Growth in global gas demand is set to pick up this year due to colder winter temperatures and easing prices, with emerging economies leading the increase in consumption, but geopolitical risks and supply-side concerns could trigger renewed price volatility, according to the IEA’s latest Gas Market Report. In 2023, global …
Read More »BP Embarks on Its ‘Largest-ever’ Seismic Program at Supergiant Oilfield
Shortly after achieving 1 billion barrels of total oil production the West Azeri platform, one of the seven Azeri-Chirag-Gunashli (ACG) production platforms in the Caspian, BP kicked off a new 4D seismic program on the ACG field on January 20, 2024. According to the oil major, this is its largest-ever …
Read More »Eni, LG Chem Agree to form JV for South Korean Biorefinery
LG Chem Ltd. and Eni SPA have signed a joint venture agreement for a planned biorefinery in South Korea, toward a final investment decision expected later this year. The project is planned to rise in the town of Daesan on the west coast of the country where local company LG …
Read More »TotalEnergies Buys Stake in 405 MW Danish Wind Power
TotalEnergies has bought a majority stake in two offshore wind projects in Denmark from European Energy and both companies agreed to cooperate on offshore wind auctions in the Scandinavian nation. Under the agreement, the French energy company takes an 85% stake in the 240 MW Jammerland Bugt project and a …
Read More »Exxon Looks to Tap Guyana’s Gas Riches
After boosting oil production to above 500,000 barrels per day in five years, the world’s newest crude oil exporter, Guyana, looks to develop its significant natural gas resources, too. ExxonMobil, whose consortium currently pumps all of Guyana’s crude oil, is positioning itself to explore and understand the natural gas reserves …
Read More »Saudi Aramco Boosts Venture Capital Arm with $4 Billion New Funds
Saudi Aramco is more than doubling funding to its venture capital arm by injecting an additional $4 billion funding, the Saudi state oil giant said on Wednesday. The fresh funding will raise Aramco’s total investment allocation to its unit Aramco Ventures from $3 billion to $7 billion. The decision to …
Read More »Chevron CEO Warns of Serious Risks to Oil Flows from Red Sea Crisis
As the world’s eyes are keenly focused on the escalating crisis in the Red Sea, Chevron’s CEO, Michael Wirth, has voiced his concern over the potential disruption to oil flows. Speaking at the World Economic Forum in Davos, Switzerland, Wirth painted a worrisome picture of the current situation, expressing surprise …
Read More »Shell Halts all Red Sea Shipments as Tensions Rise
Shell has suspended indefinitely all its shipments via the Red Sea/Suez Canal route amid rising tensions in the region and fears of escalating Houthi attacks on commercial shipping, The Wall Street Journal reported on Tuesday, citing sources with knowledge of the supermajor’s decision. An oil tanker that Shell had chartered …
Read More »TotalEnergies Takes Investment Decision on Gas Project
Managing Director and Country Chair, TotalEnergies Exploration and Production (E&P) Nigeria Limited, Matthieu Bouyer has said the company would take the final investment decision (FID) on the Ubeta gas project in 2024, while some other big projects would follow shortly. Bouyer made this disclosure when he led senior officials of …
Read More »TotalEnergies Expands Stake in Namibian Oil Discovery
Optimizing its position in the global energy sector, the French energy giant TotalEnergies has recently announced an expansion of its holdings in a notable oil discovery located in Namibia, marking a strategic initiative within the industry. The company has recently inked a deal with Impact Oil and Gas Namibia (Pty) …
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