This Could Be A Gamechanger For Natural Gas In Europe
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.…
OPEC Lifts Production in February
OPEC raised its oil production in January despite voluntary production cuts that the group was supposed to be adhering to, according to new data published on Friday by Bloomberg.A new Bloomberg survey showed that OPEC’s production rose by 110,000 bar…
Kuwait’s Fuel Oil Exports Jump to Record as New Refinery Ramps Up
Fuel oil exports from one of OPEC’s top crude exporters, Kuwait, are estimated to have hit a record-high level in February, as the new Al-Zour Refinery has ramped up fuel processing to full capacity.In February, fuel oil exports from Kuwait reached a…
Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project
The long-awaited US$8.5 billion 230,000-barrels per day (bpd) Duqm Refinery Project (DRP) – and its ancillary projects (costing another US$10 billion or so) – were officially inaugurated on 7 February, increasing the already significant allure of th…
Canada’s Oil and Gas Firms To Boost Upstream Capex To $30 Billion in 2024
Canada’s oil and natural gas sector is set to boost upstream capital expenditures to around US$30 billion (C$40.6 billion) in 2024, up slightly from an estimated actual investment of US$28.8 billion (C$39 billion) for 2023, the Canadian Association o…
Sasol Earnings Slump on Weaker Oil and Petrochemical Prices
South Africa’s energy and chemicals firm Sasol booked a 34% decline in its core earnings for the second half of 2023 due to lower crude oil and petrochemicals prices. Sasol reported on Monday core headline earnings per share (HEPS) of $0.95 (18.39 S…
Iraq Reopens Refinery after a Decade-Long Shutdown
Iraq reopened on Friday its rehabilitated North Oil Refinery in Baiji, which had been inactive for more than 10 years and which brings OPEC’s second-largest crude producer closer to being self-sufficient in oil products, the Prime Minister Media Offi…
UK Quits Treaty Allowing Oil Firms to Sue Governments Over Climate Policy
The UK will leave the Energy Charter Treaty (ECT), a 1994 pact that allows oil and gas companies to sue governments over their climate policies for compensation for lost profits.The Energy Charter Treaty was originally designed to promote internationa…
Sri Lanka Pays Partial Oil Debt to Iran with $20M in Ceylon Tea
Sri Lanka has repaid $20 million in oil debt to Iran with tea in a move that Sri Lanka officials say do not violate U.S. sanctions on Iran, Agence France Presse reports. In April 2022, Sri Lanka defaulted on $46 billion in foreign debt, earning a $2.9…
Ghana LNG Import Terminal Nearing Finish Line—and None Too Soon
Ghana’s much-delayed natural gas import terminal is nearing the finish line and is expected to be complete by the end of this year, the country’s oil regulator said on Tuesday.The LNG pipeline and storage network and import terminal, owned by Tema L…
Oil and Gas Firms Hold Crisis Talks Over UK Windfall Tax Plan
Major oil and gas firms are set to hold crisis talks this week to discuss concerns about Labour’s windfall tax plans for the sector.Industry body Offshore Energy UK (OEUK) will host the meetings, which will take place on Tuesday and Thursday.“We rem…
Iraqi Kurdistan Oil Export Restart Still A Way Off
There is no forecasted date for when oil exports from Iraq’s semi-autonomous Kurdistan region to Turkey will resume, a Patriotic Union of Kurdistan (PUK) leader said on Friday.On the sidelines of the Munich Security Conference on Friday, Bafel Talabi…
Firms Hike Spending on Oil and Gas Activity Offshore Norway in 2024
Total investments in oil and gas activity offshore Norway, including pipeline transportation, are estimated to hit $23 billion (244 billion Norwegian crowns) this year, up by 5% compared to last quarter’s assessment, Statistics Norway said on Thursda…
Shell Expects Global LNG Demand To Jump by 50% by 2040
Global demand for liquefied natural gas (LNG) is expected to surge by 50% by 2040, driven by higher demand from Asia, with coal-to-gas switching in China and a boost in LNG consumption to fuel economic growth in South and Southeast Asia, Shell said on…
OPEC Sees World Oil Demand Increasing by 1.8 Million Bpd in 2025
World oil demand next year is expected to increase by 1.8 million barrels per day, OPEC said in its latest Monthly Oil Market Report released on Tuesday.OPEC sees the demand for crude oil rising by 1.8 million bpd to 106.2 million barrels per day next…
Trinidad & Tobago Declares National Emergency after Ghost Ship Oil Spill
The prime minister of Trinidad and Tobago has declared a “national emergency” following a large offshore oil spill in the eastern Caribbean. “This is a national emergency and therefore it will have to be funded as an extraordinary expense,” Rowley…