The bedrock of the world, but for how long?
Flare your knowledge on oil, gas, and more.

Global recoverable oil now totals an estimated 1,572 billion barrels, the Oslo-based energy analysts said, a drop of almost 9% since last year and 152 billion fewer barrels than totalled in 2021.


Energy Voice

Recoverable oil reserves fall by 9% amid 'collapse' in exploration appetite

“That's not the purpose of the trip,” Biden said.

Politico

Biden will not directly ask Saudis to increase oil production during visit

Thailand's upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the country's gas resources.


Thailand needs 'shale' gas moment as energy crisis deepens on PTTEP's watch 

Re-fracking could also help U.S. shale drillers boost their cash flow further.

Oil Price

U.S. Shale Drillers Begin Re-Fracking Existing Wells

Russia's crude and condensate production has increased in June by 5% to an average of 10.7 million barrels per day (bpd), Russian daily Kommersant reported on Wednesday, quoting sources familiar with the production numbers.



Russia's Oil Production Jumps By 5% In June

Carnival’s stock is down nearly 60% so far this year but could face more challenges ahead, analysts warn.

Forbes

Carnival Shares Plunge Nearly 15% As Morgan Stanley Warns Of Potential Stock Wipeout

Latin America's largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico in little over a decade to become the region's largest oil producer. 

The Biggest Threat To Brazil's Oil Boom

Results of a surface testing protocol, and an engineering model built upon the testing, should be an asset to operators in the field trying to optimize their perforating designs.

Proppant Movement In Frac Casing Including Runaway Perforations And Limited Entry.

When Jadestone Energy (LON:JSE) completed its US$195 million acquisition of the Montara oil project from PPT Exploration & Production (BKK:PTTEP) in September 2018 it was taking a risk with a floating production storage and offloading (FPSO) unit that had a troubled history. Given a recent oil spill at the field in the Timor Sea, and subsequent shutdown of the Montara Venture FPSO, that gamble has come home to roost.


Jadestone's oil spill puts spotlight on ageing Montara FPSO at infamous Australian field

Aberdeenshire-based Pipeline Technique (PTL) has created a "global powerhouse" by acquiring the oil and gas business of Stanley Black and Decker.

PTL acquires Stanley Oil & Gas from Stanley Black & Decker

Russia is even estimated to have overtaken Saudi Arabia to become India's second-largest supplier of crude oil in May.

India's Top Refiner Sees Oil Staying Above $100 This Year

India's intake of Russian crude oil has soared 50-fold since April and, to date, makes up a tenth of the subcontinent's imported oil, the Economic Times reported today, citing a senior government official.


India's Russian Oil Imports Soar 50-Fold

Nigeria's oil minister said on Friday that the country would be able to meet its OPEC production quota by the end of August as the country aims to boost security in its oil industry.


Nigeria Says It Will Be Meeting OPEC+ Quota By August

Our new report, titled Global Surplus Crude Oil Production Capacity, provides estimates of global surplus crude oil production capacity in both OPEC countries and non-OPEC countries. Preliminary estimates for these data show that, as of May 2022, surplus capacity in non-OPEC countries decreased by 80% compared with 2021. The data show that, in 2021, 1.4 million barrels per day (b/d) of surplus production capacity was available in non-OPEC countries, about 60% of which was in Russia. As of May 2022, we estimate that all surplus production capacity in Russia was eliminated due to the sanctions implemented after Russia's full-scale invasion of Ukraine. We determined that excess oil production capacity declined in other non-OPEC producing countries as well. We estimate that, as of May 2022, producers in non-OPEC countries had about 280,000 b/d of surplus production capacity.

EIA estimates show a decrease in global surplus crude oil production capacity in 2022

And even as Biden lauds New York and Connecticut for suspending their gas taxes, motorists aren't seeing much in the way of savings at the pump in either state.


Biden's state gas tax holiday plea lands with a dud among Dems

BP (LON: BP) paid tax on its UK North Sea business in 2021 for the first time in at least six years, according to the company's latest payments to governments report.


BP paid tax to UK on North Sea business for first time in years

The hard realities: Even if Congress was in a mood to cooperate with Biden's plan, most studies show that only a small portion of the savings from halting the tax would make its way to consumers.

Who gains from pausing the gas tax? Probably not drivers  --  or Biden

U.S. President Joe Biden called on Congress today to suspend the federal gas tax for the next 90 days.



Biden Calls On Congress To Suspend Federal Gas Tax

Energy Secretary Jennifer Granholm is meeting today with refiners for emergency talks amid excessively high fuel prices amid increasingly strained relations between the Biden administration and the oil industry.

A day earlier, the President proposed a three-month suspension of the federal fuel tax and called on oil companies to increase their refining capacity to alleviate pain at the pump for American drivers.


Refiners Meet With Secretary Granholm To Discuss Prices

The famed investor now owns nearly one-fifth of the energy giant.

Warren Buffett Adds To Massive Stake In Occidental Petroleum, Buying The Dip After Oil Prices Drop

Russian media showed a video Wednesday morning of a kamikaze drone attack on a Russian oil refinery that leaves the site in flames. The strike looks like the sort of Drone Doolittle Raid that I previously anticipated and may be the signal of much more to come.


Ukrainian Kamikaze Drone Strike Sets Russian Oil Facility Ablaze

Iran's crude oil exports are estimated to have jumped to an average of 961,000 barrels per day (bpd) between June 1 and June 19, according to data from seaborne oil trade analytics company Petro-Logistics cited by commodity analyst Giovanni Staunovo.




Iran's Oil Exports Surge In June

When compared with other sources of variability, it’s hard to see that new measurements of variability in proppant exits from one to another perforation cluster could have a serious effect on oil or gas production.

Proppant Movement In Frac Casing Has Been Nailed Down, But How Important Is It Really For Shale Wells?

By removing that tax of 18.4 cents per gallon, and right before the July 4th peak of driving season, Biden hopes to be credited for saving you three or four bucks every time you fill up.

Why Biden’s Federal Gas Tax Holiday Would Be Bad For America

Following several offshore oil discoveries in recent months, Namibia hopes that the major oil finds could help it double its economy in the next two decades, the head of the National Petroleum Corporation of Namibia (NAMCOR) told Bloomberg on Tuesday.




Namibia Bets On Recent Major Oil Discoveries To Double Its Economy

While oil markets remain incredibly tight, it is natural gas markets that are making headlines in energy markets this week. Russia is sending less natural gas to European countries and Northeast Asian nations are seeing power demand surge amid intense heatwaves. 
 

Natural Gas In The Limelight As Power Demand Soars

Some analysts say oil and gas prices will moderate by early next year.

Energy Stocks Jump As Oil Surges Again—Prices Will Remain Elevated Through Summer

In our June 2022 Short-Term Energy Outlook (STEO), we forecast that new fields coming online in 2022 will account for 5% of natural gas production and 14% of crude oil production in the U.S. Federal Offshore Gulf of Mexico (GOM) by the end of 2023. We expect that GOM natural gas production will average 2.1 billion cubic feet per day (Bcf/d) in 2023, down 0.1 Bcf/d from 2022. We expect that GOM crude oil production will average 1.8 million barrels per day (MMb/d) in 2023, about the same as in 2022. Currently, no GOM fields are scheduled to start up in 2023.

EIA expects nine new Gulf of Mexico natural gas and crude oil fields to start in 2022

Record gas prices are causing Americans unprecedented pain at the pump. Electric vehicles are now cheaper to own than gas cars, and could save consumers billions - if Congress provides EV relief.

Americans Are Suffering Record Pain At The Pump. Will Congress Provide Electric Vehicle Relief?

As of the middle of last week, Libya was producing only about 100,000-150,000 bpd of crude oil.


Political Turmoil Could Plague Libya's Oil Exports All Year Long

In a boost for Indonesia, BP has today signed the 30-year production sharing contracts (PSC) for Agung l and Agung ll deep-water oil and gas exploration blocks with the government of Indonesia. The areas are underexplored with significant potential for natural gas resources, close to expanding gas demand markets.


Boost for Indonesia as BP signs deep-water PSCs

More than 70,000 people rallied in Belgium's capital Brussels on Monday in a protest against the soaring cost of guel and food, while strikes at transportation services brought the city home to many of the EU institutions to a standstill.


People Rally In Belgium To Protest Soaring Cost Of Fuel, Food

UK-listed Jadestone Energy has reported an oil spill offshore Western Australia at the Montara oilfield when oil was being transferred between two crude tanks onboard the Montara Venture FPSO.

Oil spill offshore Western Australia at Jadestone's Montara field - News for the Energy Sector

With regular gasoline around $5 per gallon, suspending the federal gas tax would provide a measure of relief for consumers, but Congress would need to take action.

The New York Times

Biden Says He Is Considering Seeking a Gas Tax Holiday

Rising investment, improved drilling techniques, and the building out of critical infrastructure in the Vaca Muerta will cause breakeven prices to fall.


The Energy Crisis Has Been A Boon For Argentina's Dead Cow Shale Patch

The world's leading industrial nations could discuss the idea of imposing price caps on imports of energy from Russia at a summit later this month, sources with knowledge of the plans told Bloomberg on Friday.

G7 Could Discuss Price Cap On Imports Of Russian Energy

Analysts doubt the Asian market can absorb all the 4 million bpd of oil Russia was sending to Europe


Russia Already Exports Half Of Its Oil To Asia

President Biden hasn't been a friend to the oil industry. But how has it fared under his leadership?

How Has The Oil Industry Fared Under President Biden?

As the invasion of Ukraine wears on, European countries are scrambling to find alternatives to Russian fossil fuels.


The Ports Receiving Most Russian Oil And Gas

Draghi: Russia's 'technical reasons' for lower gas delivery are lies.

Natural gas flows from Russia to Europe continued to dive on Friday, with buyers in Italy, Germany, Austria, and Slovakia receiving much lower volumes than usual.



Russia's Gas Deliveries To Europe Plunge Further

In our June 2022 Short-Term Energy Outlook (STEO), we forecast that liquid fuels production in Brazil, Canada, and China will increase this year and next, contributing to growth in overall non-OPEC petroleum production. We forecast that petroleum production in the combined non-OPEC countries, excluding the Unites States and Russia, will increase by 3% (0.9 million barrels per day [b/d]) in 2022 and by 2% (0.8 million b/d) in 2023, compared with an increase of less than 1% (0.2 million b/d) in 2021.

EIA forecasts growing liquid fuels production in Brazil, Canada, and China through 2023

The Biden Administration sent a letter to U.S. oil firms, urging them to step up production.



Biden Could Invoke Defense Production Act To Raise Gasoline Production

Russia is raising its oil production this month compared to May and expects to further boost output in July, Russian Deputy Prime Minister Alexander Novak said on Thursday.


Novak: Russia Is Raising Oil Production

How do the buyers serving the European market – utilities and traders – make the critical decisions to secure gas at competitive prices for the medium term? Wood Mackenzie's Massimo Di-Odoardo, Head of Gas Analysis, and Giles Farrer, Head of LNG Assets, share their thoughts.

The Golden Opportunity For LNG.

Instead of appealing to the "patriotic duty" of oil companies to lower prices, perhaps our politicians could learn how gasoline prices are actually set. Perhaps this parable might help.

The Parable Of The Chicken Farmer And The Oilman

“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden said in a letter sent Wednesday to top oil companies.

Financial Times

Joe Biden tells US oil refiners rising profits ‘not acceptable’ as war rages

Eurointelligence analysis says profit is 'at expense of everyone else in EU'


The Guardian

Hungary to make $600m annual profit through Russian oil tax

Energy think-tank believes global demand will surge to 101.6mn barrels a day despite record prices

Oil supply will struggle to keep pace with demand in 2023, predicts IEA

The global rush to secure new funding for exploration and production of fossil fuels in the aftermath of the Russian invasion of Ukraine is "delusional," UN Secretary-General António Guterres said on Tuesday.

UN Secretary-General: New Fossil Fuel Funding Is "Delusional"

As national average gasoline prices have surpassed the $5 per US gallon mark for the first time in history, the market is set for further tightness after ten consecutive weeks of inventory declines. 

Oil Supply Fears Mount As OPEC Underperforms

Oil & Gas | Upstream

As summer trips beckon, some are traveling less, at least by car. And those candy bars at the convenience store may find fewer takers.

Gas Prices Force Many to Rethink Driving, and Spending

Western Australian authorities have recommended a 50-year extension of the country's biggest polluting fossil fuel development, sparking condemnation from climate campaigners who warned it could add more than 4bn tonnes of carbon dioxide to the atmosphere.


Western Australia's EPA urges 50-year extension of country's most polluting gas project

Success in the ongoing energy transition will require development of an array of solutions to satisfy a variety of applications. One U.S. company, Cummins, is working to provide such solutions in the transportation sector.

Cummins Strives To Meet The Challenge Of A Complex Energy Transition

It is a myth that German industry has benefitted from cheap Russian gas.

Germany Has Not Thrived From Cheap Russian Energy

G7 leaders have agreed to study possible price caps on Russian oil and gas to try to limit Moscow's ability to fund its invasion of Ukraine, G7 officials said on Tuesday.

Reuters

Why Russian oil price cap is easier said than done

Record-high gas prices mean efforts to cut UK carbon emissions could save the economy 0.5% of GDP, says the Climate Change Committee (CCC).

Carbon Brief 

Costly gas means reaching climate goals ‘could save UK 0.5% of GDP

Britain would cut two-way interconnectors to Belgium and Netherlands in event of severe shortages

UK plans to cut pipelines to EU if Russia gas crisis intensifies

The G7 agrees to seek price caps on Russian oil, as allied diplomacy shifts to NATO.


Leaders of the Group of 7 nations are close to an agreement in principle to impose price caps on Russian oil and are set to impose other new economic penalties


U.S. officials say the G7 will impose price caps on Russian oil

European countries are racing to prepare for the risk of Russia cutting gas exports. 

What happens if Russia turns off Europe’s gas supply this winter?

Chilled gas is a lifeline, but the fuel, largely from the United States, may set back climate ambitions and prove a costly, short-term solution.

Liquefied Natural Gas Comes to Europe’s Rescue. But for How Long?

To power our increasingly electrified society, energy storage technology must evolve and adapt to meet the growing demand. Lithium-ion batteries, already essential to myriad technology, will require dramatic improvements in high-energy density, safety, temperature resilience, and environmental sustainability in order to provide the type of emission-free future that so many envision.

Tech Xplore

One step closer to fire-safe, recyclable lithium-metal batteries

Russia’s unprovoked invasion of Ukraine has had a dramatic impact on the global energy system. Russia was the world’s largest oil and natural gas exporter in 2021, and energy markets have been thrown into turmoil, with major energy security and supply risks worldwide.

The energy security case for tackling gas flaring and methane leaks

Gas prices have begun to dip in recent days but, as you’re probably well aware, they remain incredibly high here in the Golden State. As has been the case for weeks, California is the only state where a gallon of regular unleaded tops $6.



California Proposes Tax Rebates to Offset High Fuel Costs

In 2020, when drought resulted in decreased hydroelectric power, Colombia imported 14.2 billion cubic feet (Bcf) of natural gas, which helped the country meet natural gas demand for electricity, according to our recently updated Colombia Country Analysis Brief.

In Colombia, natural gas consumption has been exceeding production

A new type of biofilm reactor adapted to Brazilian conditions and using polyurethane foam to lower costs can reduce the amount of nitrogen compounds in wastewater by as much as 70%, according to an article in Environmental Technology. The researchers who conducted the study developed a mathematical model to analyze and predict the nitrogen removal mechanism. The biofilm comprised bacteria that converted nitrogen compounds into nitrogen gas, which is environmentally harmless.

Novel sewage treatment system removes up to 70% of nitrogen that would otherwise be discarded into nature

The IEA is correct to warn of a total Russian gas cut off this winter (Report, June 22). Ever since the first Russian gas exports reached western Europe in 1967 the bedrock of Soviet/Russian gas policy has been mutuality. Guaranteed gas export revenues for the USSR/Russia, and gas for western Europe (but not central and eastern Europe).


The EU is big enough to face down Moscow over gas supply

Physicians' groups warn burn of H2 and natural gas blends in heating raises chances of deadly explosions, as well as exacerbating asthma and dementia hazards

Recharge

Hydrogen blending with natural gas 'puts lives at risk'

Bloomberg data shows that LNG demand is outstripping supply after Russia's invasion of Ukraine.

Buyers Scramble To Lock In Long Term LNG Contracts In 2022

A shortage of tritium fuel may leave fusion energy with an empty tank

Science.org

Out of Gas

More or less every day, several light aircraft operated by Kairos Aerospace take off from an airport in Odessa, Texas, right in the heart of America's Permian basin

The Economist

New technology can help monitor, manage and minimise methane leaks

With high prices a key issue for voters this fall, rising inflation expectations could lead to further monetary policy tightening from the Federal Reserve, analysts predict.

Political Ads Targeting Inflation Ahead Of Midterm Elections Could Force The Fed To Keep Hiking Rates: Goldman Sachs

As the U.S. strives to meet the growing demand for LNG in Europe, the impact on greenhouse gases and other environmental issues is becoming concerning. It illustrates the challenge for the Biden administration to stay on course in its environmental ambitions while addressing other priorities.

Can Biden’s Climate Goals Stay On Course Amid America’s LNG Export Growth?

Energy Trend

Europe’s Seizure of Natural Gas and  Infrastructures May Also Impact Gas-Supplying Australia

Without Russian natural gas, Germany will be facing an energy crisis. Coal, nuclear, fracking or renewable energy — what are the most realistic and climate-friendly options?

DW News

How can Germany realistically replace gas?

Russia has called the European Union's bluff. Since the Russian invasion of Ukraine on Thursday, February 24, the EU and the West have been threatening to slap Russia with crushing sanctions, but have stopped shy of hitting the Kremlin where it really hurts - energy exports. In truth, the European Union was - and is - far too dependent on Russian energy to cut off the supply. 

The EU Is Buying More South African Coal Than Ever

Head of IEA says Europe needs 'contingency plans' as Russia may further reduce gas deliveries amid its war in Ukraine.



Al Jazeera

Russia may cut off gas completely, Europe must act now, IEA warns

It will mean dealing with its carbon content either before burning it or after



Making natural gas emissions-free will be a challenge

Should multilateral development banks finance gas projects?


The rights and wrongs of investing in natural gas

On June 8, 2022, a fire at Freeport LNG's natural gas liquefaction plant on the Gulf Coast in South Texas led to the full shutdown of the facility. The shutdown of Freeport LNG will reduce total U.S. liquefied natural gas (LNG) export capacity by approximately 2 billion cubic feet per day (Bcf/d), or 17% of total U.S. LNG export capacity.

Fire causes shutdown of Freeport liquefied natural gas export terminal

Spate of deals comes as EU seeks to wean itself off Russian imports

US LNG exporters look to Europe as energy crisis mounts 

President Biden is proposing a three-month federal gasoline tax holiday. He may want to appear to be doing something to address high inflation

A Federal Gas Tax Holiday Is A Terrible Idea

Australian conservationists have launched a legal bid to block a massive gas project, saying it would harm the Great Barrier Reef by warming the planet.


Australian activists file bid to stop gas project over reef fears

As the International Energy Agency is warning today that the bloc must prepare immediately for the complete severance of Russian gas exports this winter, the continuing energy crisis has the potential to dominate leaders’ discussions once again.

Energy crisis on leaders' minds at EU summit

French lender focuses on decarbonisation despite resurgence of fossil fuels in wake of Ukraine war

Crédit Agricole to cut financing of oil and gas emissions

The city famous for its car culture could quit building fossil fuel infrastructure - and it would be the largest city to do so yet

Los Angeles may ban new gas stations to help combat climate emergency

Australian Conservation Foundation says global heating from fossil fuel development will compound coral bleaching on Great Barrier Reef. 

Conservationists in court bid to halt $16bn Scarborough gas project citing damage to barrier reef

In the wake of Russia's invasion of Ukraine and the resultant economic uncertainty, calls for self-sufficiency are likely to be amplified.
 

U.S. Oil And Gas Exports Are Fueling Higher Domestic Prices

“We are strongly committed to bringing inflation back down,” Powell told Congress.

Powell Says Fed Will Continue Hiking Rates Until There Is ‘Compelling Evidence’ That Inflation Is Slowing

Qatar is positioning itself as the 'go-to' emergency gas supplier for Europe.


Qatar Expands LNG Capacity To Become Europe's Emergency Gas Supplier

Other Eurasian countries could emerge as larger buyers of Turkmenistan's natural gas.



Turkmenistan Only Has One Customer For Its Natural Gas

One company says it has the technology. And though investors looking for cleaner power generation are lining up, some environmentalists are sceptical.

You can’t miss it!

Latest on Oil & Gas