Rystad Energy expects the global market for oil and gas contractors to rise to a peak of $1 trillion in 2025 and remain at high levels for several years thereafter. Helped by strong growth in the midstream part of the industry to liquefy, transport, and re-gasify natural gas, overall oil and gas spending will stay above $920 billion annually on average for the 2022-2028 period.
China is back, and even the most ardent skeptics of Beijing’s policy easing will be compelled to admit that there is great upside in global oil demand in 2023. China has been allocating huge export and import quotas, nudging its oil refiners as hard as possible.
Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.
The Ministry of Energy has terminated negotiations with four oil companies after more than two years of unfruitful negotiations for petroleum agreements over their respective blocks.
Q: It’s a new year and what should Ghanaians expect from the oil and gas industry with regards to revenue to government, exploration and production?
A: Government will continue receiving royalty, taxes and oil liftings as per the provisions of the Petroleum Agreements it has signed with the different companies that have invested heavily in the sector. In 2021, the industry contributed about GH11.63 billion to Ghana’s GDP; roughly 7%, and we are hoping for an increase this year.
CAIRO — Italy’s prime minister held talks in Libya on Saturday with officials from the country’s west-based government focusing on energy and migration, top issues for Italy and the European Union. During the visit, the two countries’ oil companies signed a gas deal worth $8 billion — the largest single investment in Libya’s energy sector in more than two decades.
The world’s largest oilfield services providers saw last year their highest combined net profits since the shale boom of 2014, driven by a rebound in drilling activity amid soaring oil and gas prices.
The United Arab Emirates (UAE) has been repeatedly criticised since winning its bid to hold the COP28 climate summit later this year, particularly for its ongoing dependence on oil and gas to sustain its economy. While some say it is vital that the oil powers requiring the most diversification to survive without fossil fuels, such as the UAE, be closely involved in the global climate talks, others are condemning the decision.
Some European politicians and economists are breathing a sigh of relief after mild temperatures, increasing liquefied natural gas shipments, and above-average natural gas stockpiles have so far averted a worsening energy crisis this winter. Other politicians believe the energy crunch won’t be over for many years.
U.S. natural gas prices fell below $3 per million British thermal units this week for the first time in two years amid continuing warm weather that started a commodity selloff.