Rystad Says Oil Demand is Peaking. Predicts $60 a Barrel by 2027
Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year's peak price as demand tumbles.Their outlook is a reassuring message amid recent Wall Street analysts predicting up to $150 per barrel in the next two years.
Exxon Secures Lead in top US Oilfield with $60B Buy of Shale Rival Pioneer
Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.The deal, valued at $253 a share, combines the largest U.S. oil…
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled…
Digitalization is Drawing CCS a New Learning Curve
Digital solutions are accelerating the progress required to ensure CCS earns its place in climate change mitigation history.Carbon capture has been around since the 90s, but the behavior of CO2 in pipelines is still not that well understood. A lack of suitable multiphase flow assurance…
Tyra II Production Successfully Restarted
The Tyra Redevelopment Project (Tyra II) has restarted production. At plateau, the Tyra hub will produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day.TotalEnergies operates the Tyra field on behalf of Danish Underground Consortium, a partnership between TotalEnergies (43.2%)…
Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin…
Shipping Rivals CMA CGM, Maersk to Collaborate on Green Fuels
Container shipping giants CMA CGM and Maersk said on Tuesday they will cooperate in efforts to reduce emissions in the sector…
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time…
Latest news
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Exxon Mobil Continues to Ramp Up LNG Portfolio
Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million…
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Quick Connect: OAL Subsea Pipeline Completed
Making a twist on the proverb 'necessity is the mother of invention', GASCADE Gastransport GmbH and StreamTec Solutions AG completed…
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Floating Production – A Growing Segment in Transition
The specialized deepwater oil & gas and floating offshore wind segments will share many of the same stakeholders and supply chains…
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ABS Opens LNG Academy in Qatar
American Bureau of Shipping (ABS) has inaugurated the ABS Global LNG Academy, a cutting-edge training center dedicated to…
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Japan Takes the Lead on Ammonia as Maritime Fuel
Late last year Japanese maritime leaders – Nippon Yusen Kabushiki Kaisha (NYK), Japan Engine Corporation, IHI Power Systems Co.…
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Fratelli Cosulich Inks Charter Deal for LNG Bunkering Vessel
Italian shipowner Fratelli Cosulich and PETCO Trading Labuan Company Limited (PTLCL), a trading arm of Malaysian energy company Petronas…
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Exploring 'Future Fuels' - Methanol’s Superstorage Solution
Technical inquiries to SRC Group ramped up after it received Approval in Principle (AIP) for a concept which ‘reinvented…
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Equinor Increases Ownership in Linnorm Discovery
Equinor will acquire Shell’s equity in and operatorship of the Linnorm discovery in the Norwegian Sea. Under this agreement…
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Wärtsilä’s Inks Deal for Supplies on Four new LPG Ships
Wärtsilä will supply the cargo handling and fuel supply systems for four new 40,000 m3 gas carrier vessels. The ships are…
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NYK, JERA, Resonac to Study Supplying Ammonia as Fuel to Vessels
NYK, JERA Co., Inc. and Resonac Holdings Corporation signed an agreement to jointly study the supply of ammonia as fuel to…
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WinGD, Alfa Laval Team to Advance Ammonia-powered Engines
Alfa Laval and WinGD established a partnership in which Alfa Laval will deliver two fuel supply systems (FSS) for testing…
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Aramco to Acquire 40% Stake in Gas & Oil Pakistan
Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40%…
Offshore Oil & Gas
Fincantieri Set to Acquire Remazel Engineering
Fincantieri has set the main terms and conditions for the acquisition of 100% of the shares of Remazel Engineering S.p.A.
Enerpac wins Calvados Offshore Wind Farm Deal
Enerpac won a contract by Saipem to supply the Hydraulic Levelling and Fixation System for the installation of 64 transition…
Siemens Energy Shares Tumble 31% as Wind Turbine Troubles Exposed
Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems…
Shale Oil & Gas
Chevron to Buy PDC Energy in $7.6 bln Deal
Chevron Corp said on Monday it would acquire PDC Energy Inc in an all-stock transaction for $7.6 billion, including debt…
SLB Launches Cement-free System to Cut CO2 Footprint of Well Construction
Oilfield services giant SLB, until recently known as Schlumberger, on Monday introduced the EcoShield geopolymer cement…
China's Sinopec Finds Shale Oil at Shengli Field
A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil rese
LNG
Petrobras Starts Contracts with CEG and CEG RIO
Petrobras signed new natural gas contracts with Companhia Distribuidora de Gás do Rio de Janeiro (CEG) and CEG RIO S.A. (CEG…
Cheniere, Equinor ink Long-term LNG Deal
Equinor and Cheniere announced a new 15-year purchase agreement of around 1.75 million tons of LNG per year, with half of…
U.S. Natgas Demand, Price Nosedive Continues
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history…
Renewables
Port Invests in Zero-Emission Cargo Handlers
A fleet of 33 new human-operated, zero-emissions battery-electric yard tractors were unveiled last week at a Port of Long…
Vestas Wins 46 MW Order in Japan
Vestas has secured a 46 MW repowering order with Eurus Energy Holdings Corporation for Eurus Kamaishi Wind Farm in Iwate prefecture, Japan.
Technip Energies Sets Up Green Hydrogen JV, Beats Quarterly Earnings Expectations
French oil and gas services group Technip Energies on Thursday announced a green hydrogen solutions joint-venture with Belgian group John Cockerill…
Technology
Alphabet Winds Down Makani
Alphabet, Google's parent company, announced that it is calling it quits on its efforts to build and monetize its Makani…
CMA CGM Joins Energy Observer in Hydrogen Project
French shipping giant CMA CGM is joining forces with Energy Observer within a project focusing on testing the potential of…
Toshiba Delivers Fuel Cell System to Ship
The provider of energy industry solutions Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) announced that the…
Legislation
US Prepares Renewal of Chevron's Venezuela License Without Broader Terms
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela…
New York City Sues Exxon, BP, Shell Over Climate Change
New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the…
Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and…
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