Mozambican businesses looking to cash in on Africa’s biggest private investment are facing disaster after an attack by Islamic State-linked militants on a town close to Total SE’s $20 billion natural gas export project. SourceContinue Reading
In what would be the world’s biggest carbon carbon and sequestration project, Exxon, along with a multitude of private and public partners, would build a facility to collect emissions from refineries, petrochemical plants and other industrial facilities along the Houston Ship Channel, Joe Blommaert, president of Exxon’s new low-carbon business said in a blog post....Continue Reading
Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and producers will be stretched to meet that surge, Vitol Chief Executive Officer Russell Hardy said in an interview. SourceContinue Reading
The contract is expected to commence in the first half of 2022, with a firm duration of 110 days. The value of the firm contract is approximately USD 34m, including rig modifications and a mobilization fee. SourceContinue Reading
Oil’s forward curve suggests growing confidence, with the spread between WTI’s contracts for December this year and 2022 at the widest backwardation in about a month. Yet there are still reasons to be cautious, with India suffering a fresh wave of coronavirus infections and refiners there starting to curb processing. SourceContinue Reading
Libya’s oil production has fallen below 1 million barrels a day for the first time in months as a budgetary dispute hinders the OPEC member’s ability to fix war-damaged infrastructure. SourceContinue Reading
Equinor announced that starting in 2022 it will submit its energy transition plan for advisory vote to shareholders at its Annual General Meeting. Equinor will update the plan every three years for an advisory vote. Progress on the plan will be reported annually. SourceContinue Reading
BP will spend about $1.3 billion to build a network of pipelines and other infrastructure to collect and capture natural gas produced as a byproduct from oil wells in the Permian Basin of Texas and New Mexico, the Wall Street Journal reported. SourceContinue Reading
The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers. SourceContinue Reading
Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, Pioneer Natural Resources CEO Scott Sheffield said at an industry summit. He added that the cartel, frustrated at U.S. producers’ success in taking market share from OPEC, allowed prices to tumble. SourceContinue Reading
