For decades, Saudi Arabia has been regarded as the de facto leader of OPEC and a swing-producer critical to curtailing large price overshoots in either direction. Over the past few years, the Arab nation has borne the lion’s share of OPEC+ production cuts after recently agreeing to cut 1 million barrels per day or nearly half of the group’s 2.2 mb/d in pledged cuts.
Europe’s major oil companies have started to scale back interim emission reduction targets, acknowledging that their priorities now lie with returning more cash to shareholders. And these returns come from the fossil fuel business, not from renewables.
Riding on the heels of Austria’s largest gas discovery in 40 years by Austrian OMV, junior explorer MCF Energy (TSXV:MCF; OTC:MCFNF) announced on Monday morning another potentially significant find in their maiden drill in the Austrian Alps.
It is not surprising that profits in 2023 at Saudi Arabia’s flagship company Saudi Aramco were lower than in 2022. After all, the average price per barrel of the Brent crude oil benchmark dropped just over 18% over the year – from US$100.93 to US$82.49.
(MENAFN) Eni, the Italian energy giant, in collaboration with state-run Petroci International, has announced a groundbreaking discovery of a major oilfield off the coast of Côte d’Ivoire. Named Calao, the site represents a significant addition to the country’s oil reserves, second only to the Baleine field discovered by Eni in September 2021. Exploratory drilling revealed the presence of light oil, gas, and condensates across various intervals of Cenomanian age, characterized by promising permeability values.
The Principal Secretary State Department for Petroleum Mohamed Liban has lauded the pivotal role played by the Geographical Information System tool (GIS) in addressing the challenges encountered during the exploration of natural resources.
International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources.
Modera Wealth Management LLC lifted its stake in shares of Occidental Petroleum Co. (NYSE:OXY – Free Report) by 6.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,470 shares of the oil and gas producer’s stock after purchasing an additional 788 shares during the quarter. Modera Wealth Management LLC’s holdings in Occidental Petroleum were worth $809,000 as of its most recent filing with the Securities and Exchange Commiss
The Romanian government will neither adopt its National Integrated Energy and Climate Change Plan before the expected 30 June deadline nor will the country meet the EU’s renewable energy targets, an energy ministry official said on Thursday.
Sintana Energy has provided an update regarding the ongoing exploration campaign on Blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions.