LONDON, July 24 (Reuters) – Exxon Mobil and Chevron’s recent major acquisitions raise a provocative question: does the U.S. still need two energy titans, or might it be more efficient for the two to join forces?An $800 billion combination would certainly evoke memories of Standard Oil, the conglomerate John D. Rockefeller created in 1870 that...
Category: International
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Does the Oil and Gas Industry Need $18 Trillion for Investment to Keep Prices Down?
In the ever-evolving landscape of global energy, few questions spark as much debate as the future of oil and gas demand. With OPEC projecting a staggering $18.2 trillion in new investments needed by 2050 to ensure sufficient supply, the industry finds itself at a crossroads. This figure, outlined in OPEC’s 2025 World Oil Outlook, aims...
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Tenaris secures key contracts for Suriname’s first offshore oil project
TotalEnergies has awarded Tenaris a contract to supply casing, tubing, and Rig Direct® services for the GranMorgu project, Suriname’s first major offshore oil development. Tenaris said it will supply around 47,000 tons of casing and tubing featuring TenarisHydril Blue® and Wedge™ Series connections. The supply includes 13 Chrome steel grades and Dopeless® technology, which enhances...
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Key facts about Chevron, the latest oil heavy weight in Guyana’s Stabroek Block.
Chevron was founded in 1879 as the Pacific Coast Oil Company in California.Chevron Corporation has officially stepped into Guyana’s energy landscape through its recent acquisition of Hess Corporation, one of the original stakeholders in the Stabroek Block. This is Chevron’s formal entry into one of the world’s fastest-growing oil frontiers. The company, founded in 1879...
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Japan power firm plans to build first new nuclear reactor since Fukushima
TokyoReuters — Kansai Electric Power will begin surveys for the construction of a new nuclear power reactor at its Mihama power station in Fukui prefecture, western Japan, to replace the existing facility, the company said on Tuesday. The decision marks Japan’s first concrete step towards building a new nuclear reactor since the Great East Japan Earthquake...
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Namibia targets 143 GWh green baseload power by 2030
Namibia plans to generate 143 GWh of green baseload electricity by 2030 as part of its clean energy push under the recently launched Sixth National Development Plan (NDP6). The target forms part of the country’s strategy to use its solar and wind resources to develop a green hydrogen industry and reduce dependence on fossil fuels....
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OPEC is Playing The Long Game
“There is no peak in oil demand on the horizon,” the head of OPEC, Haitham al Ghais, said last month in Canada. Demand will continue to increase as global population grows, he added. And OPEC will be there to respond with what supply is necessary. OPEC is now playing the long game. Fast-forward a month...
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Chevron closes Hess acquisition after winning Exxon legal battle
HOUSTON, July 18 (Reuters) – Chevron (CVX.N), opens new tab closed its $55 billion acquisition of Hess (HES.N), opens new tab on Friday after winning a landmark legal battle against larger rival Exxon Mobil (XOM.N), opens new tab to gain access to the largest oil discovery in decades.Chevron CEO Mike Wirth’s strategy to turn around...
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Oil prices rise after new EU sanctions on Russia
LONDON, July 18 (Reuters) –Crude oil futures rose on Friday while gasoil futures jumped to a 17-month high as investors weighed new European Union sanctions against Russia.Brent crude futures climbed 68 cents, or 1%, to $70.20 a barrel by 1327 GMT. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.2%, to $68.35.The Reuters...
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International oil supermajors renew interest in Ghana’s Upstream Petroleum Sector.
Ghana’s upstream petroleum sector is experiencing a strong revival after years of decline, driven by renewed investor confidence, new oil discoveries, and significant financial commitments from industry players. These were outlined by the minister for Energy and Green Transition John Abdulai Jinapor at government’s Accountability Series held in Accra. According to recent updates from the...