Industry Trends ///
OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the U.S.
The Memorandum of Understanding details intent to carry out knowledge transfer initiatives in technologies relating to water, oil and gas treatment process engineering, onshore platform function and maintenance, along with offshore gas field management and energy transition principles.
KCA Deutag announced it has signed a Sale and Purchase Agreement to acquire Saipem SpA’s onshore drilling business for a total consideration payable at closing of $550 million in cash and 10% equity interest in the group.
As he opened the COP26 climate talks in November, Boris Johnson warned “it’s one minute to midnight” in the race to slash planet-heating carbon emissions. His government has since announced £37 billion of funding focused squarely on subsidizing the consumption of energy -- much of it fossil fuels.
Oil & Natural Gas Corp.’s profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia’s invasion of Ukraine.
Iran’s foreign currency earnings from exports of oil, gas condensate, natural gas and petrochemicals rose more than 60% from March 21 to May 21, compared to the same period last year.
The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change.
Boris Johnson said he wants to keep North Sea oil and gas flowing to help tackle the rising cost of living and urged companies to boost investment.
Saudi Arabia’s oil exports reached $30 billion in March, the highest in at least six years, driven by a rally in oil prices and rising production.
Timchenko said that Ukraine is the number one topic at Davos, focusing on the country’s role in the future, particularly regarding energy security. A critical part of energy security is renewables.
Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment.
The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production since the invasion of Ukraine.
The dire predictions by executives and consulting firms about the short-term/long-term effects of Covid-19 on the industry were overwhelming. The unrelenting onslaught of “we will never recover” or “nothing will ever be the same” seemed short-sighted.
Amidst the crush of energy, financial and wartime news, you might have missed a significant milestone within Russia’s oil and gas industry. On April 21, now-former Lukoil CEO Vagit Alekperov resigned from that company.
Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass.
Russia’s seaborne crude exports are flowing unabated, despite European Union regulations that prohibit dealings with the country’s state energy companies.
The pledge will see 80% of the planned spending go to carbon capture and renewable energy projects, and the remaining 20% to oil and gas production, according to the report.
The former chief of BP Plc warned that investors are pushing environmental, social and governance concerns aside as fears about energy security and mounting costs take precedence.
As Texas officials hunt for financial firms hostile to the energy industry, Wall Street is rolling out its fossil fuel bona fides to convince officials not to bar them from doing business with the state.
Woodside Petroleum Ltd. almost certainly won investor approval to boost global oil and gas production by adding BHP Group assets while also facing a rebuke on its climate accounting.
CGG announced that Sercel, its Sensing & Monitoring division, has acquired Geocomp Corporation, specialized in high-value services and products for geotechnical risk management and infrastructure monitoring.