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 […]
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 […]
Europe is going into the winter with gas inventories at the lowest level in nearly a decade
Global natural gas prices are set for another year of volatility, following 18 months of swings from record lows to record highs. As natural gas demand started to rebound this summer amid depleted stocks in Asia and Europe following a long and cold winter, prices skyrocketed in the autumn to record highs. This forced gas-intensive […]
The field will make Saudi Arabia one of the world’s largest natural gas producers.
Saudi Arabian energy giant Saudi Aramco announced Tuesday that it would start the development of the Jafurah unconventional gas field, the largest non-associated gas field in the Kingdom. In addition, Aramco announced that it had awarded subsurface and engineering, procurement, and construction (EPC) contracts worth $10 billion. The capital expenditure of the Jafurah field is […]
This week gas prices are at an unstable equilibrium, with traders waiting for further supply hints and watching Russia-Europe flows with bated breath
In Europe, the resumption of Russian gas flows to Germany at Mallnow and small injections into German storage at Rehden have calmed traders nerves and prices after a week of volatility. On the other hand, temperatures over the next few weeks are forecast to trend at or below normal through most of North West Europe. […]
While the US and EU launched the Global Methane Pledge, the strategic details are unclear
In an announcement made at COP26, the US and EU jointly kicked off the Global Methane Pledge, which aims to reduce methane emissions by 30% by 2030, and over 100 countries have joined the initiative; Miles Weinstein, Energy Transition Analyst at GlobalData, a leading data and analytics company, offers his view: “In total, the participating […]
Supply and demand fluctuate for European gas as winter sets in
European gas storage has been struggling to fill this summer. Storage at the beginning of November will be about 75% full, at 83 billion cubic metres (bcm), 14 bcm below the five-year average, rattling the market. A cold European winter could result in storage levels falling to zero by the end of March 2022, unless […]
Gas markets, which have been rising for weeks, are now entering a more balanced phase as a result of spot market cautiousness and tightening fundamentals
The marginal decline of Asian spot LNG prices since last week was caused by more cautious Chinese buyers, who have largely retreated from the spot market given forbiddingly high prices. However, prices didn’t have to dive deep as the decline in spot purchases was balanced by new reported supply disruptions – most recently from Bontang […]
It is estimated that 90% of emissions along the LNG supply chain can be mitigated with current technologies
The unique flexibility of liquefied natural gas (LNG) to deliver natural gas to all corners of the world is saving the day for both producers and consumers in the face of shortages of other energy sources, Secretary General of the Gas Exporting Countries Forum (GECF) said at the 10th edition of the LNG Producer-Consumer Conference. […]
Gas prices are hitting new highs, but could impact supply globally
On Tuesday, 28 September, the price for gas in the European market broke the $1,000 per 1,000 cubic metres barrier for the first time ever. The price for October future at the TTF Hub reached $1,031 per 1,000 cubic metres. Several factors are perpetuating the unprecedented spike in the European continent: growing gas demand amidst […]
