U.S. upstream oil companies are to bank 68% higher free cash flows per barrel. This was in 2022 as surging prices fuel profits. Output growth lingers at 4.5% year to date, Deloitte consultancy said on Monday. The study illustrates the clash between the White House and oil companies. It is over how skyrocketing profits from […]
– Oil recovers as earnings on the US Gulf Coast-to-China shipping route have soared above $100,000 per day. This is equivalent to $7 per barrel. This is demonstrating the shrinking availability of crude tankers lately. – The Russia-Ukraine war and subsequent sanctions have lengthened the average shipping voyage globally. So now, charterers have fewer options […]
Petroleum demand in the world’s third-largest oil consumer has been growing faster than anywhere else in 2022. It is rising by more than 400,000 barrels a day. That’s equivalent to more than 20% of the total global increase. Let’s learn more about why India is a bright spot for world oil demand. The country’s vigorous […]
Oil, natural gas, and coal mining operations on federal lands in Colorado generated more than $393 million in lease and fee revenues in 2022 for the federal and state governments — the most in 14 years. A combination of increased oil production, higher commodity prices, and new royalty rates and fees led to a 64% […]
New Zealand’s climate ambassador says it’s “just crazy” for rich countries to open up new supplies of fossil fuels. Yet the Government awarded new oil and gas exploration permits. This year fought for its right to do so in court, this is what Olivia Wannan reports. More about COP27 announcements and news here. Christmas dinner […]
Here is a news regarding the success rates for discovering new oil and gas resources. Do you know that 2021 saw one of the lowest on record? However, with the return of high-impact oil exploration in 2022, O&G businesses have seen a much higher success rate. In fact, by September 2022, exploration, development, and production […]
This year, the United States became the world’s biggest liquefied natural gas (LNG) exporter. This is as deliveries to energy-starved buyers in Europe and Asia surged. In the current year, five developers have signed over 20 long-term deals. They are to supply more than 30 million metric tons/year of LNG or roughly 4 Bcf/d, to […]
Several European and US oil and gas Giants (producers), including France’s TotalEnergies, Norway’s Equinor, and Aker BP along with the UK’s Shell, released their quarterly reports this week. Thanks to the energy crisis, all four players delivered strong financial results. However, we can now see how the U.S. oil majors have performed in comparison with […]
President Joe Biden’s $737 billion Inflation Reduction Act (IRA) aims to address a cornucopia of American ills. Arguably its most important aspect is how it jump-starts the country’s fight against climate change. Have you heard about the strongest climate bill that’s coming? It attacks the country’s carbon emissions from both ends — consumption, and production […]
The US Energy Information Administration projects that the nation’s unconventional oil and gas production will reach record levels in November. There are indications that inflation could limit growth moving forward. According to the EIA’s monthly Drilling Productivity Report, shale oil production should surpass 9 million barrels per day in October. It will increase to 9.1 […]
