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WoodMac projects 17mboe from deepwater by 2030
Production to plateau in countries with low exploration investment Sopuruchi Onwuka An updated report by industry investment advisory firm, Wood Mackenzie, estimates that global deepwater petroleum production assets would pump up to 17 million barrels of oil equivalents per day…
Moody’s predicts lower margins from higher upstream opex in 2023
Sopuruchi Onwuka Global upstream operating expenditure in the petroleum industry is set to jump in 2023 but investors would expect decreasing marginal returns from reinvestments in the industry which would be ruled by unstable market outlook in the midst of…
OPEC’s oil output up 120,000 b/d in December
A rebound in Nigerian production raised OPEC’s oil output in December by 120,000 barrels per day (bpd) compared to November, according to a monthly Reuters survey published on Wednesday. Despite the increase in oil production last month, OPEC was still…
Stellantis to diversify into low altitude aviation
Stellantis NV, the global auto-making company that owns Jeep, Ram and other well-known car brands, is getting into the aircraft-manufacturing business, striking a deal with Archer Aviation Inc. to help it build an electric flying taxi. The two companies said…
Shell defies LNG woes, posts bullish gas income
Shell Plc said its gas-trading earnings were “significantly higher” in the final three months of 2022 as the unit previously run by the company’s new boss overcame some of the challenges encountered earlier in the year. The update published on…
Russian oil shock is wearing out as prices settle as pre-war levels
The energy crisis created by Russia’s invasion of Ukraine and the associated jumps in oil and gas prices are all calming down to normal even as the oil transaction currency, the dollar, is also shedding influence as the market heals….
EU to blacklist Cameroon over illegal fishing
The European Union weekend issued a “red card” to Cameroon and would ask EU member states to add the country to the bloc’s blacklist for failing to cooperate in the international fight against illegal fishing. The EU commission said the…
Chinese BYD hogs global EV market, dwarfs Tesla
Chinese automaker BYD outsold Tesla by a wide margin last year with the help of its inexpensive electric cars. BYD has now become the biggest EV maker in the world, according to the South China Morning Post, but only when…
Sony, Honda unveil Afeela EV
Sony Honda Mobility Inc. has declared that its electric vehicle will launch under the brand Afeela, the latest debut in a field already crowded by earlier entrants such as Tesla Inc. While unveiling the venture’s first prototype during Sony’s CES…
Germany hits 50,000 megawatts of wind power
Germany has declared that it has generated over 50,000 megawatts of electricity from wind, as the European continent tries to diversify its energy sources in the face of gas wean from Russia. Reports by agency sources quoted that data from…
