In a statement sent to Rigzone recently, Rystad Energy revealed that according to its research, total global recoverable oil reserves now stand at 1.624 trillion barrels. Rystad highlighted in the statement that since the company’s previous reserves report, 30 billion barrels of crude have been extracted, “the same level as in 2018 and 2019,” and revealed that they have added 84 billion barrels in fields, discoveries and exploration prospects. The increase in reserves in producing fields and approved projects in 2022 amounts to 71 billion barrels, while 13 billion barrels were found in new discoveries during 2022, Rystad noted. While…
Author: Automotivedealernews.com
An additional one-million-barrel-a-day unilateral cut by Saudi Arabia, which will take effect in July, along with seasonally stronger demand, should help tighten the market physically in the third quarter. That’s according to analysts at BMI, a Fitch Solutions company, who made the statement in a new report sent to Rigzone. “Producers in the Middle East and North Africa (MENA) tend to export less crude during their summer season, when crude production is diverted to the domestic market, to meet peak demand,” they stated analysts in the report. “This trend is not limited to MENA, as global oil consumption typically rises…
Poland’s biggest oil company may buy a stake in an East German refinery only after the Berlin government decided to leave Russia’s biggest crude producer as a shareholder, PKN Orlen SA’s chief executive said , Daniel Obajtek. The ultimatum follows months of speculation that Orlen is looking to invest in PCK’s facilities in Schwedt to ensure supply to its own network of petrol stations in neighboring Germany and help with deliveries to the domestic market. The main problem is the ownership of the plant. Even after the German authorities took operational control of PCK, Rosneft PJSC still holds a 54%…
US refineries have been enjoying some very good times over the past couple of years. Most importantly, refining margins have soared due to a tight global product supply/demand environment caused by, among other things, the recovery in post-COVID demand, refinery shutdowns, effects of the war between Russia and Ukraine and the high prices of natural gas. Traditionally, most refining margins come from (1) robust “crack spreads” (the general yardstick for measuring the overall health of the refining sector, simply by differentiating between a basket of refined products and key crude markets light sweet such as WTI Cushing or MEH) and…
South Africa must balance the need to reduce emissions with increasing access to electricity and developing its natural resources, according to the country’s energy minister. “We cannot be about decarbonisation alone,” Mineral Resources and Energy Minister Gwede Mantashe said in a televised speech in Johannesburg on Friday. “We have to deal with energy poverty.” South Africa’s transition from a reliance on coal to cleaner energy sources is a massive undertaking that includes changing a major social aspect centered on mining the dirtiest fossil fuel. Mantashe’s position has complicated the implementation of an $8.5 billion pledge by rich nations to help…
Shell Plc’s head of European renewable energy, Thomas Brostrom, has decided to leave the company as the oil major reviews its strategy to focus more investment on fossil fuels. The exit comes as Shell trims its renewable energy ambitions to focus on the oil and natural gas that generate most of the company’s profits. Chief executive Wael Sawan is aiming for better returns for shareholders and sent a message to the renewables business that cutting CO2 emissions had to be matched with higher profits. Shell announced Brostrom’s departure in an internal memo seen by Bloomberg, which was confirmed by a…
Companies that buy carbon offsets on the voluntary market to offset their greenhouse gas emissions now have guidelines to report what they can and can’t claim on the purchased credits. The rules, published on Wednesday by the Voluntary Carbon Markets Integrity Initiative (VCMI), aim to toughen climate claims made by companies, in the face of bogus claims, abuse and illusory credits. The group published guidelines for credit buyers after two years of development. To comply, companies must publish annual emissions, adopt science-driven targets and, significantly, demonstrate that their lobbying and advocacy work is consistent with the Paris Agreement and not…
The Biden administration has formally rejected an offer by environmental activists to phase out oil and gas production on federal lands and waters, marking its latest nod to the resilience of fossil fuels in a warming world . Laura Daniel-Davis, the Interior Department’s principal assistant secretary for land and minerals management, said in a letter released Thursday that the agency could not devote its “limited resources” to establishing a phase-down program, having into account “competing priorities,” including the implementation of lease sales mandated by last year’s climate law. Daniel-Davis did not address the substance of the legal and scientific arguments…
Frontera Energy Corp. and its majority shareholder CGX Energy Inc. have announced their second oil discovery in the Corentyne block offshore Guyana. “The Wei-1 well encountered 210 feet of oil-bearing sands in the Santoni horizon,” the partners said in a joint press release Wednesday. However, the drill was unable to obtain oil samples due to a tool failure. “The rock and fluid properties of the Santonian will now be analyzed by an independent independent laboratory over the next 2-3 months to define the net pay and a basis for the evaluation of this interval,” they said. This is the partners’…
Eni SPA has signed an agreement with Perenco Energies International Ltd to divest several oil permits from the Italian company in the Republic of Congo for $300 million. The assets “are not core to the company’s strategy in the country,” Eni said in a press release this week without identifying the assets. The deal is subject to regulatory approval. The global energy giant’s gas operations in the central African country continue. “Eni has been present in the Congo for more than 50 years. The country is at the core of Eni’s strategy regarding security of supply and energy transition initiatives,”…