Oil fell as disappointing Chinese economic data and a resumption of Libyan production undercut signs of a tightening market. West Texas Intermediate fell to near $74 a barrel and closed at its lowest price in a week on Monday after protesters abandoned Sharara, one of Libya’s largest oil fields, allowing production to restart. Meanwhile, China’s economy expanded more slowly than expected in the second quarter, although apparent demand for oil grew 14% last month from a year earlier. Crude remains lower this year as China’s lackluster recovery and Federal Reserve rate hikes weigh on demand. US central bank officials are…
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India’s largest private crude producer Vedanta plans to invest billions of dollars in the oil and gas sector and its commodity-related businesses, according to a report by S&P Global Commodity Insights, citing the company president Anil Agarwal. Agarwal said the changing energy landscape will increase demand for oil and gas as well as metal resources in the foreseeable future, according to the report. Vedanta owns Cairn Oil & Gas, which is India’s largest private sector crude oil producer, owning assets in India’s Rajasthan, Andhra Pradesh and Gujarat regions, according to the company’s website. The Mangala field in Rajasthan, discovered in…
Global oil demand will rise by 2.2 million barrels per day (MMbpd) to reach a record high of 102.1 Mbpd in 2023, the International Energy Agency (IEA) said in its latest report on the oil market (OMR). China will account for 70 percent of global gains due to increased use of petrochemicals, the IEA said. However, “China’s much-anticipated reopening has so far not extended beyond travel and services, with its economic recovery losing steam after rebounding earlier this year,” the agency said. The IEA forecasts growth to slow to 1.1 Mbpd in 2024. “Global oil demand is under pressure from…
Solar and wind generation will continue to increase and supply more than a third of all energy by 2030, up from 12% today, according to a report by RMI, a nonprofit focused on the energy transition. According to the organization’s forecast, solar and wind could generate between 12,000 and 14,000 terawatt-hours by 2030, which is three to four times more than 2022 levels. The projected levels would also exceed recent calls ahead of the COP28 climate summit to triple total renewable energy by 2030, RMI said. The RMI also predicts demand for fossil fuels will be in “sharp decline”, declining…
The Biden administration on Friday rejected more than two dozen requests from oil refineries for exemptions from US biofuel blending requirements. The decision by the Environmental Protection Agency is a blow to 15 unidentified small refiners that had applied for exemptions from requirements to blend renewable fuels with gasoline and diesel, arguing that the mandates were too costly. However, the agency determined that none of the 26 rejected applications demonstrated that they experienced disproportionate economic hardship caused by meeting the mandates of the renewable fuel standard. The rejected applications sought fee relief for the 2016-2018 and 2021-2023 compliance years, an…
Mongolian oil company Petro Matad has struck water in the Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia. The well that was spudded on June 14 reached a total depth of 1,500 meters (4,921.26 feet) and wireline logging has been completed, but all reservoirs found were water, the company said in a statement. The well was close to forecast at all levels. The main target of the Late Jurassic/Early Cretaceous Undur Formation was found at 1,170 meters (3,840 ft) and had good-quality reservoir sands interbedded with shales along a c. Range 200 meters (656…
Energy construction and engineering solutions provider McDermott has secured work on the North Field production sustainability project. The company has been contracted by Qatargas to provide engineering, procurement, construction and installation (EPCI) for the offshore fuel pipeline and submarine cable project, known as COMP1. The COMP1 project is part of the NFPS Offshore Compression Project which involves the installation of new assets in the North Field of Qatar, including compression complexes at seven locations to maintain gas supply to liquefied natural gas (LNG) production trains. existing in the future, McDermott said in a statement. The contract award follows McDermott’s 2022…
A European Union platform for collective gas purchases by member countries has matched some 423.78 billion cubic feet (12 billion cubic meters) in potential deals with international suppliers. Under the EU Energy Platform, which is part of the REPowerEU strategy, the 27-member bloc can pool demand, negotiate with international partners and coordinate collective purchases. The platform is part of strategies to diversify supply outside of Russia. After the Russian invasion of Ukraine in February 2022, the EU declared on March 11 of that year the phase-out of fossil fuels from its traditional energy source by 2027 and 18 of May…
For years, oil and gas companies have struggled to win over investors, largely because of the energy sector’s notoriously volatile history, marked by boom-and-bust cycles and sometimes frightening levels of debt . You might think that the pandemic and the resulting turmoil in energy markets would only make things worse, but the chaos actually forced E&Ps to get their finances in better order and, in many cases, to acquire other companies or be acquired themselves . Financial discipline and consolidation brought another benefit: significantly improved credit ratings, which have the side effect of making companies even more attractive. In today’s…
Hydrogen is better suited to storing energy than heating homes, UK Energy Secretary Grant Shapps said, adding to hints that a proposed hydrogen levy on household bills could be scrapped. With the UK in the midst of a cost-of-living crisis, plans to impose a levy on household energy bills to fund the hydrogen industry have drawn criticism, particularly as some point out that the fuel will not is a serious option for decarbonizing domestic heating. short term. A hydrogen levy is currently going through Parliament as part of the government’s proposed energy bill. Last month The Telegraph reported, citing Shapps,…