Industry News
Egypt launches bidding for 12 oil and gas exploration blocks
Egypt has initiated an international bidding round for exploration and exploitation of natural gas and crude oil across 12 blocks.
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Industry News
Exxon predicts global oil demand to remain at 100 million barrels a day by 2050
The US oil giant expects global oil demand to remain above 100m bpd through to 2050.
Company News
Chevron-led consortium to submit updated plan for Aphrodite gas field
Chevron-led consortium, responsible for the Aphrodite gas field off the coast of Cyprus, is set to present a development plan shortly.
Industry News
EIA says global refining capacity reached 103.5 million barrels a day in 2023
The US EIA has forecast potential refinery capacity increases over the next few years as demand continues to grow.
Gulf of Thailand
Valeura Energy’s Nong Yao C development reaches full capacity
Oil production has been stable over a week from six of the development wells in the Gulf of Thailand.
Company News
Petronas launches arbitration over South Sudan’s takeover of its oil assets
Petronas International Corporation has initiated arbitration proceedings against South Sudan, reported Bloomberg.
Fossil Fuels
UN head says fossil fuels are “cooking our planet” and need to go
UN secretary-general António Guterres has asked world leaders to remove oil and gas from the energy mix and stop further exploration.
Industry News
Brazil to give oil regulator more authority over natural gas project operations
Brazil is preparing a plan to grant the oil regulator increased authority over the operation of gas projects, reported Bloomberg.
Analyst Comment
Why insurers are right to cease underwriting oil and gas companies
Some companies now have targets to reduce financed emissions associated with key sectors in their portfolios, but reporting is still sparse.
Company News
Equinor to invest up to $6.7bn annually in Norway’s offshore sector
Equinor has announced plans to invest between Nkr60bn and Nkr70bn ($5.7bn to $6.7bn) annually in offshore operations in Norway until 2035.