It’s Time For An Oil And Gas Boom In Africa
Several African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise. While many countries in the West are curbing their fossil fuel operations, the African region is offering…
China Heralds Another Major Oil Discovery
China’s state-run China PetrochemicalGroup, Sinopec, says it has discovered a massive oilfield in the Tarim Basin, containing 1.7 billion tons of oil reserves. Thediscovery is the result of exploration in the Shunbei oil and gas field, said to be one…
BCG report: The future of operating models for oil and gas companies
National Oil Companies (NOCs) need to rethink their operating model and clearly link it with their strategic objectives to deliver the expected future production, cost, and greenhouse gas reduction impacts, according to a new BCG report entitled ‘The…
China And Saudi Arabia Intensify Energy Cooperation With Critical Deal
The signing last week of a multi-pronged memorandum of understanding (MoU) between the Saudi Arabian Oil Company – formerly the Arabian American Oil Company - (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) isa critical step in …
Russia’s Spot Crude Prices Rebound As China And India Snap Up Cargoes
Russia’s ESPO crude blend shipped to Asia has recently seen spot deals at parity with Middle Eastern benchmarks in a sign that the exportgrade Russia is shipping out of its Far East port Kozmino is recoveringin pricing amid high demand from Russia’s…
Turkey Agrees To Pay For Russian Gas With Rubles
Turkey’s President Tayyip Erdogan and Russia’s President Vladimir Putin agreed on Friday to bolster cooperation after a four-hour meeting,a joint statement from the two nations has revealed as cited by Reuters.As part of the deal, which would increa…
OPEC+ agrees to boost oil output by 100,000 barrels per day
The OPEC oil cartel and its allies decided Wednesday to boost production in September by a much slower pace than in previous months ata time of high gasoline prices and unstable energy supplies exacerbatedby the war Russia is waging in Ukraine.OPEC, l…
Oil edges up ahead of OPEC meeting despite recession worries
NEW YORK, Aug 2 (Reuters) - Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.Brent fut…
German Cities Begin Turning Off Lights To Save Energy
Berlin, Germanys capital, and other cities have started turning off the spotlights on historic monuments and municipal buildings in an effort to conserve energy ahead of winter."In view of the war against Ukraine and Russias energy policy threats…
China Claims First Offshore Shale Oil And Gas Discovery
In a first for Chinese offshore shale, state-run oil giant CNOOC has announced what it claims to be a commercial discovery in the Beibu Gulf in the South China Sea with the tapping of oil and gas flows at a wildcat well. Thediscovery, at the Weiye 1 w…
US Pipeline Companies Set Sights on Natural Gas Infrastructure for Growth
(Reuters) — U.S. midstream companies have set their sights on natural gas pipelines and export terminals as a key growth opportunity as investor pressures and political headwinds make new crude oil pipeline projects unpalatable.U.S. pipeline operator…
Oil Prices Slide As IMF Sees Global Economy Teetering On The Brink
IMF slashes global GDP growth forecasts for this year, to 3.2%.Tighter monetary policy weighs on global growth forecasts.WTI crude swung from a gain to a 1% loss on the day. Crude oil pricesfell on Tuesday as the International Monetary Fund warne…
Russia’s New Gas Deals With Iran Are A Threat To The West
Gazprom’s MoU with the Iranian NIOC marks the next major step in oil and gas cooperation between the two countries.Gazprom has pledged its full assistance to the NIOC in the US$10 billion development of the Kish and North Pars gas fields.Gazprom will…
Energy Spat Between Mexico And The U.S. Escalates
Mexico hopes the talks initiated by the U.S. under the United States-Mexico-Canada Agreement (USMCA) about Mexico’s prioritization of state energy firms over private U.S. companies would reach a “mutually satisfactory solution,” Mexican DeputyEcono…
IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter
After calling on all member states toreduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union will need to cut even more in order to get through the winter. "Even if there is no sin…