Opec+ will continue pursuing efforts to stabilise the oil market and will do “whatever is necessary”, Saudi Arabia’s Energy Minister has said.
As part of a massive, pre-holiday weekend document dump by the Biden administration on June 30, the domestic oil and gas industry received an unwelcome gift from the U.S. Fish & Wildlife Service (USFWS), one that shifts Mr. Biden’s continuing war on oil and gas to the Permian Basin.
Cutting oil and gas production would be “dangerous and irresponsible”, the boss of energy giant Shell has told the BBC.
ONGC Videsh, a wholly-owned subsidiary of India’s Oil and Natural Gas Corporation (ONGC), is reconsidering buying a stake in Tullow Oil’s assets in Kenya, reported Bloomberg.
Persistent claims of chronic underinvestment in the global oil and gas industry are overblown, Rystad Energy research and analysis shows. Investments in the upstream sector have tumbled since spending peaked at $887 billion in 2014, with about $580 billion expected to be invested this year.
Callon Petroleum has closed its previously announced acquisition of Delaware Basin assets from Percussion Petroleum Operating II, LLC (‘Percussion’) and the sale of its Eagle Ford assets to Ridgemar Energy Operating, LLC on July 3, 2023.
Concerned about energy security, Europe and China are in an intensifying competition to sign long-term supply deals with U.S. LNG developers and exporters.
OPEC tends to live in the public mind as a monolithic, unshakeable structure—except when oil prices drop. Yet the group is not as homogenous or, indeed, unanimous as it may see. And its members’ different interests may, at some point, threaten its survival.
For a country of under one million, former British colony Guyana has emerged as a fossil fuel powerhouse. A series of more than 30 high-grade oil discoveries in the offshore Stabroek Block by energy supermajor Exxon have catapulted Guyana into the big league ending it with over 11 billion barrels of oil resources.
Oil and gas revenues for the Russian budget slumped to $5.8 billion (528.6 billion Russian rubles) in June, down by 26.4% from the same month last year, data from Russia’s Finance Ministry showed on Wednesday.