Türkiye has agreed with Russia’s Gazprom on deferring payment for part of the natural gas it imported after a price surge last year, Energy Minister Fatih Dönmez said.
The value and volume of U.S. upstream oil and gas deals fell in the first quarter of the year as companies focused on mature plays and are still watching and waiting for opportunities to snap up undeveloped acreage in the Permian.
OPEC warned the International Energy Agency (IEA) last week that it should be “very careful” about discouraging oil investments. This comes following reports the previous month about the severe underinvestment in oil and gas, as demand for fossil fuels remains high. While organizations such as the IEA and IRENA are calling on companies to shift their funding away from oil and gas to renewable alternatives, to accelerate the green transition, many energy experts are concerned about the lack of funding for fossil fuels, which will still be needed to bridge the gap to green energy security.
Back in late March, the EU Council reached an agreement to extend voluntary 15% gas demand reduction targets because “The EU is not completely out of the energy crisis and Russia continues to use energy as a weapon.”
As many as 125 supertankers were traveling to China at the end of April, carrying the biggest volumes of oil to the world’s top crude buyer in more than two years, according to tanker-tracking data compiled by Bloomberg.
China’s factory activity dipped in April, the private Caixin purchasing managers’ index has confirmed.
One of my 2023 energy predictions was “Total U.S. oil production will again rise, and set a new annual production record.” The previous annual record was set in 2019 at 12.3 million barrels per day (bpd), and by the end of 2022 monthly production was just about back to that level following the devasting Covid-19 impact on the industry in 2020.
Shell on Thursday became the latest oil major to report first-quarter earnings above expectations and announced additional share repurchases of $4 billion.
According to the Public Interest and Accountability Committee (PIAC)
2022 Annual Report (p. 25), oil production from the Jubilee Field witnessed an increase in production from 27,335,481 barrels at year’s end in 2021 to 30,523,813 barrels at year’s end in 2022.
The G7 group of wealthy countries has committed to a faster phase-out of unabated fossil fuels. The move has been welcomed as a potential step towards a global deal for all countries to do the same, but the G7 members are facing criticism for not matching the pledge with firm action.