Business/economics
Nearly 90% of investment since 2019 has gone to replacing lost production, with $570 billion in spending projected for 2025.
Months of due diligence and evaluation following proposed $18.7 billion deal results in no deal to purchase Australian operator.
The deal between the Republic of the Congo and the Chinese oil and gas company aims to develop the Banga Kayo, Holmoni, and Cayo blocks and raise national oil output to 200,000 B/D by 2030.
-
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.
-
The surge in oil and gas prices has reminded Europeans that they still need hydrocarbons and reminds them why they want to replace them.
