According to the WSJ, some drillers are building gas-power plants and using the gas that would have been otherwise flared to generate the electricity they need to power their machinery.
Oil producers in Texas, New Mexico, and North Dakota are contributing to a substantial increase in electricity sales.
Grid constraints have emerged as one of the biggest obstacles to the transition of the United States from a hydrocarbon-powered to an electricity-powered economy.
The bearish sentiment that has pervaded the energy markets in the new year won’t go away easily.
Standard Chartered: oil demand is more robust than expected.
Standard Chartered: oil markets are seriously underestimating geopolitical risks.
The survey will cover 740 square kilometers focusing on Balakhany and Fasila oil reservoirs, using specialized vessels for a detailed analysis.
Production from the ACG oil field has significantly declined since its peak in 2010, prompting this initiative to better manage and potentially increase remaining reserves.
The new seismic survey, complemented by BP’s ongoing projects like the Azeri Central East platform, aims to sustain Azerbaijan’s oil production and revenue in the coming years.
Rystad Energy has identified 36 potential high-impact wells for 2024, a significant increase from 27 in 2023.
Africa and Latin America are expected to account for nearly 64% of these wells, with a focus on frontier and emerging basins.
Despite 2023’s low success rate and rising drilling costs, the industry remains optimistic, with major oil companies and national oil companies planning significant drilling activities.
Rising geopolitical risk pushed Brent well past $80 last week, but the brief price rally has been dampened by continued economic concerns and a strong supply situation.
The global upstream oil and gas sector ended 2023 on a weak note. Despite the geopolitical tensions and other factors like production cuts, oil prices remained lower during the year as compared to 2022 prices. And the outlook for 2024 has been somewhere near moderate growth.
‘Our pipeline project will not lack gas supply’
The House Commerce and Economic Development committee on Monday passed a bill that would raise future oil and gas royalty rates on a 6-5 vote. HB 48 increases the maximum royalty rates that the State Land Office can charge on certain leases, bringing it more in line with what neighboring states charge. This would not […]
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change.
China’s onshore oil inventories have fallen, signaling a potential increase in international market purchases.
Beijing’s oil consumption and reserve levels are key to global price trajectories, with moderate restocking expected due to economic struggles.
While China’s crude imports reached a record high in 2023, its strategic reserve replenishment in 2024 is expected to be cautious and focused on refinery use