Business/economics

ExxonMobil has declared force majeure on its Sakhalin-1 operations in the Russian Far East as risk-averse shippers fearing sanctions refuse to transport Sakhalin crude and production starts to fall.

Employment is not a direct function of oil prices, but of upstream and midstream investment and activity. Fluctuations in SPE membership generally lag the activity increase or decrease by 1–2 years. It is expected that the current upcycle of activity will contribute to a rebound in membership, especially among the young professionals.

The combined company will get a new name and a new focus on offshore renewables and other clean energy projects.

Schlumberger, Baker Hughes warn of an uncertain future for their work in Russia while Halliburton prepares for a full wind down. In turn, all look to North America for revenue growth.

As Europe’s second-largest LNG hub after Spain, the UK promises to play a near-term role as an “energy bridge” to ease the EU’s dependence on Russian energy, given that the UK can ship regasified product directly to the continent via subsea pipeline.

Forecast increased demand for natural gas globally will keep new US liquefaction projects and additional proposals moving forward.

The price of natural gas always drops when winter weather ends, but maybe not this year.

South Africa’s Sasol has nixed plans to invest in the proposed African Renaissance Pipeline, opting instead to import LNG by tanker from Mozambique where TotalEnergies, Eni, and ExxonMobil are developing projects.

Delek Group subsidiary Ithaca Energy has acquired private equity-backed Siccar Point Energy to become a major player in the North Sea.

QatarEnergy is farming into ExxonMobil’s North Marakia deepwater exploration project offshore Egypt as it further grows its position in the East Med and a share of possible future gas sales to Europe.