The global upstream oil and gas sector ended 2023 on a weak note. Despite the geopolitical tensions and other factors like production cuts, oil prices remained lower during the year as compared to 2022 prices. And the outlook for 2024 has been somewhere near moderate growth.
‘Our pipeline project will not lack gas supply’
HOUSTON, Dec 26 (Reuters) – The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies’ high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.
China’s offshore giant CNOOC aims to raise its oil and gas output to 1.95 million b/d of oil equivalent in 2024, about 5.2% higher from its estimated output of 1.85 million boe/d last year, the state-owned company said late-Jan. 25.
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.
The $2 million Sentuo Oil Refinery has an initial processing capacity of 40,000 barrels per day, scalable to 100,000 barrels when the facility is fully operational
The bullish case for oil prices was strengthened dramatically this week, with strong U.S. economic data helping to push Brent well past the $80 mark.
LAGOS/LONDON, Jan 29 (Reuters) – Shell’s exit from Nigeria’s onshore oil sector highlights risks oil majors face in Africa’s biggest exporter but has raised hopes that local firms could reverse the output decline from the Niger Delta, industry officials and analysts said.
Shell – which pioneered Nigeria’s oil industry – is the most prominent Western company to exit the Delta, a region blighted by pollution, oil theft and pipeline vandalism. Those issues have for years stymied investment – and throttled production and government finances.
LONDON, Jan 29 (Reuters) – Oil prices dipped on Monday as China’s ailing property sector took another hit while a drone attack on U.S. forces in Jordan added to supply disruption concerns in the Middle East and Houthi militants stepped up attacks on vessels in the Red Sea.