Petroleum Economist
Voluntary carbon offset prices fall
Uncertainty over integrity of offsets has weighed on prices since the start of the year, brokers tells Carbon Economist
Bahrain studies CCS mega-project
Multibillion dollar onshore development expected to enter Feed stage by end-2023, Nogaholding chief executive says
Global LNG analysis report 2023 – Part 2
The second part of this deep-dive analysis looks at liquefaction and regasification developments in the Middle East and Asia-Pacific
LNG market stress to persist for years
But a supply glut could be coming later this decade
Bakken boosts its gas infrastructure
Oil is still a serious business in the Bakken shale, but when it comes to midstream, the money is on gas
Occidental’s 1Pointfive plans major Texas CCS hub
Bluebonnet hub on Gulf Coast will offer industrial emitters access to shared CCS infrastructure
Australia debates use of offsets
Reform of scheme to cut industry emissions will see new rules on the use of both domestic and international offsets
ABB and Pace aim to reduce CCS costs
Engineering companies form partnership to de-risk CCS projects with digital twin technology
Entropy’s Glacier CCS project excels in first phase
Performance of first commercial-scale project spurs global interest in Canadian company’s modular CCS solution, CEO Mike Belenkie tells Carbon Economist
Argentina’s gas ready to help energy security and transition
The country’s energy secretary, Flavia Royon, says a key pipeline is on track to realise the potential of the Vaca Muerta
Mideast Gulf edges forwards on carbon capture
State energy firms are pinning hopes on the technology to retain long-term competitiveness
Global LNG analysis report 2023 – Part 3
The third part of this deep-dive analysis looks at liquefaction and regasification developments in the Europe and Russia
African LNG growth could come too late to cash in
Can new capacity come online soon enough to capitalise on elevated prices?
Letter from Venezuela: A long journey back from the oil wilderness
Lifting sanctions may still be a bridge too far in becoming a sustainable supplier of crude to the US
Greensand claims ‘world’s first’ cross-border CCS
The Danish pilot project has captured CO₂ at an Ineos facility in Belgium and shipped it to Esbjerg for injection into a depleted oilfield in the North Sea
Chevron expands Bayou Bend CCS project
Project on US Gulf Coast will be expanded to have storage capacity for 1bn t CO₂ as part of firm’s wider CCS ambitions
Ineos Energy leans into oil with US shale deal
Company ready to develop Eagle Ford shale after $1.4bn deal with Chesapeake Energy, chairman Brian Gilvary tells Petroleum Economist in an interview
Shell’s carbon compliance costs to double next decade
Oil major projects annual cost of $1.5bn in 2032 as governments develop emissions regulations
Middle East refiners primed for growth
Capacity additions set to take advantage of disruption to Russian diesel
Global LNG analysis report 2023 – Part 4
The fourth and final part of this deep-dive analysis looks at LNG projects planned or underway across the Americas
Fresh oil find stokes Namibian interest
The southern African nation continues to deliver exploration success
US oil and gas output on the rise
Surging crude prices prompted increased drilling activity last year, but debt and financing issues constrained growth
Eco Atlantic sees promise on the frontiers
The independent tells Petroleum Economist it sees further opportunities in Guyana, South Africa and Namibia
Illinois Beccs project contracts Gas Liquids Engineering
Canadian engineering company hired by Marquis Energy to develop largest Beccs system in the state
Canada’s upstream on track to strengthen in 2023
Coming off a strong rebound year, the Canadian oil patch is on an upward trend, with strong prices and increased spending, but political uncertainty continues to cast a pall long term
China weighs response to EU carbon border tax
CBAM expected to have significant long-term impact on trade with EU, warns speaker at country’s annual parliamentary session
UK backs CCUS with £20bn funding pledge
Government commitment reassures investors and paves way for first two industrial clusters
Letter from the US: The bigger they are, the harder they fall
The oil industry is facing the same kind of seismic shift in consumption that rocked telecommunications with the arrival of the cellphone
A world of never-ending energy crises
Countries seeking energy security have ended up grappling with unprecedented fuel shortages from excessive promotion of one type of energy source, ill-designed political approaches and market data deterioration
Dangote mystery cannot be solved soon enough for Nigeria
The refinery project is well-advanced but is unlikely to be online in time to help alleviate a forecast gasoline supply squeeze this summer
Germany under pressure to curb emissions
Government developing new strategy on CCS and other carbon management tools as energy sector emissions continued to rise last year
Subdued Asian LNG interest produces large stockpiles
Weak prices support demand but mild weather, delayed gas projects, large reserves and nuclear alternatives set to blunt upturn
EU net-zero act prioritises CO₂ storage
Package of regulatory proposals sets 2030 storage target as EU jostles for position in global green technology race
Letter from London: Aramco shows the West how to have it both ways
Saudi NOC has a clear strategy on energy security and the transition, providing a lesson to the often confused West
Shell rejects calls for new scope three targets
Oil major pushes back on shareholder demands amid easing ESG pressures on industry
Global capex growth to moderate
Worldwide E&P spending is set to increase in 2023, albeit at a slower pace than last year, Evercore predicts
Mercuria to invest $500mn in nature-based projects
Commodities trader aims to generate carbon credits for use in voluntary and compliance markets via new investment vehicle
Crude tanker market outlook remains strong
Ukraine fallout continues to elevate tanker demand while restricting vessel availability
Willow approval may be turning point that fails to turn
Development expected to produce equivalent of up to 40pc of Alaskan daily production but is unlikely to herald a new age of megaprojects
BP and CNPC explore Hainan CCUS project
European oil major agrees to work with CNPC as Chinese state company seeks international partnerships to grow deployment of CCUS
Drax pauses world’s largest Beccs project
Major biomass power generator says £2bn project cannot proceed without clarity on UK government support for technology
US drilling to climb as supply disruption continues
Although spending will decelerate in North America, the 2023 forecast for an 18pc increase follows a near-record 44pc in 2022. US drilling will increase by 8.2pc, with total footage forecast to climb 8.7pc, to 290mn ft³ of hole
Shell sees DAC potential for synthetic fuels production
Direct air capture could be significant provider of CO₂ feedstock, oil major says in climate-focused future energy scenario
Shale drillers try to stay patient amid gas price slump
Producers resist urge to respond too quickly to gas price trends
Industrial emitters demand action to kickstart German CCS
Companies urge government to prioritise rapid scale-up of technology and infrastructure in forthcoming national carbon management strategy
China’s recovering oil demand may not be all it seems
Rise in imports may be more to do with stockpiling ahead of summer than actual increased consumption
Russia finds the ships to access new product markets
Refining runs and questions over blending—not vessel availability—are likely to determine Russian product export volumes
GE and Svante collaborate on solid sorbent carbon capture
Companies agree to develop applications of Svante’s novel technology for gas-fired power plants
Saudi-Iran deal first step to boosting regional oil security prospects
But there is less optimism on additional Iranian exports, and many near-term risks remain
Traders expect more carbon border taxes
EU’s Cbam model likely to be replicated as national emission reduction schemes move at different speeds, global trading companies say
Goldman’s Currie interview part 1: Banking crisis to slow, not derail, oil’s upward trajectory
Head of commodity research sees prices heading back above $90/bl by the end of the year despite scarring effects of crisis slowing oil’s rise
BHP and HBIS to test CCUS at Hebei steel plants
Australian mining company and major Chinese steelmaker agree to develop projects to demonstrate several technologies
Goldman’s Currie interview part 2: Supercycle set for capex surge that will elevate oil longer term
Head of commodity research says energy transition a key driver for the supercycle and Middle East the key engine for oil investment
Bechtel studies UK CCS rail plan
Project to take emissions from waste-to-energy plant could pave way for creation of country’s first CCS rail corridor
Baytex deal could signal incoming US M&A wave
Bumper cash flows along with diversification and consolidation strategies set stage for dealmaking
UK nuclear plant could power large-scale DAC
Associated British Ports and developers of Sizewell C seek permission to build heat-assisted DAC demonstrator
Canada extends CCUS tax credit to British Columbia
Support currently only available to projects in Alberta and Saskatchewan to be extended as part of C$520mn package of policy enhancements
UK eyes Cbam as net-zero push accelerates
Government consults on measures to tackle carbon leakage as it ramps up domestic decarbonisation efforts
Chad nationalises ExxonMobil’s former assets
Savannah Energy claims the assets and will contest the decision at the ICC
Angola launches 2023 bid round
ANPG formally announces opening of round that will cover 12 blocks across the Lower Congo Onshore Basin and the Kwanza Onshore Basin
Voluntary carbon markets’ growth challenges
Conference participants voice concerns over public perception and difficulties integrating carbon instruments into broad investment portfolios
Letter from the US: Financial contagion and the oil industry – What, me worry?
Banks’ stricter lending policies will force refiners and marketers to hold fewer stocks, putting a squeeze on the oil industry
US DoE tests DAC technologies
Two field tests of solid amine sorbent-based DAC systems are currently underway in an effort to increase efficiency and lower costs
Blueberry River veto casts a long shadow
Implications of settlement between British Columbia and First Nations group go beyond development of massive Montney shale formation
BP and Adnoc bid a further twist in Leviathan tale
Could the NOC/major play for Newmed stake precipitate further changes to the Israeli field’s expansion roadmap?