Year: 2022

China said this weekend it had recently set two world records in deep-sea energy exploration with its domestically developed technology as the world’s largest crude oil importer looks to boost its energy security by developing resources at home. China National Petroleum Corporation (CNPC) said on Saturday that it had set two world records in “sea land directional drilling crossing” and “deep-sea trench behind the channel,” according to a Chinese media report. A multi-functional modular seabed trencher developed in China has completed the laying of the first offshore pipeline project in…

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How much will it cost to wean Indonesia off coal? This is a pressing question for world leaders and climate policy-makers around the world in the lead-up to this year’s COP27 climate summit, set to take place in Sharm el-Sheikh, Egypt this November. Just before the summit, in which the world’s premier politicians, scientists, policymakers, and industry leaders convene to set goals, broker deals, and make concrete agendas to meet the emissions standards set by the Paris climate agreement in 2015, G-20 leaders are meeting in Bali to try to…

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Europe’s campaign to quit Russian fuel is designed to punish Moscow for its invasion of Ukraine. It’s also wreaking havoc thousands of miles away from the conflict, plunging Pakistan into darkness, undermining one regime and threatening the stability of the country’s new leadership. A decade ago, the world’s fifth-most populous country took specific steps to insulate itself from the kinds of violent price spikes that are roiling the market today. It made a massive investment in liquified natural gas and signed long-term contracts with suppliers in Italy and Qatar. Now…

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he South American country of Guyana is undergoing rapid development as a result of a string of offshore oil discoveries by ExxonMobil, NYSE:XOM). Announcements by the company since 2017 have added more than 8 bn barrels of reserves, spread over 18 discoveries in the deep waters of that country. Thus far one FPSO has been ordered to serve the Liza Phase-1 subsea development with four separate drill centers and up to 30 wells. At peak production, Liza Phase-1 will pump out 220K BOEPD.XOMLiza Phase-2 is on schedule to produce another…

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For years now, we have seen a growing divide between oil supermajors in Europe and the United States, as Big Oil has split into two factions on opposite sides of the Atlantic over what to do in response to climate change and increasing global calls for decarbonization. As climate activists grow louder and policymakers ramp up the pressure on the fossil fuels sector to clean up its act, European companies have rushed to diversify their portfolios and rebrand themselves as Big Energy. Meanwhile, in the U.S. Big Oil has stood its ground and…

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