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The Bonaparte CCS Assessment joint venture between TotalEnergies, INPEX and Woodside has been awarded a permit off the northwest coast of Australia to carry out appraisal work on block G-7-AP, which is considered a promising area for geological storage of CO2. View the full article
Emerson’s suite of Roxar downhole monitoring tools will empower Equinor to use advanced oil recovery techniques, optimize reservoir performance and verify well integrity in real time. The Rosebank field is estimated to contain over 300 MMbbl of recoverable oil resources. View the full article
FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not be named discussing non-public information. Such communications, particularly on pricing and output, could be illegal under U.S. antitrust laws. View the full article
Over the next five years, almost half of the additional oil and gas production that could have got the go-ahead under the current tax system would be uneconomic under the new proposals, OEUK said in a report. That puts more than 35,000 jobs at risk in 2029 due to projects being shelved, the group said. View the full article
Baker Hughes has secured an order to supply centrifugal and electrical-driven Integrated Compressor Line (ICL) compressors to Saipem for TotalEnergies’ Kaminho FPSO unit in offshore Angola. View the full article
Enverus Intelligence® Research (EIR), a subsidiary of Enverus, has released its annual Montney and Duvernay Play Fundamentals that examines recent drilling trends, well inventory counts and associated economics within both Canadian plays. View the full article
In spite of the rise in oil price, defying the forecasts that said otherwise, Saudis have been urging the members of the OPEC to be cautious.
We do not know for sure whether the Saudis knew the dip in price this week in advance – by instinct or from a model that the rest of the analysts are not aware of.
Up until this week, Saudi Arabia got it calculations right and they deserve the credit for it: their strategy worked perfectly well and OPEC members could breathe a long, collective s
Crude production in the Permian basin will reach 4.466 million barrels a day in May, the most in a year, and rig counts have touched a one-year high, according to the latest data from the Energy Information Administration. View the full article
Crude extended gains after an industry report showed another draw in U.S. crude inventories, while Iran said a deal to end sanctions on its oil sector remained elusive. View the full article
Pemex fought tooth and nail to wrest control of the country’s biggest private oil find from the companies that discovered it. Now it has found itself without the cash to actually develop the field. View the full article
U.S. shale drillers are increasingly worried that swelling Russian natural gas exports will slash their European market share. View the full article
Neptune Energy and its joint venture partners, bp and JAPEX, have completed the safe and successful installation of the manifold and umbilical for the Seagull project in the UK Central North Sea. View the full article
The world’s biggest oilfield-services provider said its suspension of future investment in Russia, a market that has represented about 5% of its total sales, means it can shift its own spending to other parts of the world. View the full article
Nigeria’s Senate will investigate Shell Plc’s historic license renewals in the West African state to determine whether they were extended unlawfully and cost the government up to $200 million. View the full article
It is estimated that ESG has taken 90% of investments off the table for reliable energy over the last five years. View the full article
SBM Offshore announced that a Fast4Ward hull for the Block 58 development project offshore Suriname has been reserved by TotalEnergies. The announcement is in line with the Front End Engineering and Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO) for the development project. View the full article
Recent discoveries in Namibia’s Orange basin suggest it could hold up to 3 Bbpe of oil and 8.7 Tcfg, and the country’s total oil reserves could be nearly equal to Guyana’s at around 11 Bbbl. Excitement around the newly discovered resources is high, and though oil and gas production still lie ahead, Namibia has become a leader in African oil and gas investment. View the full article
The nation was pumping about 1 MMbpd before the halt order, with the vast majority of that coming from the east. Daily production in the past week plunged to about 450,000 bpd. View the full article
President-elect Trump’s pro-energy agenda includes fast-tracking permits for stalled LNG projects, reversing Biden-era regulatory pauses and increasing leases on federal land for gas production. This could strengthen the sentiment around global LNG supply after years of uncertainty. View the full article
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale. View the full article
The Yemeni rebels launched missiles at a Saudi Aramco facility in the refinery city of Jazan, and other targets including a site housing Patriot air-defense missiles, the group’s Al-Masirah TV reported. The Houthis said they used explosive-laded drones and 11 missiles. View the full article
Pavilion Energy Trading and Supply and BP Singapore have signed a long-term LNG sale and purchase agreement for the supply of approximately 0.8 million tons of LNG per year to Singapore for 10 years from 2024. As part of the agreement, both companies will strive to co-develop and implement a greenhouse gas quantification and reporting methodology. View the full article
Reuters reports that oilfield services provider Schlumberger has withdrawn its staff from the Offshore Technology Conference, set to take place in Houston August 16 – 19, in the face of rising Covid infection rates and hospitalizations. View the full article
Major energy traders including Gunvor Group Ltd. and Mercuria Energy Group Ltd. have reduced the size of their trading positions and increased borrowing from lenders to cover large margin calls stemming from the unprecedented surge in European gas prices, according to people familiar with the matter. View the full article
President Joe Biden wants Americans to dramatically scale back their use of gasoline. And he wants that fuel to be as cheap as he can get it. If you sense a contradiction there, you’re hardly alone. 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.
