aramco is once again the world’s most profitable company – this time with a big lead over second-placed Apple as oil and gas prices skyrocketed as part of the global energy crisis in the aftermath of the Russian invasion of Ukraine.
In another blow to dollar dominance, India and the United Arab Emirates settled an oil trade without converting local currencies to dollars for the first time on Monday, as India’s top refiner made a payment for oil in rupees.
Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to August 11.
A big shift is brewing for Caspian Basin energy exports. In a diplomatic about-face, Turkmenistan has signaled its readiness to develop a Trans-Caspian pipeline that potentially could increase natural gas deliveries to the European Union.
Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.