Subsea 7 has been awarded a contract worth up to USD 300 million for works offshore Saudi Arabia as part of a long-term agreement, the company said on Thursday.
Construction on the expanded plant is set to begin in mid-2025, with first production expected in 2028, followed by a three-year ramp up to full capacity.
Colombia’s state-owned energy company Ecopetrol and Canadian independent Parex Resources have signed five new agreements to conduct E&P activities in Colombia’s Putumayo and Piedemonte basins, the companies announced on Wednesday. In the Putumayo basin, Parex will acquire a 50% working interest in the Orito, Area Sur, Occidente and Nororiente blocks and assume full operatorship. The company has […]
Dr Doku explained that the delay was due to routine pipeline maintenance, which included an extensive cleaning exercise mandated by regulatory requirements.
The Islamist group, designated as a terrorist group by the US, has more than doubled in size this year, with as many as 1,200 combatants holed up in the Bari mountains east of the Puntland capital, Bosaso, according to a local security official. The US military has expressed concern about Islamic State’s growing presence in the region.
Russia halted gas supplies to Austria’s OMV (OMVV.VI), opens new tab in mid-November amid a contractual dispute and legal wranglings related to interrupted gas supplies in 2022.
Despite the stoppage, overall Russian gas exports via Ukraine, which account for just under half of Moscow’s total gas flows to the continent, have remained stable as other buyers stepped in.
The year-to-date rate of oil imports, however, remains a decline on 2023 and chances are that the full-2024 figure will be lower than the 2023 total as well. This will probably add fuel to trader pessimism about future demand even as China doubles down on stimulus to accelerate its economic growth.
Dropping temperatures in the United States and Europe have prompted a rally in U.S. natural gas prices. Although somewhat hesitant, this rally could help avoid a shortage in the not-too-distant future.
The change compared with a build of 1.23 million barrels for the week, as estimated by the American Petroleum Institute a day earlier. It also compared with an EIA-estimated draw of 1.8 million barrels for the prior week.
The upstream oil and gas sector stands on the cusp of entering a new investment cycle — one that Rystad Energy has dubbed the ‘deliver in uncertainty’ cycle — where there is set to be an increased focus among players to deliver on sustainability targets while remaining financially robust.