The global oil and gas sector is powering ahead with the world’s 50 most valuable oil and gas brands achieving an aggregate growth of 8% this year
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Posted inNews, Products & Services
Earth Day and the role of digitalisation and sustainability in oil and gas
Organisations are undergoing rapid growth in technological advancements, blurring the lines between offline and online. There has been a rapid shift in digital technologies, with the fourth Industrial revolution serving as a catalyst. With Earth Day fast approaching, companies have decided to capitalise on the breakthroughs in digital technology to deliver tomorrow’s energy more sustainably […]
Posted inNews, Exploration & Production
OPEC slashes 2022 oil demand growth forecast by 480,000 bpd
In its closely watched Monthly Oil Market Report (MOMR), the group now sees global oil demand growth this year at 3.67 million bpd
OPEC slashed on Tuesday its oil demand growth estimate for 2022 by nearly 500,000 barrels per day (bpd) on the back of lower expected global economic growth with the Russian war in Ukraine and the return of COVID lockdowns in China. In its closely watched Monthly Oil Market Report (MOMR), the group now sees global […]
Posted inPeople
The oil and gas industry must act to turn climate-change ambition into action
Rising to the challenge of climate change needs to be part the energy industry’s strategy through this year and beyond
One of the most significant trends of 2022 will be how the oil and gas industry acts against climate change. Already, international and national oil companies (IOCs and NOCs) around the world have ambitious plans to reduce the greenhouse-gas (GHG) emissions from their operations—part of national agendas against climate change. The challenge is now to […]
Posted inPeople
The oil and gas industry must act to turn climate-change ambition into action
Rising to the challenge of climate change needs to be part the energy industry’s strategy through this year and beyond
One of the most significant trends of 2022 will be how the oil and gas industry acts against climate change. Already, international and national oil companies (IOCs and NOCs) around the world have ambitious plans to reduce the greenhouse-gas (GHG) emissions from their operations—part of national agendas against climate change. The challenge is now to […]
Posted inNews
Eni, Sonatrach announce oil and gas discovery in Berkine North Basin in the Algerian desert
Early estimates place the size of the find at around 140 million barrels of oil
Eni and Sonatrach announced Sunday that they had discovered significant oil and associated gas in the Zemlet el Arbi concession, located in the Berkine North Basin in the Algerian desert. The two companies have been operating the concession together as a joint venture owned 49% by Eni and 51% by Sonatrach. According to a statement […]
Posted inNews
UK PM Johnson to meet UAE, Saudi Crown Princes amid oil market supply worries
The leaders will meet while global markets continue a tumultuous 2022 amid Russia’s ongoing war in Ukraine
UK Prime Minister is set to visit the UAE and Saudi Arabia this week amid calls for the Organization of Petroleum Exporting Countries (OPEC) to increase oil output, Arabian Business reported. Oil prices have surged this year as supply issues caused prices to increase with the Ukraine-Russia crisis later throwing markets into turmoil. Sanctions imposed […]
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Oil price could reach $240 this year if sanctions on Russia supply continue: Rystad
This is the largest energy crisis in decades and the impact on the world’s most important commodity is going to be unprecedented, says Rystad Energy’s head of oil Bjørnar Tonhaugen
On Tuesday, the United States imposed a ban on Russian oil exports in its latest effort to intensify sanctions on Russia. In a bid to counter Russia’s invasion of Ukraine, Western nations have pursued a strategy of sanctions to isolate Moscow. Rystad Energy’s Head of Oil Markets Bjørnar Tonhaugen said that prices will skyrocket if […]
Posted inNews
Russia sanctions already impacting oil supply, says IEF
Sanctions cause commodity prices to surge and equities to sink as economic fears increase
Non-energy sanctions have already taken effect on the Russian supply of oil, with reduced supplies, leading to further price spikes and volatility, the International Energy Forum (IEF) said on Monday. Data on exports from Russia’s hubs in the Baltics and the Black Sea have indicated that demand for the country’s oil has disappeared as the […]
Posted inNews
Oil prices likely to go higher as IOCs quit Russia: Experts
International oil majors have been exiting investments in Russia following the country’s invasion of Ukraine
Oil giants have been exiting their investments in Russia after the country initiated military action in Ukraine. The conflict has caused oil prices to soar as fears have increased regarding supply shortages. The exit from international oil firms is likely to cause prices to continue to rise, experts said. “Oil giants are mostly falling in […]