(Oil Price) – The UK could produce about half of the energy it consumes locally, in the North Sea, the energy industry association, Offshore Energies, said this week, as quoted by the Financial Times. For that, however, the industry needs the “right business conditions”. Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of
(Oil Price) – Operators and developers are expected to spend a total of $43 billion on oil and gas projects in Africa this year, as established producers and newcomers see growing investments, the African Energy Chamber said in a new report. Longer term projections point to capital expenditure (capex) hitting a decade-high of $54 billion in 2030, thanks to fresh final investment
(Reuters) – HOUSTON, March 13 – Donald Trump’s return to the White House caused “animal spirits” to soar in the oil and gas sector, and these vibes were palpable in the halls of the sector’s annual conference in Houston this week. But the industry appears to be ignoring a central Trump objective: cheap energy. “We can all feel the winds
(Oil Price) – The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston. The IEA famously said in 2021 that no investments in new oil and gas fields are needed if the world has a chance
(Investing) – HOUSTON -The world’s energy industry leaders meet in Houston next week as plummeting oil prices push Big Oil to slash thousands of jobs even as a pro-fossil fuel U.S. administration encourages them to pump more. U.S. President Donald Trump’s first 47 days in office have been marked by a rapid overhaul of government and policy, including mass layoffs and
(Oil Price) – At the 2024 edition of CERAWeek, several energy executives openly called for a rethink of the energy transition. That had never happened before. Before, everyone was on board with a move from oil and gas to electricity. Fast forward a year, and it’s official: Big Oil is done with the transition and is returning to what it does
(World Oil) – Libya’s oil and gas sector is set for a new era of growth and investment following the announcement of its first exploration bid round in 17 years. The Libyan government has officially launched the 2025 bid round for oil exploration, a long-anticipated move that marks a significant milestone in the country’s efforts to revitalize its energy industry.
(BOE Report) – Energy product traders, utilities, investors and business executives are among those scrambling to assess the likely impact of new steep tariffs on the United States’ largest trade partners, which kicked in on Tuesday. New 25% tariffs on imports from Mexico and Canada, along with a doubling of duties on Chinese goods to 20%, took effect on March
(Investing) – CALGARY – Canada’s oilfield drilling and services sector is already showing signs of slowing due to U.S. President Donald Trump’s threatened tariffs, triggering fears that an expected industry rebound could stall if such levies go forward. Employment levels in the Canadian drilling sector collapsed between 2014 and 2020 due to sustained low oil prices and reduced production during the
(Oil Price) – Oil and gas producers in the United States will no longer be obliged to pay a fee for the methane they emit in the course of their operations after Congress voted to axe one of the most celebrated moves of the Biden administration in the energy space. With a 52-47 vote, senators repealed the fee, and now all
(Oil Price) – BP is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year in the highly anticipated strategy reset announced on Wednesday. BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years. The BP board has been
(Oil Price) – BP is expected to announce this week that it is shifting its focus back to oil and gas, ditching a target to boost renewable energy capacity generation 20-fold by 2030, sources familiar with the new strategy told Reuters on Monday. BP earlier this month pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and
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