Business/economics
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
The supermajor said the fields are not expected to contribute meaningfully to its production profile by 2030.
Output is rising fast in the South American shale play and putting Argentina on a course to soon reach 1 million B/D.
-
Shale-based associated gas production is behind the phenomenon. When oil prices do not support production, associated natural gas production also stops, with little to no consideration of natural gas prices. -
The supermajor said that it hopes to complete a megaproject in Kazakhstan before rerouting future spending to the Permian Basin and other developments.
-
The move will give the new entity shareholding in PDO and remove PDO’s oil and gas expenditures from Oman’s state budget.
-
Under the group’s historic April agreement, the easing of voluntary cuts would have been 2 million B/D, which would have been too much for markets to absorb.
-
Sinopec recorded China’s highest daily output of shale gas at 20.62 million cubic meters (Mcm) at its Fuling shale-gas field in Chongqing, China, a key gas source for the Sichuan-East gas pipeline.
-
OPEC’s easing of production cuts originally planned for January may be delayed until mid-2021 because of the global increases in COVID-19 cases occurring in November.
-
While the individual circumstances of upstream companies may vary, they all must take decisive action to pivot away from “business as usual” and instead, pursue new growth models.
-
Financial analytics company S&P Global and information provider IHS Markit announced they have agreed to merge in an all-stock deal that values IHS Markit at $44 billion.
-
ExxonMobil has trimmed its future spending by more than 30% and said it will seek to divest from gas assets in the US, Canada, and Argentina.
-
At least one investment firm thinks there is money to be made in oil and gas operations and is putting up $900 million in equity to fund a startup by two veterans from Felix Energy.
