Oil & Gas

Inflation is still high, resulting in increased costs for well completion and production activities. This is hurting the bottom line of oilfield service players. Strict capital discipline by upstream energy companies is also acting as a dampener, making the outlook for the Zacks Oil and Gas- Field Services industry gloomy.
Among the companies in the industry that are likely to survive the business challenges are SLB SLB, Halliburton Company HAL, Weatherford International plc WFRD and Oceaneering International, Inc. OII.

The President of ExxonMobil’s Upstream Company, Liam Mallon on Monday defended the company’s ability to construct a safe pipeline that will bring the natural gas produced in the Stabroek Block offshore Guyana onshore to Wales on the West Bank of Demerara (WBD).

Year-End 2023 Reserves and Resources, Strong Growth and Value Creation

CALGARY, AB / ACCESSWIRE / February 20, 2024 / Valeura Energy Inc. (TSX:VLE)(OTCQX:VLERF) (“Valeura” or the “Company”), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Türkiye, is pleased to announce the results of its third-party independent reserves and resources assessment for its Thailand assets.

Uzbekistan is not a major exporter of energy resources, unlike neighbouring Kazakhstan and Turkmenistan, though it is home to quite substantial hydrocarbon resources.

Last week, the International Energy Agency reported that global oil demand growth is losing momentum, with demand growth clocking in at 1.4 mb/d in January, down from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23. According to the IEA, the expansive post-pandemic demand growth phase has largely run its course. Thankfully, falling supply is expected to counter slowing demand growth with non-OPEC supply by the U.S., Brazil, Guyana, and Canada expected to come in at 1.6 mb/d this year compared to 2.4 mb/d in 2023.

A state environmental agency in Kazakhstan has fined an oil company in the west of the country $780,000 over a prolonged fire at one of its fields last year that caused one of the largest emissions of methane in history.

Last year, 2023, was a tumultuous period for South America’s oil industry. Increased recognition of climate change saw regional governments push to reduce emissions and implement policies aimed at enhancing environmental protection. Elevated geopolitical instability along with increased regulatory scrutiny and tax hikes further impacted the continent’s oil industry.