The statement from Musk, however, doesn’t mean that fossil fuels are irrelevant. Musk warned in 2022 that the world would need to continue extracting oil and gas lest civilization start to crumble. “Realistically, I think we need to use oil and gas in the short term because otherwise, civilization will crumble,” adding that the transition to sustainable energy would “take some decades to complete.”
Despite the market’s hand-wringing, OPEC+ appears determined to stick with its roadmap to gradually restore output that was cut during the COVID-era slump. The unwinding plan has been telegraphed for months, and reversing course now could risk credibility—something the group has worked hard to reestablish.
Alberta’s wildfire season is off to a fiery start, with a major blaze near the town of Swan Hills prompting evacuations and temporarily shuttering oil operations. The fire—burning out of control and spanning roughly 1,600 hectares—is just 7 km from Swan Hills, forcing the town’s 1,200 residents to flee Monday night.
Considering that “very few new developments have occurred since 2022”, it is not surprising that a moderate decline in investments in field development is indicated this year. But this decline in investment in field development is being offset by expectations of a very high planned investment activity in fields on stream, the statistics office said.
Wafra Joint Operations is a 50-50 joint venture between Kuwait Gulf Oil Company and Saudi Arabian Chevron responsible for managing onshore activities in the Partitioned Zone between Saudi Arabia and Kuwait. The company is involved in the exploration, development and production of hydrocarbons in the region, with a focus on conventional oilfields.
First, Jubilee and TEN, where the partners are Tullow, Kosmos, Petro SA, Explorco and GNPC. They have recently announced that they are committed to invest $2billion, to drill up to 20 wells between now and 2040. They are starting the drilling campaign this month with two wells using the Noble Venturer drillship and between four to six wells in 2026.
Due to European sanctions and the G7 price cap, Russia is using what the media likes to call a shadow fleet of tankers, often aging, and insured by parties outside the Western world. These vessels “make use of flags of convenience and intricate ownership and management structures while employing a variety of tactics to conceal the origins of its cargo, including ship-to-ship transfers; automatic identification system blackouts; falsified positions; transmission of false data; and other deceptive or even illegal techniques.”
India is on track to import nearly 1.8 million barrels per day (bpd) of crude oil from Russia in May, which would be a 10-month high, according to vessel-tracking data by Kpler. Indian refiners have increased buying activity for lighter Russian grades, such as ESPO, showed the Kpler data cited by Reuters. The strong Indian imports […]
Crude oil inventories in the United States saw an increase of 1.3 million barrels during the week ending May 16, according to new data from the U.S. Energy Information Administration released on Wednesday.
Global engineering and consulting firm Wood has been awarded a contract to provide detailed engineering design for Package 5 of ADNOC Offshore’s Lower Zakum Long-Term Development Phase 1 project on Das Island, Wood announced on Wednesday.