A 2020 study by McKinsey stated, ‘The oil and gas industry accounts for 42% of global emissions…in addition, it produces the fuels that create another 33% of global emissions.’
Global demand for oil will reach its peak this decade, the International Energy Agency predicted for the first time, amid growing popularity of electric cars and the cooling of China’s economy.
Equinor was asked that key question during a media briefing on the Rosebank oilfield on Wednesday.
Norwegian company AF Gruppen (AFG) has secured a key decommissioning contract for a North Sea platform.
Climate change protesters from Extinction Rebellion (XR) poured fake oil and set off smoke grenades in a targeted protest at the headquarters of the Labour Party in London.
While it’s not a panacea - and may never actually kick into force - the windfall tax price floor could help with financing the $5bn of North Sea projects awaiting FID.
Oil clung to a slim gain as a weaker demand outlook blunts the impact from OPEC+ production cuts.
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
The oil tanker Turba normally should have been melted down by now.
Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.
Private power producers in Bangladesh have sought $1 billion of foreign currency from the country’s central bank to import heavy fuel oil to avert a looming energy crisis this summer.
Russian exports of discounted crude and fuel oil to China have jumped to record levels as the re-opening of the world’s biggest energy importer gathers pace after the dismantling of Covid Zero.
Malaysia’s 2022 oil and gas bid round was a remarkable success, attracting fresh investment, new upstream explorers, as well as new ideas to the mix in Southeast Asia’s most successful market. Indeed, other Southeast Asian countries should take note as Malaysia also launched its 2023 round that will see more investors queuing up.
Malaysia’s law minister on Friday said the government hasn’t received a formal notice of an attempt to seize the Southeast Asian country’s assets in Luxembourg by descendants of the sultanate of Sulu.
Petronas today launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of Discovered Resource Opportunities (DRO). The company also signed deals from last year’s round representing the highest number of PSCs awarded in Malaysia within a single year since 2010.
Chinese leader Xi Jinping pledged to deepen ties with Tehran after meeting Iran’s President Ebrahim Raisi in Beijing, weeks after the US said it would increase pressure on China to stop buying Iranian oil.
Deputy Prime Minister Heng Swee Keat said that Singapore could review a decision not to prosecute key figures at Keppel Offshore & Marine Ltd. over a major bribery case involving payments to Brazil’s state-run energy company Petrobras if there’s new evidence that warrants doing so.
Santos (ASX:STO) will take US$328 million ($470.8 million) in write-downs after slashing the volume of oil and gas reserves estimated in fields off Western Australia and other late-life ventures, despite increasing total reserves to a record level.
Australian oil and gas producer Santos (ASX:STO) today reported that it has approval from the offshore petroleum regulator for its US$2 billion Dorado oil and gas project in Western Australia. Significantly, the news may ease concerns about the regulator’s harder approach towards project approvals since a court ruling last year.
Saudi Aramco’s top official warned Sunday that an increased focus on climate was undermining investment in oil and gas to the point where it now posed a threat to the world’s energy security.
OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”
Indonesian energy company MedcoEnergi (IDX:MEDC) will boost its capital expenditure by nearly 50% to about $370 million this year, with a bigger portion allocated to oil and gas development.
Underscoring the rising interest in Southeast Asia’s upstream market, North Sea-focused E&P company Longboat Energy (AIM:LBE), confirmed it is “exploring opportunities to broaden its strategic remit” in the region.
Two months after Chinese President Xi Jinping visited Saudi Arabia, Hong Kong’s leader John Lee has followed in his footsteps by taking a sizeable entourage to the kingdom.
India, the third-largest greenhouse gas emitter, is planning for an expansion of its oil and gas sectors even as it aims to hit net-zero by 2070.