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The UK Oil and Gas Authority has awarded a carbon dioxide appraisal and storage license to Harbour Energy, boosting the drive to reach net zero greenhouse gas emissions by 2050. View the full article
U.S. shale giants stung by billions of dollars in hedging losses are spending big bucks to ditch their positions in a risky bet that prices stay high. View the full article
The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves. View the full article
U.S. shale oil drillers continue to show little sign of responding to high global prices with more production, only now it's not just their focus on rewarding shareholders that's holding them back, but also a preoccupation with soaring costs. View the full article
The drive to reach net zero greenhouse gas emissions by 2050 has taken a sizeable step forward with the award of two carbon storage licenses in the Southern North Sea. View the full article
TotalEnergies SE took a $4.1 billion writedown on its flagship Russian gas project and indicated that it may belatedly join its peers in pulling back from the country two months after the invasion of Ukraine. View the full article
The Railroad Commission of Texas moved forward in its application process to gain primacy from the EPA for Class VI injection wells. View the full article
Mubadala Petroleum announced that the drilling of the Timpan-1 exploration well offshore North Sumatra, Indonesia, has been completed with the discovery of a 390-foot gas column. View the full article
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The UK government’s new windfall tax, imposed on companies supplying the nation’s oil and gas, may already be undermining the major investments need to keep Britain’s lights on, Offshore Energies UK has warned. View the full article
Whitecap Resources Inc., a Canadian conventional and shale driller, plans to increase natural gas activity in the second half of the year to capitalize on a surge in prices, Chief Executive Officer Grant Fagerheim said. View the full article
Major operator bp expects its properties in the U.S. Gulf of Mexico to remain a key part of its portfolio over the next decade, even as other upstream operations are discarded in the transition to alternative energy forms. View the full article
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. Capacity constraints suggest they may struggle. View the full article
Canada’s export credit agency is targeting a 15% cut to its financing portfolio for upstream oil and gas production by 2030. View the full article
The Biden administration is launching an assault on methane Tuesday, advancing initiatives across government - and the globe - to keep the potent, heat-trapping gas from escaping landfills, oil wells and farms. View the full article
Block Energy plc, an exploration and production company focused on Georgia, announced the commencement of Project II of its three-project strategy, which will re-develop the Patardzeuli Middle Eocene reservoir. View the full article
U.S. shale drillers are expected to post record second-quarter profits in coming days, reversing nearly a decade of debt-fueled losses. View the full article
African hydrocarbon producing countries are increasing oil and gas licensing rounds to be able to stabilize supply of hydrocarbons in years to come to meet growing energy demand as output in legacy projects declines. View the full article
Drilling permits for new wells have spiked to unprecedented levels in the Permian Basin, signaling crude oil suppliers in America are finally responding to higher prices. View the full article
At a time when global oil markets are experiencing significant volatility, member countries of OPEC+ have the means to address these challenges, and Equatorial Guinea will continue to support efforts to improve market stability. View the full article
Enbridge Inc.’s proposal to keep its massive Mainline oil pipeline network full through long-term contracts was rejected by Canada’s top energy regulator in a win for some producers who want more flexibility to ship their crude. View the full article
Russia’s oil output increased in October for a second straight month as companies open the taps under the OPEC+ agreement to raise output. View the full article
Neptune Energy has begun drilling on the Ofelia exploration well in the Norwegian sector of the North Sea, the company announced. View the full article
Saudi Arabia’s larger-than-expected rise in oil prices is a signal it will continue resisting U.S. pressure to pump faster, according to Vitol Group. View the full article
A helicopter carrying nine people near India’s Oil and Natural Gas Corporation’s Sagar Kiran offshore rig landed in the Arabian Sea on Tuesday morning, killing four. 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.