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Eni report: global oil reserves and oil production up in 2018 due to US

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OPEC registered zero growth as production in the Arab Gulf countries were offset by losses in Iran and Venezuela due to geopolitical issues. Global oil demand grew by 1.4%, slightly lower than in 2017 (+1.6%) in a context of increasing oil prices. recorded in 2013-2017. also rose in Brazil and Norway.

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IEA: record oil output from US, Brazil, Canada and Norway to keep global markets well supplied

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The oil industry has yet to recover from an unprecedented two-year drop in investment in 2015-2016, and the IEA sees little-to-no increase in upstream spending outside of the United States in 2017 and 2018. mb/d in 2017. In Venezuela, oil production has fallen by more than half in the past 20 years, and declines are set to accelerate.

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

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began drilling the Ranger-1 well on 5 November 2017 and encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. A former British colony located on the northeast coast of South America, Guyana borders Venezuela, Brazil and Suriname. Source: ExxonMobil. Hess Guyana Exploration Ltd.

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IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela, the IEA said. Exploration spending is expected to fall again in 2017 for the third year in a row to less than half 2014 levels, resulting in another year of low discoveries.

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Oil (..)

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Brookhaven team identifies active sites on catalysts for converting CO2 to methanol

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An additional co-author, Pedro Ramírez of Universidad Central de Venezuela, made important contributions to this study by helping to test the activity of the copper zinc and copper zinc oxide catalysts. Rodriguez, Ping Liu (2017) “Active sites for CO 2 hydrogenation to methanol on Cu/ZnO catalysts” Science Vol. Shyam Kattel, Pedro J.

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Saudis Expand Price War Downstream

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Along with acquiring a controlling stake in Korea’s S-Oil, the desert kingdom is commissioning a new refinery in Jizan which would have a capacity of around 400,000 barrels per day when it begins operations in 2017. Indian refiners are now buying more crude oil from Nigeria, Iraq, Venezuela and Mexico.