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The agreement builds on the work deployed across APA’s global portfolio over the past three years and introduces new artificial intelligence capabilities with Palantir’s Artificial Intelligence Platform (AIP) software. View the full article
To finalize the deal, however, Chevron and Hess still need to prevail in arbitration against Exxon Mobil Corp. and Cnooc Ltd., who claim a right-of-first-refusal on Hess’ biggest asset — a 30% stake in a massive oil field offshore Guyana. The case, currently being administered by the International Chamber of Commerce, is likely to be settled in the third quarter of 2025. View the full article
The discussions are over blocks in nations including Namibia, South Africa and Angola, Petroleo Brasileiro SA’s head of exploration and production, Sylvia dos Anjos, said in an interview. Petrobras is studying a total of 10 opportunities to partner with oil majors in Africa as the Latin American company tries to capitalize off its expertise in developing deep-water wells, Anjos said. View the full article
The Bureau of Safety and Environmental Enforcement estimates that approximately 29.18% of the current oil production and 16.85% of the current natural gas production in the Gulf of Mexico has been shut-in. View the full article
A UK-based operator has awarded ocean services provider DeepOcean a long-term frame agreement for provision of diverless subsea inspection, maintenance and repair (IMR) services on the UK Continental Shelf (UKCS). Two call-offs have now been executed for offshore work in 2024. View the full article
AI-related electricity demand is expected to translate to between 6 - 13 Bcfgd in the short term, Toby Rice, EQT’s chief executive officer, said Tuesday. That compares with current total US consumption of just over 100 Bcfd. View the full article
The plant design will feature electric-driven LNG trains instead of gas turbines, reducing greenhouse gases emissions compared to conventional LNG projects. It will also include prefabricated and standardized modules to be assembled at the project site in Mozambique, offering cost competitiveness and certainty in delivery schedule. View the full article
World oil consumption is set to increase by 17.9 MMbpd, or roughly 18%, to 120.1 MMbpd by 2050, the Organization of Petroleum Exporting Countries said in its annual long-term outlook. It raised estimates covering the next two decades from last year’s report. View the full article
Installed by contractor McDermott on behalf of an international operator, it is the second time the firm’s TCP product has been deployed in Malaysia, after a TCP Flowline and static riser were installed at the shallow water West Lutong field for operator Petronas in 2017. View the full article
The oil and gas industry has pursued energy transition avenues to decarbonize its operations. However, heightened energy security fears amid the Ukraine war have brought back the focus on fossil fuels, which has led companies to scale down their energy transition pursuit, according to a report published by GlobalData. View the full article
The license partnership, which includes operator Equinor, is studying a tieback of Heisenberg to nearby offshore infrastructure, potentially jointly coordinated with the development of other recent discoveries in this highly prolific area surrounding the Troll and Gjøa production hubs. DNO has a strong area position. View the full article
The Norwegian oil major has secured suppliers to build a floating production vessel, drill production wells and install sea-bed infrastructure. Valaris earlier this year won a $498 million contract to drill wells for the project, known as Raia. The project will cost an estimated $9 billion and could supply 15% of Brazilian gas demand when it comes online. View the full article
The two countries have overlapping claims to the seabed north of Alaska, Yukon and Northwest Territories, which is thought to contain significant oil reserves. The Arctic is also a region that has become increasingly accessible and has drawn greater interest from Russia and China. View the full article
While the storm is expected to strike the northeastern part of the Gulf, it has had an impact on some energy operations. Shell Plc shut the Appomattox and Stones oil facilities and evacuated non-essential personnel from assets in the Mars corridor, according to a company statement. Chevron Corp. also removed some crews from offshore installations. View the full article
The commercial agreements amend the existing ACG production sharing agreement (PSA) framework, enabling the parties to progress the exploration, appraisal, development and production from the gas reservoirs of the ACG field. ACG non-associated gas resources are believed to be significant, with up to 4 Tcf (ca. 112 Bcm) in place. View the full article
The FTC could announce the decision as soon as this week, Reuters reported, citing people familiar with the matter. Chevron would still need to win an arbitration case filed by Exxon Mobil Corp. in order to close the deal. Hess’ biggest asset is a stake in a huge oil field offshore Guyana, controlled by ExxonMobil. View the full article
While the storm is expected to strike the northeastern part of the Gulf, it has had an impact on some energy operations. Shell Plc shut the Appomattox and Stones oil facilities and evacuated non-essential personnel from assets in the Mars corridor, according to a company statement. Chevron Corp. also removed some crews from offshore installations. View the full article
The commercial agreements amend the existing ACG production sharing agreement (PSA) framework, enabling the parties to progress the exploration, appraisal, development and production from the gas reservoirs of the ACG field. ACG non-associated gas resources are believed to be significant, with up to 4 Tcf (ca. 112 Bcm) in place. View the full article
A Norwegian Offshore Directorate analysis of exploration activity from 2004-2023 shows that the discoveries are valued at three times the costs expended. 50 of 190 offshore discoveries have been developed and are producing, leaving three-quarters still to be developed. These investments will remain profitable as more fields come on stream. View the full article
Total executives used a $50-to-$60-a-barrel benchmark to test the viability of oil projects when presenting them for board approval, and is “very close” to approving a 220,000 bpd project in Suriname, CEO Patirck Pouyanne said at a conference in Rio de Janeiro. View the full article
The collaboration accelerates the development and deployment of industry-specific generative AI foundation models across SLB’s global platforms, including its Delfi digital platform and Lumi data and AI platform, by leveraging NVIDIA NeMo, part of the NVIDIA AI Enterprise software platform, to develop custom generative AI that can be run in the data center, in any cloud or at the edge. View the full article
The Fenix field is part of the Cuenca Marina Austral 1 (CMA-1) concession. With a production capacity of 10 MMcmd (70,000 boed), the Fenix development consists of a new unmanned platform, located in 70 m water depth and connected to the existing CMA-1 facilities. View the full article
The addition of Flex Orbit to the EPIC product portfolio combines the open-architecture benefits of the EPIC Flex system with advanced self-orienting capabilities for precision shot placement at any desired angle or orientation for enhanced well productivity. View the full article
Although the French supermajor hasn’t formally greenlit the $9 billion development of crude discoveries in the Latin American nation, it’s already seeking to lock in two rig leases for future drilling in the area, according to people familiar with the tenders who asked not to be named discussing non-public information. View the full article
The first award is a “substantial” contract to design, engineer, and manufacture riser flexible pipe. The second award involves work to design, engineer, and manufacture subsea production systems to be deployed on the Atapu 2, Sepia 2, and Roncador projects. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
