Acquisitions have essentially become the only option for producers that want to grow in the hydrocarbon-rich Permian basin.
Oxy’s acquisition of CrownRock cements an absolute banner year in Permian acquisitions and divestments spending.
Many analysts seem to expect that the consolidation drive will continue next year as well, suggesting that even the end of 2024 could see a lot fewer operators in the star play of the U.S. shale patch.
On 9 December, people across the country united in local actions against oil and gas exploration and drilling off South Africa’s coastline. Multinational corporations – including Shell, QatarEnergy, Total Energies and contractors such as CGG and Searcher Seismic – are amongst the focal points of this latest public outrage. According to Liziwe McDaid, Strategic Lead at The Green Connection (one of the civil society organisations that got in on the action), “Recent decisions by government to authorise seismic surveys in the Algoa/Outeniqua Basin off the Southeast Coast of South Africa and also off the West Coast, in addition to decision to reject the environmental appeal against oil and gas exploration, from Gansbaai on the South Coast to Doring Baai on the West Coast, has been the catalyst for these actions.”
Oil and gas will be “pillars of global energy for many decades to come”, the closing statement of a meeting of Arab energy ministers said on Tuesday, as the issue of ending the use of fossil fuels sent COP28 into overtime in pursuit of a deal, Reuters reports.
Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.
Nigeria’s oil production dropped to 1,250,299 barrels per day in November 2023.
The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the report, production decreased by 100,274 bpd in November — a 7.42 percent plunge from the output of 1,350,573 bpd recorded in October 2023.
Malaysia’s upstream oil and gas sector is gathering momentum, with new production sharing contracts (PSCs) providing the impetus for investments in upstream exploration and production, according to BMI, a Fitch Solutions company.
Stepping into 2024, Africa is emerging as a strong contender in the global petroleum market. Boasting crude oil reserves of approximately 125 billion barrels and natural gas reserves of roughly 620 trillion cubic feet (tcf), Africa’s oil and gas industry holds ambitious plans to deliver economic diversification, job creation and energy security through the development and monetization of these resources.
Kontinental Energy Services (KES) has partnered with US-based upstream oil and gas corporation Gulfstream Services Inc. (GSI) for the provision of tools and services. The partnership carries the dual aim of strengthening KES’ capacity to support the development of oil and gas across Africa, while facilitating GSI’s global expansion.
Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths.
China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth deposits. However, much of Vietnam’s rare earths remain untapped thanks to China’s near-monopoly over global markets. With the West, led by the U.S., no longer wanting to rely on China alone for rare earths supply and processing, Vietnam continues to look like a suitable alternative.
Bill Gates believes we’re going to miss global heating goals based on the current rate of the green transition and thinks that billionaires and governments from rich nations could play a major role in global decarbonization. Gates recently stated that he expects the world to fail to achieve the below 2-degree Celsius heating objective set out in the Paris Agreement, although he praised the rapid adaption of several countries attempting a green transition.