As oil and gas production companies look for efficient and cost-effective methods of increasing their output. With that, the well-intervention market is set to get a healthy boost. Spending on interventions is a way to extract additional resources from an existing well. This is instead of drilling a new one. The projection is for it […]
The Bureau of Land Management’s first oil and gas lease sale in over a year netted roughly $14.7 million in Wyoming — about $1.8 million more than last year’s sale. Wyoming will receive 48% — roughly $7 million — of that revenue. While Gov. Mark Gordon applauded the lease sale in a Monday statement, he […]
Oil and gas companies are reinvesting record profits from the fossil fuel price surge driven by the Ukraine war to intensify the hunt for new deposits despite repeated calls by the United Nations to phase out hydrocarbons to avoid a climate crisis. What will these oil giants do? Data and industry executives found the exploration […]
Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world’s energy demand up by 23%, said OPEC on Monday. ″Oil is irreplaceable for the foreseeable future,” Secretary-General Haitham Al Ghais of the Organisation of the Petroleum Exporting Countries said while addressing the inaugural Energy Asia conference held […]
Crude oil prices began trade with a gain today as supply worries returned to the table amid the rebellion news from Russia and expectations of demand growth during peak driving season in the United States. In midday trade in Asia Brent crude was moving toward $75 per barrel with West Texas Intermediate climbing above $70 per barrel. News about […]
In the months after Russia’s invasion of Ukraine any hint of bad news sent energy prices into the stratosphere. When a fire forced an American gas plant to close, strikes clogged French oil terminals, Russia demanded Europe pay for fuel in roubles or the weather looked grimmer than usual, markets went wild. Since January, however, […]
The global oil & gas fabrication market size was worth USD 4.86 billion in 2021. The market value is slated to rise from USD 5.03 billion in 2022 to USD 6.93 billion by 2029 at 4.7% CAGR during the forecast period. The infrastructure of the oil & gas industry is complex. An oil rig or platform is […]
The biggest U.S. shale regions are expected to produce a record-high level of crude oil in July. Growth is sputtering and set to be the slowest since December 2022. With that, data from the Energy Information Administration (EIA) showed on Monday. The seven main shale-producing regions in the United States are expected to pump 9.375 […]
Oil prices rise early on Wednesday as Chinese data showed crude imports. It is the world’s top oil importer jumped in May, recovering from a weak April. As of 8:13 a.m. EDT on Wednesday, ahead of the EIA weekly inventory report, WTI Crude prices were up by 0.99% at $72.45. The international benchmark, Brent Crude, traded at $76.98, […]
US oil and gas output continued to rise strongly in March – the delayed impact of very high prices that prevailed until the third quarter of 2022. Oil output increased by 171,000 barrels per day (b/d) in March compared with February, according to the U.S. Energy Information Administration (“Petroleum supply monthly”, EIA, May 31). The […]
