The US Energy Information Administration expects production of all fossil fuels – crude oil, coal, dry natural gas, and natural gas plant liquids – to increase in 2022, but forecast fossil fuel production will remain lower than the 2019 peak.
Oil prices, and especially WTI, rose on Thursday as a result of the promised Saudi production cuts, falling crude inventories and political turmoil in the US.
The two companies have completed the contribution of Schlumberger’s onshore hydraulic fracturing business in the United States and Canada to Liberty.
The hardware is destined for the first-ever 20 000 psi-rated field to be developed in the Gulf of Mexico.
Oil prices reversed early losses on Wednesday as some confidence that the existing vaccines can counter the new Covid-19 strain offset concerns over President Trump’s stimulus package pushback.
Oil prices declined on Tuesday as the market ignored news of the US stimulus deal, focusing on the new Covid-19 strain setback.
Shell has said it will write down the value of oil and gas assets by US$3.5 billion to US$4.5 billion.