New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. The US Energy Information Administration (EIA) has released a new report that estimates that shale oil and shale gas resources in the United States and in 137 shale formations in 41 other countries represent 10% of the world’s crude oil and 32% of the world’s natural gas technically recoverable resources—i.e., US tight oil production increased from an average 0.2 Natural Gas Oil

2013 234

Sonangol, Maersk Oil and partners strike oil with their first deepwater pre-salt well offshore Angola

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Maersk Oil and other partners declared the Azul-1 deepwater exploration well, located in Block 23 in the Kwanza Basin, a discovery well. The condition of the well prevented an assessment of flow capacity by a conventional test; this was performed as a mini-Drill Stem Test that enabled the recovery of two good quality oil samples. The preliminary interpretation of the data indicated a potential flow capacity greater than 3,000 barrels of oil a day.

Angola 179
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GE, Rosneft to pursue opportunities in Russia’s oil and gas industry, including Arctic offshore

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GE and OJSC Rosneft signed a memorandum of understanding (MOU) that lays the foundation for the two companies jointly to evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation. The agreement calls for a strategic, cooperative relationship that would: leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and.

Russia 200

OPEC’s Output Freeze: What Has Changed Since Doha?

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The official chatter is that the OPEC meeting in Algeria from September 26 to 28 could conclude with an agreement to freeze production by the member nations, with even Russia joining forces in a freeze that may prevent further oil price erosion. The question is, how many times can the Saudis cry wolf without forever losing the ability to leverage this chatter to affect a rise in oil prices? What has changed from Doha to Algeria? What about the shale oil producers?

2016 150

Opinion: How Much Longer Can OPEC Hold Out?

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With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” The EIA even predicts that OPEC’s net oil exports (excluding Iran) could fall to as low as $380 billion in 2015. The current oil price levels are nowhere near this.

2015 185

BNEF, Snam, IGU report finds global gas industry set to resume growth post-pandemic; low-carbon technologies for long-term growth

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However, the resulting low gas prices, as well as clean air and climate policies, will promote further switching to gas from other more polluting energy sources, such as oil and coal.

2020 222

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices. Oil Opinion

2015 192

Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has highlighted on various occasions the contribution Russia’s mineral wealth, in particular oil and natural gas, must make for Russia to be able to sustain economic growth, promote industrial development, catch up with the developed economies, and modernize Russia’s military and military industry. While oil and natural gas are crucial to Russia, Russia’s crude and natural gas are crucial to its neighbors on the Eurasian landmass. Market Background Oil Opinion Russia

Russia 195

Lifecycle study finds LNG can reduce shipping GHG emissions by up to 21%

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A lifecycle study by consultancy thinkstep, commissioned by SEALNG and SGMF, has found that greenhouse gas (GHG) reductions of up to 21% are achievable now from LNG as a marine fuel, compared with current oil-based marine fuels, over the entire life-cycle from Well-to-Wake (WtW). Moving from current Heavy Fuel Oil (HFO) to LNG does reduce GHG emissions.

2019 192

Europe/US team: transitioning to a low-carbon world will create new rivalries, winners and losers

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Nigeria or Algeria cannot do the same for their oil industry. Petro-states are compensated to transition smoothly to a sustainable economy, avoiding a last-ditch attempt to flood the world with cheap oil and gas. Some national oil companies go bankrupt and others consolidate into a handful of global energy giants. Oil-producing countries in the Middle East, Russia and Africa see political turmoil as government coffers empty.

2019 184

Total to acquire Engie’s upstream LNG business, becoming 2nd largest global LNG player

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Additional payments of up to $550 million could be payable by Total in case of an improvement in the oil markets in the coming years. A portfolio of long-term LNG purchase and sale contracts, enabling the Group in increase its overall portfolio to 28 MTPA by 2020, with a diversified supply from Algeria, Nigeria, Norway, Russia, Qatar and the USA, and outlets balanced between Europe and Asia.

2017 150

Europe moves forward on the Energy Union; transport key element

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94% percent of transport relies on oil products, of which 90% is imported. The current low oil and gas prices, while they last, should be seized as an historic opportunity—when combined with the falling cost of cleaner forms of energy, a strong EU climate policy and the emergence of new technologies—to reset the EU’s energy policy in the right direction: that of an Energy Union.

2015 203

Global Gas Prices | Hybrid Sales

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Expert predictions about where oil and gas prices are headed vary widely. In July of 2008, oil futures hit their record high of more than $145 per barrel and several areas of the country neared $5/gal. While many others agreed (including executives at several auto makers) it is unlikely that higher taxes would be a popular approach to reducing our dependence on oil. Algeria.

2010 78