Noble Corporation plc announces the acquisition of Diamond Offshore Drilling, Inc. in a transaction valued at $1.9 billion, strengthening its position in the offshore drilling sector.
Israel's recent missile attack on Iran is likely to significantly increase costs for sea freight, insurance and crew salaries, even if loading operations continue for the time being.
ArcelorMittal is set to buy Apollo's stake in Vallourec for 955 million euros, becoming its reference shareholder. This transaction underlines a shared focus on decarbonization and energy transition.
ExxonMobil has launched a tender for a $75 million project to build a pipeline in Argentina, as part of its efforts to boost oil production in the Vaca Muerta shale field.
BP announced on November 6 the delayed start-up of oil and gas production from the Seagull project, a 54 million barrel oil equivalent link to the main hub of the group's Trough Area East field, which in turn feeds the Forties crude oil volumes.
The oil and gas industry uses artificial intelligence to reduce methane emissions, highlighting Project Canary's role in continuous emissions monitoring.
Growing demand for oil and gas services is forecast for 2024 and beyond, with long-term investments and technological advances reinforcing the sector's stability.
Strikes at Australian LNG facilities are pushing up natural gas prices in Europe, while oil prices remain high despite recent profit-taking, due to the extension of production restrictions by Saudi Arabia and Russia. Concerns about demand persist, not least because of the weakness of the Chinese economy.
Steel tube producer Emek Boru joins Galaxie Corporation to sell its assets in Turkey. The plant offers three spiral tube production lines, with certified and functional equipment.
Oil prices record a further decline after the U.S. government's decision to release millions of additional barrels from its strategic reserve and the possible buildup of U.S. crude inventories. Analysts expect oil prices to continue to fall in the coming days.
Gas consumption fell sharply in January in several parts of the world, particularly in the European Union and the United Kingdom, due to mild temperatures and the rise of renewable energy.
The impact of the war in Ukraine on gas trade with Europe has been disastrous for Russia, with several exports reduced and revenues almost halved this year according to estimates. Russia is seeking to adapt by negotiating new commercial contracts and diversifying its gas production in order to continue to maintain its economy.
The Organization of the Petroleum Exporting Countries (OPEC) revised upward its forecast for global oil demand growth in 2023 in its monthly report released Tuesday. The lifting of COVID-19 restrictions in China and expected production cuts in Russia and other non-OPEC producers led to this upward revision, the first in several months. Oil prices could rise with demand growth of 2.3%.
Pakistan wants to buy cheap Russian oil to reduce its financial burden, but logistical and technical obstacles stand in its way, according to government and industry sources.
Aker BP announces ambitious plans to increase its crude oil production, including increased volumes of Grane crude blend. Investments in the Ivar Aasen, Edvard Grieg, Symra, Solveig Phase 2 and Troldhaugen fields, as well as the major Yggdrasil project, will enable Aker BP to reach an average production of 430,000 to 460,000 b/d in 2023.
Oil consumption exceeds its pre-pandemic level according to Opec. Despite growing concerns about climate change, global demand for oil is not waning. Developing countries will drive growth, while China is expected to support demand in 2023.
Russia has seen its gas exports fall by more than 25%, while oil exports have grown by 7.6%. International sanctions have a significant impact on Russian gas sales, but demand for Russian crude oil has increased in India, China and Turkey.
With Russia more than halving its gas deliveries to the European Union and pipelines virtually shut down in 2023, the International Energy Agency (IEA) is convening a special meeting with ministers from more than 40 countries to "review the situation of gas markets."
Italy strengthens its energy cooperation with Azerbaijan by supplying 4 gas turbines for more than 160 million euros. This major agreement marks the diversification of Italy's energy supplies and its independence from Russia.
TC Energy announced Thursday that the aftermath of the December oil spill in Kansas will cost it $480 million. The amount includes costs incurred for cleanup, surveys and feedback. According to the initial investigation, the leak was caused by a combination of factors, including pressure that could lead to deformation of the pipeline and a weld defect.
A study by the environmental NGO InfluenceMap reveals that South African companies, despite their support for renewable energy, continue to support the use of coal and natural gas. Their lobbying for fossil fuels jeopardizes the country's climate goals.
Oil prices took a breather Thursday after a three-session run-up. Recovering demand in China remains the main driver of higher prices, but concrete signs of recovery are uncertain due to a new wave of contamination in Covid-19. In addition, demand for oil in the United States, the largest consumer of crude oil, is declining and is "a major problem".
While strategic reserves remained unchanged, U.S. commercial crude inventories rose by 2.4 million barrels last week according to figures released by the EIA. Rising inventories have led to a surge in refinery capacity utilization and record U.S. consumption of petroleum products at 20.5 million barrels per day.
The year 2022 was a successful one for the major oil companies, which raked in $151 billion in net income. However, not everyone is happy with these profits, with governments and NGOs questioning their relevance in the midst of a global energy and climate crisis.
After years of dissension, Australia and China seem to be on the verge of a more positive relationship. The first coal shipment en route to China in over two years is an encouraging sign of warming trade ties between the two Pacific powers. This event represents an important step in stabilizing relations between Australia and China.
NexGen Energy Ltd. today announced the launch of an expanded exploration program for the year 2023, with a clear focus on testing the promising mineralized zones identified in the southwestern Athabasca Basin of Saskatchewan.
Oil prices rose Wednesday for the third day in a row as analysts forecast higher Chinese demand amid volatility in the global market. Expected U.S. inventories should also influence the market.
Indonesia approves the first development plan for the Tuna offshore gas field. With an estimated total investment of $3.07 billion until production begins. The project is expected to assert Indonesia's sovereignty in the South Sea, which is subject to numerous tensions with China.
