Oil price news
CNOOC announces that the Baodao 21-1 gas field contains over 50 Billion cubic meters
Chinese governmental bodies reviewed the discovery and certified the proven in-place of natural gas and condensate oil at over 50 billion cubic metres and 3 million cubic metres respectively.
ADNOC Drilling awarded close to US$1 billion contract to further unlock UAE’s offshore energy resources
Over 80% of the contract value will flow back into the UAE’s economy under ADNOC’s in-country value programme.
TotalEnergies commits to a large-scale fuel price reduction programme until year-end for all of its service stations in France
From September 1 to November 1, TotalEnergies will lower its petroleum fuel prices sold in service stations by €0.20/litre compared to global market quotation prices, followed by a €0.10/litre reduction from November 1 to 31 December.
Rystad Energy: Total recoverable oil worldwide is now 9% lower than last year
According to Rystad Energy analysis, global recoverable oil now totals an estimated 1572 billion barrels, a drop of almost 9% since last year and 152 billion fewer barrels than 2021’s total.
Chevron Sanctions Ballymore Project in Deepwater US Gulf of Mexico
Low-cost tieback expected to add up to 75 000 bbl per day of oil production.
ExxonMobil to sell Romanian affiliate for more than $1 billion
The company has reached an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz for more than $1 billion, subject to government approvals.
Oil price forecasting and geopolitical risks
New geopolitical risk measure designed to gauge oil market sentiment and understand price beyond fundamental forecasts.
Rystad Energy suggests E&P companies will break previous records thanks to high oil and gas prices
The company’s research shows that total free cash flow (FCF), a company’s cash from operations after accounting for outflows and asset maintenance, will balloon to US$834 billion, a 70% increase from the US$493 billion profits in 2021.
Petrobras concludes the sale of E&P assets in the Paraná Basin
The amount received at the closing adds to the amount of US$56 700 paid to Petrobras when the sale contracts were signed, totalling an amount of US$63 000.
Rystad Energy publishes oil market note from senior vice president of analysis
Global oil demand is expected to reduce as a result of slowing economic activity and GDP growth cuts.