The offshore oil and gas (O&G) sector is set for the highest growth in a decade in the next two years. It is with $214 billion of new project investments in line. Rystad Energy’s research shows that annual greenfield capital expenditure (capex) will break the $100 billion threshold. This is a projection in 2023 and […]
Oil prices could hit the $90-$100 per barrel range in the second half of this year as global demand is set to reach record levels amid constrained supply, Russell Hardy, CEO at the world’s largest independent top energy trader, Vitol Group, told Bloomberg Television on Monday. “The prospect of higher prices in the second half […]
Oil prices rose nearly 2% on Tuesday. It erases the previous session’s losses as hopes for a strong economic rebound in China offset worries about U.S. interest rate hikes. It is dragging down consumption in the world’s biggest economy. Here is how oil rebounds Brent crude futures for April, which expired on Tuesday, settled higher […]
Oil prices rise on Thursday on expectations that Russia will cut its oil exports more than previously announced. International benchmark Brent crude traded at $80.79 per barrel at 9.35 a.m. local time (0635 GMT), up 0.24% from the closing price of $80.60 a barrel in the previous trading session. At the same time, American benchmark […]
Several bills are supporting the Texas oil and natural gas industry. The goal is to protect consumers from California-style regulatory policies. State Sen. Brian Birdwell, R-Fort Worth, and Rep. Brooks Landgraf, R-Odessa, filed companion bills. The bills are SB 1017 and HB 2374 which will protect Texans’ energy choices. If enacted into law, local government […]
The global oil and gas industry profits in 2022 jumped to some $4 trillion. It is from an average of $1.5 trillion in recent years. This is what the head of the International Energy Agency (IEA), Fatih Birol said on Tuesday. Despite those profits, countries depending on oil and gas revenue should prepare to reduce […]
Permian Strategic Partnership (PSP) President and CEO Tracee Bentley made a compelling case. It is for the positive impact of oil and natural gas production. The impact on local communities during her testimony before the U.S. House Subcommittee on Energy and Mineral Resources at The University of Texas Permian Basin Midland Campus on Feb 13. […]
Oil and gas companies and producers based on the Texas side of the Permian Basin looked to capitalize on the growth. Growth in the New Mexico portion of the region, looking to buy lands in the southeast corner of the state. Permian Resources Corporation announced an agreement. They will see it purchase about 4,000 leasehold […]
The Texas Independent Producers & Royalty Owners (TIPRO) Association’s eighth edition of its State of Energy Report found Texas in the driver’s seat. This is when it comes to oil and gas production and oil industry-related jobs for 2022. Oil production in Texas was 1.83 billion bbl in 2022. New Mexico with 534 million bbl […]
Last year, President Biden slammed Exxon Mobil for making “more money than God”. But guess what, oil and gas saw record profits in 2022. That moment underlined a sharp turnaround from 2020 when the pandemic slashed oil prices and ground energy companies to a near-halt. That year, Exxon posted a $22B loss — its first […]
