News

Following several previous successful years, Norway once again saw record oil and gas profits in 2022, as well as progressing its renewable energy operations. With energy prices soaring last year, in response to the Russian invasion of Ukraine and the subsequent scarcity of oil and gas in Europe, Norway recorded significant profits throughout the year. The Nordic powerhouse quickly stepped in to provide gas to other European countries that were facing severe shortages, offering an alternative to Russia. Thanks to its favorable position in the international…
Upstream companies are starting to adapt to an environment where oil prices will be higher for longer, one where OPEC+ production discipline and US shareholder returns are just as important a factor in drilling as the physical flow of oil. Whilst 2022 witnessed several huge discoveries, most notably the frontier-opening Venus find in offshore Namibia, the aggregate tally of new reserves is still a fraction of upstream activity back in 2014 and 2015. Crudely put, we are still in a period of low upstream commitments, even if it’s getting marginally…
Arizona State University research shows a pathway toward full decarbonization of U.S. aviation fuel use by substituting conventional jet fuel with sustainably produced biofuels. The study found that planting the grass miscanthus on 23.2 million hectares of existing marginal agricultural lands – land that often lays fallow or is poor in soil quality – across the United States would provide enough biomass feedstock to meet the liquid fuel demands of the U.S. aviation sector fully from biofuels, an amount expected to reach 30 billion gallons/year…
As Exxon and Chevron focus more on shareholder returns and less on speculative spending, they are both reining in investments in large international oil projects and focusing more on investing in the Americas. Chevron says it'll use 70% of its capital allocation for production on oil fields in the U.S., Argentina and Canada, while Exxon says they will allocate a similar portion of their budget to places like the Permian Basin, Brazil and LNG projects, The Wall Street Journal reported this week. Both companies are moving out of places like Asia,…
Hedge funds and other portfolio managers boosted their bullish bets on crude oil at the end of 2022 despite concerns about demand in the immediate term in the world’s top crude oil importer, China, and persistent fears of slowing economies.   Investors raised their net long position - the difference between bullish and bearish bets - in all major petroleum-related futures and options contracts in the week ending December 27, data from exchanges showed. The rise in long positions was led by the biggest jump in bullish bets in Brent Crude…

Pages