For the first time in decades, China’s oil and gas demand declined in 2022 as the strict Covid policies curtailed economic growth and mobility. This year, demand is set to rebound thanks to the reopening of the Chinese economy, pushing global oil demand higher and giving Europe a run for its money to stock up on LNG. The pace of recovery in Chinese oil and gas demand will be one of the most important trends influencing oil and gas markets and prices in 2023.
UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea.
Given that Libya has exhibited all the stability of a puff adder on benzedrine since the West removed its longstanding leader, Muammar Gaddafi, in 2011, it is little wonder that it has found attracting foreign investment into its flashpoint oil and gas sector a tad tricky since then.
Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.
Oil giant BP released a report Monday predicting that the world would sharply reduce its reliance on the company’s signature product, oil and gas, over the next 25 years as countries hasten their transition to renewable sources of energy so as to combat climate change.
Texas produced 11.2 Tcf of natural gas last year, a new record, according to the Texas Independent Producers and Royalty Owners Association (TIPRO).
The oil ministry has accepted the key
recommendations of the Kirit Parikh committee on domestic natural gas pricing and begun consultations with other ministries before it sends a proposal to the Cabinet.
(WO) — Director General of the Petroleum Directorate of Sierra Leone, Foday B. L. Mansaray, asked investors to maximize the country’s upstream potential during the Invest in African Energy reception in London on Jan.26.
Shell will combine its oil and gas production and liquefied natural gas (LNG) division as part of Chief Executive Officer Wael Sawan’s changes to the energy giant’s structure.
The Tanzanian government has signed a Memorandum of Understanding (MoU) with United Arab Emirates (UAE) National Oil Company (ENOC) for the construction of petroleum receiving and storage infrastructures.