The North Sea Transition Authority (“NSTA”) has announced that Britain’s first oil and gas exploration licensing round since 2019 attracted 115 bids from 76 companies.
When oil and gas wells are no longer in use, operators are required to seal them up to prevent leaks.
Venezuela’s state oil company PDVSA has got new management that plans to boost production of crude to 1.17 million barrels daily by the end of the year, Reuters has reported, citing an internal document.
Angola’s oil and gas sector is witnessing an accelerated pace of new investments over the past few months thanks to the rising oil prices, Deutsche Bank said in a new report.
The global oil and gas industry will require $600 billion to achieve its target of cutting emissions this decade, which is only a fraction of the record windfall income that producers accrued in 2022, according to International Energy Agency.
It might appear counter-intuitive to characterise Saudi Aramco’s first quarter net income of SAR119.54 billion (US$31.88 billion) as bad but, in the context of what the company is, it is. It is not so much the 19 percent drop in net income that will be troubling to savvy oil market watchers. Some of that can be explained by the drop in oil prices over the quarter.
Russia’s crude oil exports by sea rose in the four weeks to May 12 to a new record-high and are now estimated to have increased by 10% from early April, tanker-tracking data monitored by Bloomberg showed on Monday. Crude on vessels departed from Russia’s oil export terminals and en route to international markets hit another record at […]
The Environmental Protection Agency (EPA) will try again to limit carbon dioxide emissions from power plants, having failed to do so during the Obama administration. Well, if at first you don’t succeed…
According to a new report from Baker Hughes Co., the US natural gas sector is rapidly pulling drilling rigs from the field due to oversupply conditions that have led to a collapse in natural gas prices over a nine-month period. Baker Hughes reported Friday that exploration companies reduced rigs by 16 to 141 this week. […]
Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they booked after OPEC’s latest supply cut announcement as economic fears take precedence over demand expectations. When the cartel announced the cuts, almost every bank with a commodities department rushed to update their price forecasts, expecting prices […]