Oil consumption will climb by 5%, or about 5 million barrels a day, in the second half of 2021 versus the first as the world emerges from the pandemic slump, the Organization of Petroleum Exporting Countries forecast in a report. SourceContinue Reading
Crude found support with U.S. consumer prices in May topping forecasts, extending a months-long buildup in inflation that is seen helping spur more interest in alternative assets like commodities to find yield. SourceContinue Reading
The collaboration paves the way for improved lithium production solutions that will help meet the expected surge in demand for lithium as the electric vehicle market takes off worldwide. SourceContinue Reading
The transaction, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells. SourceContinue Reading
Expected declines in demand for fossil fuels are compelling major oil and gas companies to actively restructure their businesses to add renewable power projects in their portfolio. This will help these companies reduce their carbon intensity and align with the changing energy mix in the long run, according to GlobalData. SourceContinue Reading
TC Energy Corporation confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the $9 billion Keystone XL Pipeline Project. SourceContinue Reading
TC Energy Corporation confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project. SourceContinue Reading
The Bureau of Ocean Energy Management will publish a Request for Interest in the Federal Register on Friday, June 11 to assess interest in potential offshore wind development in the Gulf of Mexico’s outer continental shelf. SourceContinue Reading
With the East African Oil Pipeline project recently getting the go-ahead, Uganda is set to produce its first oil as early as 2025 and production in the next five years is expected to jump to 230,000 barrels per day, from zero in 2021, says GlobalData, a leading data and analytics company. SourceContinue Reading
Iran plans to restore the bulk of its crude oil production within one month of the easing of U.S. sanctions if world powers manage to broker the revival of the 2015 nuclear deal, the official Shana news agency reported, quoting an official at the National Iranian Oil Co. SourceContinue Reading
