Peru has signed the Paris Agreement and committed to develop policies to increase the share of renewable energy sources from current 5.5% to at least 20% by 2040. However, the country needs significant capital investments to ramp up its natural gas production and increase the share of low-carbon energy sources in the overall mix, says […]
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Posted inEnergy Transition
KSA Crown Prince sets national net zero emissions goal for 2060
Crown Prince Mohammed bin Salman Al Saud has launched the first set of Saudi Green Initiatives
Crown Prince Mohammed bin Salman Al Saud, the Head of the Higher Committee for the Saudi Green Initiative (SGI), launched the first set of SGI environmental initiatives at its inaugural annual forum. SGI will also monitor the impact of initiatives that have been previously announced. In his opening remarks, HRH the Crown Prince announced a […]
Posted inEnergy Transition
Upstream oil and gas: record cash flows and peak uncertainty
The energy transition has upset the outlook and changed the rules of the game for the industry, Wood Mackenzie says
Wood Mackenzie’s Global Energy Summit Upstream Focus Day has addressed some of the biggest issues facing the industry. How will the upstream industry use an incoming US$1 trillion price windfall? Should Asian governments be doing more to resuscitate declining gas production? And what is the future for exploration in this region? In previous upcycles the […]
Posted inEnergy Transition
Seismic vessel utilization recovers to pre-Covid-19 level as market embraces energy transition jobs
Seismic vessels are being used for hydrocarbon exploration in addition to energy transition initiatives including carbon capture and storage, offshore wind, and geothermal
The Covid-19 pandemic has been devastating for the seismic industry for several quarters, keeping nearly half of its global fleet inactive – until recently. A Rystad Energy report shows that the seismic fleet’s hibernation is now over, as vessel utilization has recovered to pre-Covid-19 levels in the third quarter of 2021. About 68% of the […]
Posted inDRILLING & PRODUCTION, Exploration & Production
China set to spend $120 bn on services and drill 118,000 wells through 2025
The nation is aiming to meet its climbing domestic demand and reduce its share of imports
China is looking to pump up oil and gas production in the years ahead to meet climbing domestic demand and reduce the record-high share of imports in its oil consumption. A Rystad Energy report projects a surge in spending till 2025, which will be accompanied by a drilling spree totaling 118,000 wells that will create […]
Posted inExploration & Production, DRILLING & PRODUCTION
Brazil to lead oil production from projects in Americas in 2025
In Brazil, Bacalhau, Itapu and Buzios V are expected to collectively contribute about 39% of the crude and condensate production in 2025
Brazil is expected to contribute about 48% or 1,350 thousand barrels per day (mbd) of Americas crude and condensate production in 2025 from planned and announced projects (new build projects, excluding the US L48), according to GlobalData, a leading data and analytics company. GlobalData’s latest report, ‘Americas Upstream Development Outlook, 2021–2025’, reveals that 1,164 mbd […]
Posted inEnergy Transition
Oil companies must plan major production drop by 2030s to meet 1.5°C target
$1 trillion at risk if companies continue to pursue business-as-usual investment, according to Carbon Tracker Initiative
The world’s largest listed oil and gas companies cannot be considered aligned with global climate targets unless they plan for major production declines, with half facing cuts of 50% or more by the 2030s, warns a new report from the financial think tank Carbon Tracker released today. It reveals that companies are still approving billions […]
Posted inExploration & Production, DRILLING & PRODUCTION
Pearl Petroleum signs $250 million financing deal for Khor Mor expansion
Total project cost of $630 million to increase production capacity by 50% to 690 million scf/day from April 2023
Pearl Petroleum Company Limited, the consortium led by Dana Gas and Crescent Petroleum of the UAE, has signed a $250 million financing agreement with the U.S. International Development Finance Corporation (DFC) to support the gas expansion works currently under way at the Khor Mor gas plant in the Kurdistan Region of Iraq (KRI). DFC is […]
Posted inEnergy Transition
Is the circular economy transition fast enough?
Only 12.1% see digital technologies as a key driver of circular economy transformation
Recent survey by DNV and World Business Council for Sustainable Development (WBCSD) reveals that circular economy is rising on corporate agendas across geographies. Despite the growing attention in the public, among legislators and companies, the shift to ‘circular economy‘ business models that design waste out of the system seems to progress slowly. “So far, growing […]
Posted inExploration & Production, DRILLING & PRODUCTION
Helmerich & Payne to invest $100 million into ADNOC Drilling IPO
On September 6, 2021, ADNOC announced its intention to float a 7.5% minority stake of ADNOC Drilling on the Abu Dhabi Securities Exchange
The Abu Dhabi National Oil Company (ADNOC) and its subsidiary ADNOC Drilling Company and Helmerich & Payne, Inc. (H&P), a global leader in rig technologies and drilling solutions, announced a strategic alliance that will see ADNOC Drilling acquire eight FlexRig® land rigs from H&P for $86.5 million. Following this transaction, H&P will make a $100 […]