The shipping industry spews hundreds of millions of tons of greenhouse gases into the atmosphere each year and is under mounting pressure to decarbonize. LNG, emitting less carbon than oil-derived ship propellant, has been touted as a key bridge fuel during the switch to cleaner energy. Yet it still releases pollutants, including large amounts of methane.
EIR stated in the release that buyers looking beyond the Permian are likely to consider a wide range of options, including more mature, established areas like the Williston Basin and Eagle Ford and emerging opportunities like the liquids window of the Utica.
Russia pumped 2.8% lower volumes of crude oil and condensate in 2024 from a year earlier, while its natural gas production rose by 7.6%, Russian Deputy Prime Minister Alexander Novak wrote on Thursday in the energy ministry’s in-house magazine.
Brazil’s state-owned oil and gas multinational Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, saw output from its refineries hit an all-time high in 2024 thanks to record production of gasoline and S-10 diesel. Petrobras reported that gasoline output totaled 24.4 billion liters, eclipsing the previous record of 24.2 billion liters posted in 2014 while diesel production reached 26.3 billion liters. The company’s annual refinery utilization rate was 93.2% last year, up from 92% in 2023.
The refining average constituted a dip, by the way, and that was the first dip in refining rates in 20 years. The cause of the dip was weaker fuel demand, which depressed refining margins in 2024. Oil demand in China was lackluster in 2024, with consumption growth slowed, due to weaker economic performance and a shift to electric vehicles and LNG-fueled trucks.
The focus of the BHP-Anglo deal was on copper, as demand prospects for the basic metal remain extremely bright amid the energy transition push. Copper would be a key consideration for a potential tie-up between Rio and Glencore as well, with majors angling for access to more of the transition metal.
In November, Asia is on track to import 26.42 million barrels per day (bpd) of crude, slightly higher compared to 26.11 million bpd in October and 26.24 million bpd in September, per the LSEG Oil Research data
Ghana’s oil revenue surged to $840 million in the first half of 2024, marking a 36% increase from the $540 million recorded in the same period in 2023.
OSLO, Dec 13 (Reuters) – Oil and gas companies operating in Norway are expected to invest 240 billion Norwegian crowns ($21.85 billion) in 2024, up from 220.5 billion in 2023, and more than previously expected, an industry group said on Wednesday.
M&A remains an important means for oil and gas companies to access new reserves and opportunities, despite the challenges.