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(Bloomberg) — Tanzania will sign key agreements with oil majors including Equinor ASA and Shell Plc next month to pave the way for a planned $40 billion liquefied natural gas export project, according to the nation’s Energy Minister January Makamba.
When it comes to success rates for discovering new oil and gas resources, 2021 saw one of the lowest on record. However, with the return of high-impact oil exploration in 2022, O&G businesses have seen a much higher success rate. In fact, by September 2022, exploration, development and production (E&P) firms had already discovered more than 1.7 Bboe at high-impact wells–four times what was discovered for all of 2021. With success rates like this, E&P organizations plan to move forward with a range of new projects that will have pumps producing oil for years to come.
French engineering group Technip Energies has said it is making an “orderly exit” from its largest contract in Russia, Arctic LNG 2, with the problems looming on the horizon for work on the liquefied natural gas scheme’s trains at a specialised shipyard near the Russian port of Murmansk.
Oil output from shale basins is at risk of peaking in just two years as drillers combat rising costs, analysts including Amrita Sen wrote in a note to clients dated Tuesday. Rampant inflation is prompting at least five producers to consider the unusual step of cutting rigs at the start of the year, while none plan to boost oil activity substantially, according to the report.
(Bloomberg) — While U.S. gasoline prices have come down from the highs seen this summer, they’re clearly still weighing on President Joe Biden, who on Monday repeated demands for oil companies to charge less
(Bloomberg) — Nigeria lost its crown as Africa’s largest crude producer as Angola surpassed the country for the first time in more than five years
(Bloomberg) — Texas’s top oil and natural gas regulator adopted a new set of weatherization rules more than a year and a half after a deadly winter storm hit the state and left millions without
At a time when global oil markets are experiencing significant volatility, member countries of OPEC+ have the means to address these challenges, and Equatorial Guinea will continue
National Oil Company Petrobras is focusing on output growth from pre-salt, following a trend of Brazilian oil independents raising output at fields the NOC already divested, Petroleum Economist reported
(Bloomberg) — President Joe Biden announced plans to advance offshore wind power in the Gulf of Mexico and in Atlantic waters near the Southeast U.S., part of a bid to prove he’s confronting the climate crisis