According to the Public Interest and Accountability Committee (PIAC)
2022 Annual Report (p. 25), oil production from the Jubilee Field witnessed an increase in production from 27,335,481 barrels at year’s end in 2021 to 30,523,813 barrels at year’s end in 2022.
The G7 group of wealthy countries has committed to a faster phase-out of unabated fossil fuels. The move has been welcomed as a potential step towards a global deal for all countries to do the same, but the G7 members are facing criticism for not matching the pledge with firm action.
The Saudi Arabian Cabinet reviewed developments in the resumption of relations with Iran and approved several agreements, including those in tourism, energy, and agriculture.
African oil and gas executives and Small Medium Enterprises (SMEs) operators will discuss opportunities for investment in the industry at the forthcoming 2023 Offshore Technology Conference(OTC) in Houston, Texas, U.S.
Wall Street investment bank Goldman Sachs has advised investors to buy energy and mining stocks, saying the two sectors are positioned to benefit from economic growth in China. GS’ commodities strategist has forecast that Brent and WTI crude oil will climb 23% and trade near $100 and $95 per barrel over the next 12 trading months, an outlook that supports their upside view for profits in the energy sector.
Crude oil prices moved higher today, after the Energy Information Administration reported an inventory draw of 5.1 million barrels for the week to April 21.
Europe has managed to reduce natural gas consumption by more than the targets set last summer, but it may have to cut a lot more demand this year and in the coming years to offset the lack of Russian pipeline gas supply, avoid shortages, and balance the gas market.
In as little as eight years since ExxonMobil’s first offshore discovery in Guyana the impoverished former British colony has emerged as a major oil producer and exporter.
Mexico still has a strong potential for oil and gas despite faltering due to nationalisation policies and a poor health and safety record in recent years. Despite a poor track record from Mexico’s state-owned oil company Pemex and the introduction of policies that have pushed away foreign investors, recent developments show that Mexico’s oil and gas industry may have a long way to go before the green transition curbs demand.
A court in the Netherlands has suspended a project for natural gas drilling and extraction in the North Sea due to potential environmental damage.