The price for Brent crude futures rose over $90 last week for the first time in years
Oil prices have continued to soar as signs of extended global demand growth have continued while tensions in Ukraine sprout fears of an energy flow upset. The price for Brent crude futures rose over $90 last week for the first time in years. The price has risen as fears increased over a Russian invasion of […]
Oil demand for 2022 is expected to average around 100 million barrels per day, and in some months even surpass 2019 levels
Brent crude oil traded up to $87.83 on Monday, the highest price for the commodity since October 2014, as supply outages push the price for black gold higher. “Current oil prices reflect a tightening market, as supply outages are not being offset by any negative effect of the Omicron variant in oil demand,” Rystad Energy’s […]
According to a police statement, early investigations suggest that the fire was caused by small flying objects “possibly belong to drones,” state-news agency WAM reported.
Three petroleum tankers exploded in the morning of Monday, January 17, in ICAD 3, Mussafah, near ADNOC’s storage tanks in Abu Dhabi, UAE. Abu Dhabi Police confirmed a fire had broken out in the morning, causing the explosion, and added that a minor fire had also broken out in the new construction area of Abu […]
The IEA forecast that global fuel consumption will decline considerably during this quarter because of pandemic-related restrictions, but it seems that the actual restrictions are not having such a grave effect on it
Global oil demand has proven to be more resilient to the effects of the Omicron variant’s spread than the International Energy Agency expected, according to its chief, Fatih Birol, who spoke to media at a virtual meeting this week. “Demand dynamics are stronger than many of the market observers had thought, mainly due to the […]
In 2021, global oil and gas investments hit $602 billion, but in 2022 investments will rise to $628 billion
Oil and gas investments around the world are set to increase by $26 billion this year, a four percent increase from last year, as the industry continues its recovery from an unprecedented downturn caused by the Covid-19 pandemic, according to Rystad Energy. In 2021, global oil and gas investments hit $602 billion, but in 2022 […]
Kazakhstan is a major global oil player, producing around 1.6 million barrels of oil per day
Oil prices have continued to rise as fears increase that unrest in Kazakhstan would hit oil production in the country. On January 6, the operator of Kazakhstan’s highest-producing oil field, Tengiz, said that a logistics issue had caused it to changed its production levels with political protests ongoing at the site. S&P Global Platts reported […]
Liquids have dominated total finds, representing 66 percent of the total. The monthly average of discovered volumes as of November stands at 424 million boe.
Global oil and gas discoveries in 2021 will hit the lowest full-year level in 75 years if no major finds are uncovered in the remainder of December, Rystad Energy said. By the end of November 2021, the industry had discovered volumes of 4.7 billion barrels of oil equivalent (boe) in the year, if no major […]
The field is located is located around 2 kilometres off the coast of Rio de Janeiro and is a multi-billion barrel, pre-salt oil field
A consortium of oil firms was awarded the Sepia Surplus Production Sharing Contract (PSC) by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) on Friday, according to a statement. According to the statement, QatarEnergy will hold a 21 percent interest in the PSC, with Petrobras holding 30 percent, TotalEnergies holding 28 percent, and […]
Should the talks fail, Iraq will instead purchase the stake
Halliburton is currently in talks with Exxon Mobile to purchase the oil firm’s stake in the West Qurna-1 field in southern Iraq, the country’s oil minister said Monday, Bloomberg earlier reported. Should the talks fail, Iraq will instead purchase the stake, Oil Minister Ihsan Abdul Jabbar added, building on comments from a few days earlier […]
Robots in the energy industry are already essential, with their use likely to accelerate as the number of tasks that robots can perform continues to increase dramatically
Robotics will increasingly become essential for the oil and gas (O&G) industry with robot renting, also known as robots as a service (RaaS), likely to “revolutionise” the sector, according to data analytics firm GlobalData. The company’s latest report, titled ‘Robotics in Oil and Gas (2021) – Thematic Research’, found that robots have already been essential […]
