Vitol: A slower pace of the energy transition will push peak oil demand beyond 2030.
Vitol CEO Hardy: Overall global demand for oil, natural gas, and coal is also set to peak later than expected as the energy transition is progressing slower than initially thought.
OPEC, which has a vested interest in continued oil demand growth for decades, sees robust demand even in the long term.
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Profits for the biggest US oil and gas producers have almost tripled under President Joe Biden, even as the industry berates his administration’s “hostile” policies and warns that a second term would be “disastrous” for the sector.
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The rivalry between ExxonMobil and Chevron has plumbed a new depth. On Monday, securities filings revealed a hang-up in Chevron’s $60bn stock deal to acquire smaller rival Hess Corporation. Hess’s crown jewel is a stake in the Stabroek deepwater field located off the coast of Guyana. A controlling 45 per cent stake happens to belong to Exxon.
LAKE CHARLES, La. (KPLC) – A big change to how oil and gas companies do business in the Gulf.
The Biden administration plans to decrease the number of offshore oil and gas leases over the next 5 years.
Seatrium has reached in-principle settlement agreements with the Brazilian authorities concerning “Operation Car Wash”, a probe into allegations of bribes to secure contracts in the country’s offshore energy sector.
President Nana Akufo-Addo has indicated that the government’s gold-for-oil policy has significantly reduced pressure on forex.
Africa Oil Corp (TSX:AOI) swung to a profit for the full year 2023 driven by income from its joint venture Prime Oil & Gas Coöperatief U.A.
Coming amid attacks on refineries, ban is intended to avert shortages and spiking prices on the domestic market.
Major international oil companies (IOCs) are reaffirming their dedication to the development of African oil and gas resources, signaling positive prospects for service providers, drilling contractors, and the wider industry. During a recent event in Nigeria, top representatives from TotalEnergies, Shell, and Chevron disclosed substantial investment plans, spanning from pioneering exploration endeavors to facilitating gas supply from mature markets. With the Invest in African Energy (IAE) forum scheduled for May in Paris, there exists a prime opportunity for investors to capitalize on this renewed commitment to advancing Africa’s energy sector.
Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the $83 per barrel mark, with traders anticipating potentially impactful US economy data coming in later this week – first the US personal consumption expenditures readings, followed up by European inflation figures and Chinese PMI developments reflecting the Chinese Lunar New Year.