The Brazilian government has approved the inclusion of seven new exploration blocks to the country’s planned third pre-salt round under the permanent offer initiative that is set to take place in mid-2025.
ExxonMobil’s priority in winning its arbitration challenge against Chevron and Hess over the prolific Stabroek block offshore Guyana is not whether the case could blow up the proposed $53 million merger between the two US operators, chief executive Darren Woods told analysts Wednesday.
Subsea7 has won a “substantial” contract for a subsea tieback development in the US Gulf of Mexico for an undisclosed client.
Exact terms of the deal were not revealed, though the Luxembourg-based subsea contractor deems a contract “substantial” when its value falls between $150 million and $300 million.
The workscopes aim to develop detailed plans for infrastructure needed to manage the CCS process, including from the capture of carbon dioxide at industrial sites to its transportation via pipelines and subsequent storage in depleted offshore reservoirs.
The preliminary estimated gross recoverable resource in the appraisal well is between 4 million and 25 million barrels of oil equivalent, bringing the total estimated recoverable resource in the Countach field to between 10 million and 55 million boe.
The IEA said demand from China, the world’s biggest importer of oil, has “slowed markedly” as its economic growth has sputtered, while emerging Asian countries would lead gains in 2024 and 2025.
One of the reasons for a persistent glut could be the fact that while producers in Australia and, to some extent, in China, are curtailing output and delaying project ramp-ups, lithium mines in Africa owned by Chinese battery makers are not reducing supply.
Trump is likely to implement universal tariffs on imports to encourage domestic production, along with incentives for reshoring key industries back to the US. He will most likely reduce the corporate tax rate to 15%, extend individual tax cuts, and eliminate taxes on Social Security benefits. At the same time, he is almost certain to push for a “big bang” of deregulation, which will decrease the regulatory burden and costs for corporate America. On the balance, while tariffs will ultimately be inflationary, tax cuts and deregulation will be deflationary, and it’s hard to predict which factors will prevail in the end.
Recently, Libya’s oil output hit an 11-year high of over 1.4 million bpd, after recovering from the dip in September due to the field blockades over a row about the leadership of the Central Bank of Libya, the only internationally recognized depository of Libya’s oil revenues.
In a letter to Speaker Johnson, the coalition highlights an alarming trend: the average time for energy infrastructure projects to go from initial permitting to operation has more than doubled, from two years in 2000 to over five years in 2021. This significant delay is deterring investment, impedes the nation’s ability to meet future energy demands and jeopardizes national energy security.