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Billions of pounds of investments aimed at building the UK’s net zero energy infrastructure could be diverted to other countries if politicians keep threatening to impose windfall taxes, the chief executive of Offshore Energies UK warns. View the full article
Oil has gotten stuck in recent weeks, as traders look for more signs of a recovery in consumption from the Covid-19 pandemic. Trading volumes fell below their 15-day average every day last week as the market awaits a breakout. In the meantime, the OPEC+ alliance agreed to add more barrels from May. View the full article
“Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. View the full article
Employment in the U.S. oilfield services and equipment sector rose by an estimated 4,999 jobs to 633,198 in June, according to preliminary data. View the full article
The Biden administration is urging OPEC and its allies to find a compromise solution to increase oil production, according to White House officials familiar with the discussions. View the full article
“Reduction of climate footprint is high on the agenda for our customers in the oil and gas industry. Electrification of production platforms is one of the ways to reduce emissions from such operations,” said Kjetel Digre, chief executive officer of Aker Solutions. View the full article
On July 30, ENTSO-E allowed a 2.5-fold increase in the export of Ukrainian electricity to Europe, only up to 250 MW. This gives Ukraine a revenue stream for supporting its energy sector. View the full article
Aquaterra Energy has been awarded a high-pressure high temperature subsea riser contract with oil and gas operator, Umid Babek Operating Company (UBOC), for the exploration of its HP well on the Babek project in Azerbaijan. View the full article
Iran’s oil minister said the country can increase its crude production rapidly, as world powers enter the final stages of negotiations to revive a 2015 nuclear accord with the Islamic Republic. View the full article
After the U.S. House of Representatives passed the Inflation Reduction Act, National Ocean Industries Association President Erik Milito said the bill secures some key priorities for long-term American energy security. View the full article
Iran plans to restore the bulk of its crude oil production within one month of the easing of U.S. sanctions if world powers manage to broker the revival of the 2015 nuclear deal, the official Shana news agency reported, quoting an official at the National Iranian Oil Co. View the full article
“As global economies continue to recover from the COVID-19 pandemic, we are seeing strong demand for energy-related products originating in Texas,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi. View the full article
Germany and Austria came out strongly against the European Union proposal to classify some natural-gas and nuclear projects as sustainable investments, with both countries accusing the bloc of “greenwashing.” View the full article
Taking place only days after COP26, the global conference will focus on developing smart manufacturing systems that will strengthen resilience, navigate growth opportunities in green technology and meet net-zero carbon targets. View the full article
A new study indicates that unnecessary growth in the number of processes and procedures and lack of equipment reliability are the biggest concerns for maintenance managers in the oil and gas industry. View the full article
Above-average withdrawals of natural gas from storage in the 2020–2021 winter heating season and below-average injections into storage this summer contributed to a forecast of below-average inventories of natural gas in the U.S., along with relatively flat dry natural gas production and high natural gas exports. View the full article
Talos Energy has formed an exclusive joint venture with Storegga Geotechnologies to source, evaluate and develop carbon capture and storage project opportunities on the United States Gulf Coast and Gulf of Mexico, including state and federal waters. View the full article
Crude topped $81 a barrel as the global power crunch boosts demand for oil ahead of winter. View the full article
The market is likely underestimating the impact from an unprecedented polar blast that hit the central U.S. last week, while some 40 million barrels of February oil output, largely from the Permian basin, will not be produced due to the recent Texas freeze. View the full article
The award will increase Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day, supporting ADNOC’s plans to cater for increasing global energy demand. View the full article
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Schlumberger and Aramco have announced plans to collaborate and develop a digital platform that will provide sustainability solutions for hard-to-abate industrial sectors. View the full article
Saudi Aramco said oil-output capacity across the world is dropping quickly as the kingdom opened the fifth edition of its flagship investment conference Tuesday in Riyadh. View the full article
A robust recovery in the U.S. and Europe has given OPEC+ the confidence that markets can absorb additional barrels, despite the prospect of more supply from Iran should a nuclear deal be revived, and a Covid-19 comeback in Asia, most notably India. View the full article
Oil hit a 32-month high as the rollout of coronavirus vaccines boosted demand expectations for Europe and the U.S., and confidence faded over a quick return of Iranian crude supply. 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.
