A decade after its peak, the oil and gas industry is welcoming a new investment boom, with exploration and production (E&P) activities heating up globally again.
Annual upstream oil and gas capital expenditures will need to rise by 22 percent by 2030 to ensure adequate supplies due to growing demand and cost inflation, a new report revealed.
Tellurian Inc. and Aethon Energy Management LLC announced an agreement for Aethon to acquire Tellurian’s integrated upstream assets for $260 million, alongside a Heads of Agreement for Aethon to purchase two million tons per annum (MMtpa) of liquified natural gas (LNG) from Tellurian’s Driftwood LNG plant.
This follows the prime minister’s meeting with TotalEnergies CEO Patrick Pouyanne on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia.
With 4 Drill Ships Arriving Nigeria in 2025, Oil Service Firms Expect Rebound in Upstream Activities
Nigeria’s upstream oil and gas industry is set to experience a rebound in projects with potential for crude production growth and other associated values as four drill ships are expected to arrive the country by 2025, THISDAY has learnt.
Many exploration and production projects in the deepwater environment have been lined up for commencement next year, which are being promoted by the International Oil Companies (IOCs) operating in Nigeria.
PetroChina Co. Ltd. has reported CNY 161.15 billion ($20.6 billion) in net income for 2023, up 8.3 percent compared to 2022 as growth in both upstream and downstream output offset weaker oil prices.
International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources.
Dr. Klaus Endresen, Chairman of the Namibia Petroleum Operators Association, speaks with Energy Capital & Power about interfacing between industry, government and the public following Namibia’s offshore discoveries.
The upstream industry hopes 2024 can be a bounce-back year for high-impact oil and gas drilling after a lackluster 2023, with Africa and Latin America likely to spearhead activities
The global upstream oil and gas sector ended 2023 on a weak note. Despite the geopolitical tensions and other factors like production cuts, oil prices remained lower during the year as compared to 2022 prices. And the outlook for 2024 has been somewhere near moderate growth.