Tag: oil and gas industry

Global oil demand is set to return to pre-pandemic levels by the end of 2022, rising 5.4 mb/d in 2021 and a further 3.1 mb/d next year, IEA said in its monthly Oil Report for June 2021.

Oil major Royal Dutch Shell will seek ways to accelerate its energy transition strategy and deepen carbon emission cuts, after a landmark Dutch court ruling last month, said the company's CEO Ben van Beurden, Wednesday.

China is expected to primarily drive the LNG regasification capacity additions globally by 2025, with Europe and Middle East being the second and third highest contributors respectively, according to analytics company GlobalData.

On 1 June 2021, the US Office of Foreign Assets Control (OFAC) extended the provisions of General License 8G, authorizing certain PdVSA-related transactions and activities for some US-based energy corporations. 

In a major development for the oil and gas sector, Norwegian start-up, Fieldmade AS, has entered into an Additive Manufacturing joint industry project contract with energy companies Equinor and Siemens Energy.

The Hague court has ordered oil major Shell to reduce its CO2 emissions by 45% by 2030. This is the first time a judge has held a corporation liable for causing climate change.

According to a new IEA report, global oil consumption is now forecast to rise by 5.4 mb/d in 2021, 270 kb/d lower than in its previous report.

The US Department of Energy announced up to $35 million for a new Advanced Research Projects Agency-Energy (ARPA-E) program, aiming to develop technologies to reduce methane emissions in the oil, gas, and coal industries.

Supported by vaccination efforts and OPEC+ supply cuts, oil and gas demand recovery is proving good for drilling activity after a challenging 2020. In this respect, Rystad Energy expects around 54,000 wells to be drilled worldwide in 2021, a 12% increase from 2020 levels.

British Columbia is the first province in Canada to set GHG emission reduction targets for major sectors of the provincial economy, including the oil and gas industry.