Global upstream oil and gas investments are forecast to increase by 11% this year, the highest level since 2015. Read more at straitstimes.com.
LONDON - Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
The renewed appetite for oil and gas reserves and production is an especially big turnaround for BP, which got rid of most staff from its exploration unit three years ago. Upstream oil and gas have historically had returns of around 15 per cent-to-20 per cent, while most renewables projects have delivered up to 8 per cent.
“Offshore is experiencing a renaissance,” oilfield services company SLB Chief Executive Olivier Le Peuch said on June 21.The number of offshore drilling vessels used to explore and produce oil and gas recovered in May to pre-pandemic levels, rising by 45 per cent from October 2020 lows, an analysis of data from oil services firm Baker Hughes showed.
“Higher oil prices, the focus on energy security and deep water’s emissions advantages have supported deep water development and, to some extent, boosted exploration,” Wood Mackenzie analyst Leslie Cook said.
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Oil prices slip on global economic slowdown fearsSINGAPORE : Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts.Brent crude futures dropped 20 cents, or 0.3 per cent, to $75.21 a barrel by 0044 GMT
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Oil giants drill deep as profits trump climate concernsLONDON : Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.The exploration revival - on the part of European majors
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Ukraine, US agree: Counter-offensive creeps ahead, measured in bloodUkraine wanted to show results before a July 11 Nato gathering in Lithuania. Read more at straitstimes.com.
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Thai woman accused of killing 14 with cyanide faces 80 criminal chargesPolice in Thailand have concluded their investigation into Sararat Rangsiwuthaporn, the woman accused of murdering 14 people with cyanide. The cyanide serial killer: Sararat, 36, faces about 80 criminal charges, including 14 counts of premeditated murder, for killing 14 people in eight provinces by allegedly mixing cyanide into their food between 2015 and 2023, according to Thai police. This is a historic case in Thailand.
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Los Angeles-area hotel workers strike over wages, housingLOS ANGELES: Thousands of Los Angeles-area hotel workers went on strike on Sunday (Jul 2) demanding pay hikes and improved benefits in a region where high housing costs make it difficult for low-wage earners to live close to where they hold jobs, union officials said. Unite Here Local 11, which represents
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