Most Oil Companies Unprofitable or Breaking Even
Saturday, 29 October 2022
62 percent of oil and gas companies are currently either unprofitable or just breaking even. That’s according to the 2022 BDO Energy CFO Outlook Survey, which noted that 2020 represented the costliest year in Chapter 11 bankruptcy filings for oil and gas, surpassing $100 billion of debt from more than 100 companies. The survey found
Interest in low carbon hydrogen growing
Saturday, 29 October 2022
With global leaders in search of energy solutions that help achieve decarbonisation and enhance energy security, the global hydrogen energy transition market seems to be on track to becoming a major global energy source in its own right with the fuels use gathering momentum. Interest in low carbon hydrogen as a way to accelerate the
Oil Prices Potentially Set Up for Sizzling Summer
Saturday, 29 October 2022
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies — potentially setting up crude prices for a sizzling summer. With depressed investment and internal unrest hobbling coalition members from Nigeria to Russia, the task of satisfying the vigorous recovery in world fuel consumption
U.S. Oil Market Braces for a $4.6 Billion Wave of Selling
Saturday, 29 October 2022
U.S. oil futures are trading above $75 but the yearly reshuffling of billions of dollars of commodity investments are about to trigger a sharp bout of selling. Every January, the world’s two biggest commodities indexes — the GSCI Index and the Bloomberg Commodities Index — reset, spurring a raft of inflows and outflows across commodity
A Look At Big Oil’s Spending Plans For 2022
Saturday, 29 October 2022
Mounting uncertainty about the energy transition keeps oil and gas companies from spending more Strategic choices in investment in clean energy solutions, responding to the pressure to decarbonize, and portfolio repositioning will be next year’s key themes for all oil and gas companies WoodMackenzie: Companies will allocate more capital to upstream decarbonisation The global upstream
Global Oil And Gas Discoveries Set To Hit 75-Year Low In 2021
Saturday, 29 October 2022
Global oil and gas discoveries in 2021 are on track to hit their lowest full-year level in 75 years should the remainder of December fail to yield any significant finds, Rystad Energy analysis shows. As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent
IEA: Omicron Impact Aside, Oil Supply Set to Top Demand
Saturday, 29 October 2022
A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year. “The surge in new COVID-19 cases is expected to temporarily
Natural Gas Markets To See Very Volatile 2022
Saturday, 29 October 2022
Global natural gas prices are set for another year of volatility, following 18 months of swings from record lows to record highs. As natural gas demand started to rebound this summer amid depleted stocks in Asia and Europe following a long and cold winter, prices skyrocketed in the autumn to record highs. This forced gas-intensive
Recent legislation would reduce the U.S. Strategic Petroleum Reserve
Saturday, 29 October 2022
On Tuesday, November 23, the White House announced plans to make 50 million barrels of crude oil available to the market through a combination of exchanges and accelerating previously announced sales. With these sales and several other legislated drawdowns, SPR inventories could decline from 618 million barrels (as of October 1, 2021) to about 314
OPEC considers lowering production to account for oil reserve releases
Saturday, 29 October 2022
OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a co-ordinated release of their strategic petroleum reserves. India became the latest major consumer to contemplate deploying its stockpiles, potentially assisting the U.S., Japan in a move to dampen the inflationary threat of higher