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Equinor and partners Vår Energi and Petoro have struck oil in exploration well 7220/7-4 in production license 532 in the Barents Sea. Recoverable resources are so far estimated at between 5 and 8 million standard cubic meters of recoverable oil, corresponding to 31 – 50 million barrels of recoverable oil. View the full article
Neptune Energy announced it has acquired a 38.75% equity interest from Spirit Energy in the Pegasus West discovery and surrounding acreage in the UK Southern North Sea. View the full article
The Martin Linge field is powered from shore, resulting in low CO2 emissions, and operated from its onshore control room. Expected recoverable resources are approximately 260 million barrels of oil equivalent. View the full article
European natural gas futures surged to record highs on Monday as the amount of Russian gas flowing into Europe through a key entry point dipped, crimping supplies in an already tight market. View the full article
A weather phenomenon that typically delivers harsher winters is on the way and expected to add to Asia’s energy crisis. View the full article
German Chancellor Olaf Scholz, under pressure from the U.S. to halt the Nord Stream 2 pipeline project over Russian aggression toward Ukraine, may quietly delegate the task to the country’s bureaucracy. View the full article
Russia’s oil revenues are up 50% this year even as trade restrictions following the invasion of Ukraine spurred many refiners to shun its supplies, the International Energy Agency said. View the full article
Oil prices pose a high risk to the global economic recovery, with signs that fuel costs are starting to “take their toll” on demand growth, the International Energy Agency said. View the full article
The United Arab Emirates is accelerating a plan to raise its oil production capacity, according to people familiar with the matter, as it tries to cash in on its crude reserves before the world transitions to cleaner energy. View the full article
The U.S. company is buying back stock at an annualized rate of $1.5 billion, it said Tuesday in a statement. That’s an increase of 50% compared with the pace of repurchases in the fourth quarter, the point at which the program was suspended in the wake of Conoco’s acquisition of rival producer Concho Resources Inc. View the full article
The Abu Dhabi National Oil Company (ADNOC) announced it has successfully implemented an innovative initiative to drive efficiencies in its tendering process. This program supports ADNOC’s ongoing efforts to enhance its approach to procurement and maximize value for ADNOC and its community of suppliers and service providers. View the full article
Over the last four weeks total stockpiles, including the Strategic Petroleum Reserve, have fallen at a rate of 1.15 million barrels a day, marking the largest four-week decline on a rolling basis in Energy Information Administration Data going back to 1982. View the full article
Aquaterra Energy has secured a multi-million-dollar agreement with a supermajor to deliver multiple Sea Swift platforms over a three-year period. The platforms will be destined for off the coast of the Cabinda Province, offshore Angola. View the full article
Oil in the U.S. rallied above $85 a barrel for the first time since 2014, another landmark in a surge in global energy prices, while an eye-watering rally in market structure deepened. View the full article
OPEC increased its forecast for global oil demand in the first quarter substantially, as some of this year’s recovery is delayed by Omicron but the overall risk from the new virus strain remains limited. View the full article
Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks. View the full article
Oil ended the day little changed after a volatile session in which the latest U.S. inflation report and data showing high prices hitting U.S. fuel demand roiled prices. View the full article
Pakistan State Oil Co., the nation’s largest fuel importer and retailer, is planning to build a $500 million LNG terminal as part of its strategy to diversify into multiple businesses. View the full article
Oil production across American shale patches next year is expected to climb as producers take advantage of a price recovery, according to a government report. View the full article
Angola’s National Oil, Gas and Biofuel’s Agency (ANPG) has officially opened blocks for licensing in the Onshore Lower Congo Basin and the Onshore Kwanza Basin as part of its 2020 oil and gas licensing round. View the full article
Saudi Arabia and Russia have a tentative deal to gradually increase OPEC+ oil output in the coming months, delegates said. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December. View the full article
Cairn Energy Plc shareholders can expect a payback of as much as $700 million once the UK oil producer settles a long-running tax dispute with India. View the full article
Natural gas futures soared as forecasts for chilly November weather in the U.S. East heightened concern that supplies will struggle to meet demand this winter. View the full article
Saudi Arabia’s energy minister warned traders against shorting oil prices, saying OPEC+ could react quickly to any fall in prices. View the full article
Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages. 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.
