To try to entice investment in new natural gas development in Southcentral Alaska’s Cook Inlet basin, state officials are trying something new: a waiver of royalties in the upcoming annual lease sale. Have you heard about Royalty-free lease terms before? The Alaska Division of Oil and Gas last week announced five upcoming lease sales that include the […]
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.2 million barrels. It is from the previous week. At 424.2 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year. This is according to the EIA crude oil and petroleum weekly storage […]
Following the energy crisis that affected most global energy markets last year, and the commodity-related fallout from Russia’s invasion of Ukraine, oil and gas industry players are eyeing a new bullish outlook for energy prices, with sector investment following suit. In BloombergNEF’s “base-case” scenario, which considers the current state of play, money flowing into oil […]
Oil prices jump with more than 4% on Monday as the Israel-Hamas conflict extended into its third day following a surprise attack on Israel by Palestinian militants Hamas. Global benchmark Brent settled 4.2% higher at $88.15 a barrel, while the U.S. West Texas Intermediate gained 4.3% to $86.38 per barrel. At dawn on Saturday during a major […]
Global gas, specifically the Middle East gast giants, demand is projected to rise in the next decade. This is influencing a 12.5% surge in production between 2023 and 2030. However, Rystad Energy forecasts that even in scenarios of 1.9 and 2.5 degrees Celsius warming. This is with the rapid growth in renewable energy sources. The […]
OPEC is optimistic on demand and sees under-investment as a risk to energy security. This is what Secretary-General Haitham Al-Ghais said on Monday at an energy industry event in Abu Dhabi. He stressed the importance of continued investment in the oil and gas industry. He said he sees a call to stop investing in oil […]
US Oil And Gas Production expanded at a faster pace during the third quarter of the year despite still rising costs, the latest Dallas Fed Energy Survey has shown. Costs have now been on the rise for 11 quarters in a row, the Dallas Fed said, with the situation particularly difficult for oilfield service providers. […]
Crude oil prices moves higher today after the Energy Information Administration reported a crude oil inventory draw of 2.2 million barrels for the week to September 22. This compared with an inventory draw of 2.1 million barrels for the previous week, which in turn followed a build of around 4 million barrels for the week before that. […]
The Texas upstream oil and natural gas industry has added 12,100 jobs in 2023, Texas Oil and Gas Association (TXOGA) noted in a media release, citing newly-released data from the Texas Workforce Commission (TWC). In August alone, employment in the sector rose by 1,200 jobs, TXOGA highlighted. “The oil and natural gas industry serves as […]
Despite lingering concerns about China’s economy, global oil demand hit a record high in June. It could be on track for another form of tighter oil market move in August. This is what the International Energy Agency (IEA) said in its latest monthly report. The cuts from OPEC+ and Saudi Arabia are coupled with expected […]
