Brazilian state-run oil firm Petrobras (PETR4.SA), opens new tab said on Wednesday that its estimated proven reserves of oil, condensate and natural gas rose to 11.4 billion barrels of oil equivalent (boe) last year from 10.9 billion in 2023.
According to commodity experts, the link between lower oil prices and foreign policy objectives is not a new one: historians have drawn a link between the 1985-86 oil price crash and the fall of the Berlin Wall in November 1989, as well as the dissolution of the Soviet Union in December 1991.
Venezuela has the largest proven oil reserves on Earth, but its energy prowess is as much about quality as quantity. Refineries on the US Gulf Coast process Venezuelan crude by the hundreds of thousands of barrels per day. Volumes hit a six-year high in December, according to Kpler, reaching approximately 300 kbd – a 150 kbd year-on-year increase.
Crude oil inventories in the United States saw a large build of 3.5 million barrels during the week ending January 24, according to the U.S. Energy Information Administration.
The Stena Drillmax will be deployed to Suriname in Q2 of this year under a 1x well programme. The contract includes the possibility of extension to an additional three wells in Suriname.
Canadian hydrocarbons hotspot Alberta plans to develop a CAD 250-billion (USD 173-billion) fund to wean itself off oil and gas revenue, Bloomberg reported on Wednesday.
Spanish energy company Repsol has reached a FID on its Ecoplanta project to build a facility to convert non-recyclable municipal waste into sustainable methanol in Spain, the company announced on Wednesday.
Abu Dhabi National Oil Co. (ADNOC) has said the carbon intensity of its Shah field is now 0.1 kilograms of carbon dioxide equivalent per barrel of oil equivalent (kgCO2e/boe). The company said in a media release that these levels are a benchmark among global oil fields.
Reelwell AS, has secured a multi-year contract with Vår Energi ASA for the provision of its disruptive DualLink powered digital drill pipe technology. This is a milestone contract for Reelwell and Odfjell Technology, which will see the DualLink deployed offshore on the Norwegian Continental Shelf (NCS) for the first time.
Despite Canada’s vast geothermal potential, the resource has remained largely untapped due to economic and technical challenges tied to conventional extraction methods.