(Reuters) – President Joe Biden’s administration on Friday finalized a range of reforms designed to boost returns and address environmental harms from oil and gas drilling on public lands. The new rules follow years of criticism from green and taxpayer groups that federal oil and gas development was not benefiting the public. Many of the …
U.S. Finalizes Big Reforms to Federal Oil and Gas Drilling Read More »
(Reuters) – The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity. The Paris-based energy watchdog lowered its growth outlook for this year by 130,000 barrels per day (bpd) to 1.2 million bpd, adding that the …
IEA Trims Oil Demand Forecast on Weakness in Wealthier Countries Read More »
Industry leader Herbert Hunt was instrumental in dual-lateral development, opening the North Sea to oil and gas development and discovering Libya’s Sarir Field.
Under the new policy, drilling is limited in wildlife and cultural areas and oil and gas companies will pay higher bonding rates to cover the cost of plugging abandoned oil and gas wells, among other higher rates and costs.
Subsea7 will install a flowline for Talos’ Sunspear development in the Gulf of Mexico.
Exxon Mobil has made a final investment decision for its sixth oil development project in offshore Guyana after receiving the required government and regulatory approvals, the company said on Friday.A consortium led by Exxon began crude output in Guyana in 2019, and has ramped up production to some 650,000 barrels per day (bpd) this year. …
Exxon Moves Forward with Sixth Oil Project in Guyana, Targets 1.3 million Bpd Output Read More »
Heating demand in Europe and production disruption at the Freeport LNG terminal in the U.S. pushed up prices, said Samuel Good, head of LNG pricing at commodity pricing agency Argus.
Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.
Bloomberg The latest market forecasts from the world’s oil producer and consumer groups might as well be describing two different planets. Which one OPEC+ ministers believe they inhabit will be crucial for their production decision in June. The International Energy Agency is relatively downbeat on the outlook for demand. On Friday, it trimmed its 2024 forecast by …
OPEC Makes the Case for Oil Supply Restraints to Ease Read More »
(Reuters) – The Biden administration on Thursday said the U.S. had surpassed a goal of permitting more than 25 gigawatts of clean energy projects on public lands by 2025 and finalized a plan to slash project fees for wind and solar energy on federal acreage. WHY IT’S IMPORTANT The announcement marks the latest effort by …
U.S. Surpasses Renewable Energy Goal for Public Lands Read More »
