The Chief Executive Officer of Saudi Aramco Amin Nasser has warned that renewable energy won’t be able to replace oil and gas any time soon and that investment in sustainable energy must not come at the cost of investment in hydrocarbons.
French energy giant TotalEnergies SE has put a multi-billion-dollar plan to produce green hydrogen with Adani Group on hold, pending audits of the Indian conglomerate accused of fraud by a U.S. investor.
Declining oil production in many countries and the potential of insufficient crude supply will be a bigger problem for the oil market next year than how demand will evolve, according to the United Arab Emirates (UAE).
The combined income of the global oil and gas industry surged to nearly $4 trillion last year, up from an average of $1.5 trillion in recent years, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said during a conference on Tuesday.
Clean product tanker rates soared last week after the European Union and G-7 nations targeted Russia’s petroleum sales. Restrictions on Russian crude exports began in early December.
The energy industry in Canada has long lamented the fact that the country is missing out on the global surge in LNG demand, first as a replacement for coal, and now, for Europe, as a replacement for Russian pipeline gas.
Whilst the U.S. and its allies appear to be taking a subtle approach to advancing their remaining interests in Iraq, as hinted at by the Qatar’s talks to buy a 30 percent stake in TotalEnergies’ US$27 billion project package, China seems to be taking a more direct route to what it wants.
Offshore Guyana is garnering considerable attention from international oil companies as a slew of oil discoveries since 2015 underscore the significant oil potential of the former British colony’s territorial waters. Since 2015, global energy supermajor ExxonMobil has made a slew of high-quality petroleum discoveries in the Stabroek Block offshore Guyana which the company estimates contain over 11 billion barrels of recoverable oil resources.
The Ghana National Petroleum Corporation (GNPC) is in the Central Region to court the support of interest groups in curbing an imminent danger as a result of fishing activities around the Saltpond Oil Fields decommissioning area.
There is no need for the OPEC+ group of oil producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia’s announcement at the end of last week it would unilaterally cut output.