According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.
China has reopened its doors following its long zero-Covid policy. But now governments and energy firms around the world are waiting to see what this means both for the energy industry and global supply chains. Experts are uncertain if the reopening of China’s borders means that business will resume as usual or whether ongoing disruptions will be seen due to years of closures and industry challenges.
With EU bans on Russian oil and oil-product exports set to go into effect this year in response to Russia’s ongoing war in Ukraine, emerging market producers are poised to gain larger shares of an evolving market.
The price caps on Russian crude oil and refined products appear to be working, analysts and U.S. officials say.
By late 2022 there were considerable concerns and doubts surrounding Suriname’s burgeoning offshore oil boom. Conflicting drilling results and seismic data saw 50% partners in Block 58 offshore Suriname Apache and TotalEnergies delay their financial investment decision, known as a FID.
Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity.
David Ampofo, CEO of the Upstream Petroleum Chamber has been sharing his thoughts on the current developments in the country’s upstream petroleum industry
PGS, a leading provider of geophysical services, has announced its partnership with the Ghanaian Petroleum Commission to bring the latest technology in interactive rock physics to Ghana’s offshore. This new regional atlas provides an exceptional screening tool for explorationists. It features well-known discoveries in the area, and provides key insights for porting success to new areas.
On February 15, 2023, Ministers responsible for energy from around 40 countries took part in an IEA Ministerial meeting on Gas Markets and Supply Security. Ministers expressed their sincere condolences to Türkiye following the tragic loss of life caused by the devastating earthquakes this month and pledged their continued support for disaster relief and recovery efforts in the country.
The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has made adjustments to monetary penalties for oil and gas companies, implementing the 2023 inflation adjustments for the maximum daily civil monetary penalties contained in BOEM regulations in accordance with Federal law.