Supergiants like Exxon are focused on big offshore venues like Guyana and Namibia, leaving behind prime onshore natural gas assets in Europe – a region that is now desperate for affordable domestic resources that aren’t controlled by Russian Gazprom.
Coming amid attacks on refineries, ban is intended to avert shortages and spiking prices on the domestic market.
Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.
Europe’s increased dependence on Norway’s oil and gas has made the country’s energy installations more at risk of attack, the head of one of the agencies charged with securing them told Reuters on Monday
The head of Russian oil major Gazprom Neft said on Saturday he sees no need for additional oil supply cuts by OPEC+ oil producers, days before the group is due to meet on output policy.
India, the world’s third-biggest oil importer, gets a bulk of its Russian supplies made up over 35% of India’s total crude imports in 2023, amounting to 1 .7 million barrels per day.
PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.
China achieved record-breaking crude oil and natural gas production in 2023, with unconventional gas contributing significantly to the overall figures.
Despite fluctuations in demand and some disappointment among analysts, both domestic production and imports of energy commodities reached historic highs.
While Chinese oil demand growth may slow in the future, its natural gas demand growth is likely to remain robust as it increases the use of natural gas in power generation
HOUSTON :Oil rose nearly 2per cent on Monday as investors worried about disruptions to maritime trade and supply costs after the Iran-aligned Yemeni Houthi militant group attacked ships in the Red Sea.
Gazprom and CNPC agreed to increase the volume of Russian gas export to China through the Power of Siberia pipeline next year.