Oil & Gas News


Exxon Says World Set to Fail 2°C Global Warming Cap by 2050

Aug 28, 2023

Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp said on Monday, with the world failing to keep global temperature increases below 2 degrees Celsius.The largest U.S…

Oil Companies Sue Over Lease Changes Made to Protect Whales

Aug 24, 2023

An oil and gas industry trade group, the state of Louisiana and Chevron on Thursday sued the Biden administration over its decision to withdraw acreage from an upcoming oil and gas lease sale in the Gulf of Mexico to protect an endangered whale…

DeepOcean Awarded Riser Contract for Equinor’s Troll B

Aug 23, 2023

Ocean services provider DeepOcean has been awarded a contract by Equinor to support the Troll B – Increased Gas Export project, located in the northern part of the North Sea.Troll B is a floating processing and accommodation platform with a concrete substructure…

Equinor to Implement Heat Recovery at Statfjord C

Aug 22, 2023

Equinor and partners will replace two gas turbines with heat recovery to produce electric power at Statfjord C.A new steam turbine will produce electricity based on surplus heat from two gas compressors. This will make the energy consumption…

Oil and Gas Exploration Spending Expected to Recover from Historic Lows

Aug 16, 2023

Exploration spending (excluding appraisal) will recover from historic lows to an average of $22 billion per annum in real terms over the next five years, according to a new report from Wood Mackenzie.Tailwinds from attractive exploration economics…

BP Backs Green Hydrogen Start-Up

Aug 15, 2023

BP has invested in a start-up company developing technology seeking to use vapour from heavy industry to sharply reduce the production costs of zero-carbon hydrogen.BP Ventures, the British energy giant's venture capital arm, was among several investors in a $12…

Israel's Energy Minister Favors More Natural Gas Exports

Aug 02, 2023

Israel's energy minister said on Wednesday that more of the country's natural gas reserves should be earmarked for export, amid renewed interest in offshore exploration and debate on whether the gas should be kept for domestic use.Huge gas deposits…

Exxon-Led Group Earned Nearly $6 Billion in Guyana Last Year

May 25, 2023

Exxon Mobil and two partners earned $5.8 billion last year from offshore oil production in Guyana, according to audited results filed in an appeal of a court ruling that found them in breach of insurance obligations.The filing is the first disclosure of 2022 profits Exxon…

Norway Offers 92 Blocks in Mature Areas Licensing Round

May 11, 2023

Norway offered 92 new blocks to explore for oil and gas in the Norwegian and the Barents Seas on Wednesday in so-called APA round, the country's oil and energy ministry said.In recent years, Norway used annual APA rounds to aggressively expand exploration acreage in the Arctic Barents Sea…

Environmental Groups Take Eni to Court Over Climate Change

May 10, 2023

Environmental groups Greenpeace and ReCommon said on Tuesday they had launched a lawsuit against Italian energy group Eni for contributing to climate change with its fossil fuel businesses.Greenpeace said it had served notices about the lawsuit…

Venezuela's Oil Exports Fall in Spite of Iranian Assist

Jan 06, 2023

Venezuela's oil exports last year declined due to infrastructure outages, U.S. sanctions and rising competition in its key Asia market despite assistance from ally Iran, according to shipping data and documents.Exports this year are expected…

IEA Says World Oil Demand to Rise 2% in '23

Jun 15, 2022

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook…

OPINION: Professor Richey says Biden Administration Needs to Work with Oil & Gas Industry

Jun 09, 2022

Glenn Richey, the Raymond J. Harbert Eminent Scholar and chair of the Department of Supply Chain Management in Auburn University’s Harbert College of Business, comments on record gas prices and how the Biden administration needs to work with…

ROVs: Time for Renewal in the Work Class world?

Aug 17, 2021

There are tentative signs of the start of a renewal in the work class ROV fleet. But what form will it take?The work class ROV (WCROV) market has taken something of a battering over the past few years. The 2014 downturn and then a pandemic has…

Eni Finds New Oil Offshore Mexico

Aug 02, 2021

Eni announced an oil find in Upper Miocene sequences on the Sayulita Exploration Prospect in Block 10 in the mid-deep water of the Cuenca Salina Sureste Basin, Offshore Mexico. According to preliminary estimates the new find may contain between 150 and 200Mboe in place…

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