Brazil Soon To Become King Of Offshore Oil
Brazil Soon To Become King Of Offshore Oil
Brazil is on its way toward becoming the biggest supplier of offshore oil globally, contributing some 1.3 million bpd in 2025, World Oil reports, citing a new report by GlobalData.
2021/08/16 14:34
The Oil & Gas Inflation Trap That No One Wants To Talk About
2021/08/13 14:46
Uganda’s Oil Boom Is Only Just Beginning
Uganda’s Oil Boom Is Only Just Beginning
Uganda is set to be a key focus of African Energy Week (AEW) in Cape Town this November, as its flourishing oil industry looks set to boom in the coming years. Uganda’s government has been working hard to encourage more foreign investment recently as the country aims to develop its oil and gas industry significantly over the next decade.
2021/08/13 14:39
OPEC Sees Oil Demand At 100 Million Bpd Next Year Despite COVID Surge
OPEC Sees Oil Demand At 100 Million Bpd Next Year Despite COVID Surge
Global oil demand is expected to average 96.6 million barrels per day (bpd) this year and exceed 100 million bpd in the second half of 2022, OPEC said on Thursday, keeping its estimates from a month ago unchanged despite the COVID resurgence in major economies, including China and the United States.
2021/08/13 14:36
The Dawn Of A New Era In Deepwater Drilling
The Dawn Of A New Era In Deepwater Drilling
A new era in deepwater drilling is about to begin. With the sanctioning of the Anchor project super-major operator, Chevron, NYSE: CVX) signaled that it was ready to risk billions tapping the ultra-high pressure, Lower Wilcox Tertiary play, some 35,000 feet below the mudline.
2021/08/12 14:22
Oil Sands Producers Will Need Federal Support To Go Green
Oil Sands Producers Will Need Federal Support To Go Green
Canada’s oil industry, which operates one of the world’s most emission-intensive ways of pumping crude, has recently pledged to work to make the oil sands net-zero emission by 2050. But the industry says it cannot do it alone as billions of dollars of investments will be needed to decarbonize the oil sands operations. Canada’s federal government has a part to play in supporting net-zero oil sands, and it should pay most of the tab for making the industry ‘greener’, top executives at the major Canadian oil firms say.
2021/08/12 14:06
Oil Prices Rebound From Three-Week Lows
Oil Prices Rebound From Three-Week Lows
After hitting a three-week low on Monday, oil prices rose early on Tuesday as the market hopes that still resilient oil demand in the West would offset weakness in its top consumer and top global crude importer, China.
2021/08/11 14:37
That the oil-producing world is highly reliant on China's appetite is a fact we are reminded of from time to time.
Can Anything Replace China As Demand Driver For Oil?
That the oil-producing world is highly reliant on China's appetite is a fact we are reminded of from time to time. Last year, Chinese buyers dragged oil prices out of the doldrums single-handedly as they stocked up on the cheap commodity to fill reserves. Now, this overreliance is backfiring with prices down and likely to stay down because of China. In all fairness, it is not so much China as it is the resurgence of Covid-19 in China that drove prices sharply down at the start of this week. Benchmarks hit the lowest in three weeks because of the movement restrictions that Chinese authorities imposed in response to the latest wave of infections. These included warnings against travel, flight cancellations, and curbs in public transport and taxis.
2021/08/11 14:31
China Petroleum & Chemical Corporation, or Sinopec, is expected to reduce refinery run rates by up to 10 percent at some of its facilities amid renewed travel restrictions in China to fight a COVID wave
China’s Biggest Refiner To Refine Less Crude This Month
China Petroleum & Chemical Corporation, or Sinopec, is expected to reduce refinery run rates by up to 10 percent at some of its facilities amid renewed travel restrictions in China to fight a COVID wave, a commodity research analyst told Bloomberg in an interview on Tuesday.
2021/08/11 14:23
Aramco Posts Near 300% Increase In Profits On Surging Demand
Aramco Posts Near 300% Increase In Profits On Surging Demand
Saudi Aramco reported a 288-percent increase in net profits for the second quarter of the year, to $25.5 billion, thanks to the rebound in oil prices spurred by growing demand.
2021/08/10 14:18
Update On The World’s Most Exciting Oil Play
Update On The World’s Most Exciting Oil Play: Interview With Scot Evans
Update On The World’s Most Exciting Oil Play: Interview With Scot Evans
2021/08/10 14:09
Update On The World’s Most Exciting Oil Play
Update On The World’s Most Exciting Oil Play: Interview With Scot Evans(1)
Update On The World’s Most Exciting Oil Play
2021/08/10 13:57
Brazil Soon To Become King Of Offshore Oil
Brazil Soon To Become King Of Offshore Oil
Brazil is on its way toward becoming the biggest supplier of offshore oil globally, contributing some 1.3 million bpd in 2025, World Oil reports, citing a new report by GlobalData.
The Oil & Gas Inflation Trap That No One Wants To Talk About
Uganda’s Oil Boom Is Only Just Beginning
Uganda’s Oil Boom Is Only Just Beginning
Uganda is set to be a key focus of African Energy Week (AEW) in Cape Town this November, as its flourishing oil industry looks set to boom in the coming years. Uganda’s government has been working hard to encourage more foreign investment recently as the country aims to develop its oil and gas industry significantly over the next decade.
OPEC Sees Oil Demand At 100 Million Bpd Next Year Despite COVID Surge
OPEC Sees Oil Demand At 100 Million Bpd Next Year Despite COVID Surge
Global oil demand is expected to average 96.6 million barrels per day (bpd) this year and exceed 100 million bpd in the second half of 2022, OPEC said on Thursday, keeping its estimates from a month ago unchanged despite the COVID resurgence in major economies, including China and the United States.
The Dawn Of A New Era In Deepwater Drilling
The Dawn Of A New Era In Deepwater Drilling
A new era in deepwater drilling is about to begin. With the sanctioning of the Anchor project super-major operator, Chevron, NYSE: CVX) signaled that it was ready to risk billions tapping the ultra-high pressure, Lower Wilcox Tertiary play, some 35,000 feet below the mudline.
Oil Sands Producers Will Need Federal Support To Go Green
Oil Sands Producers Will Need Federal Support To Go Green
Canada’s oil industry, which operates one of the world’s most emission-intensive ways of pumping crude, has recently pledged to work to make the oil sands net-zero emission by 2050. But the industry says it cannot do it alone as billions of dollars of investments will be needed to decarbonize the oil sands operations. Canada’s federal government has a part to play in supporting net-zero oil sands, and it should pay most of the tab for making the industry ‘greener’, top executives at the major Canadian oil firms say.
Oil Prices Rebound From Three-Week Lows
Oil Prices Rebound From Three-Week Lows
After hitting a three-week low on Monday, oil prices rose early on Tuesday as the market hopes that still resilient oil demand in the West would offset weakness in its top consumer and top global crude importer, China.
That the oil-producing world is highly reliant on China's appetite is a fact we are reminded of from time to time.
Can Anything Replace China As Demand Driver For Oil?
That the oil-producing world is highly reliant on China's appetite is a fact we are reminded of from time to time. Last year, Chinese buyers dragged oil prices out of the doldrums single-handedly as they stocked up on the cheap commodity to fill reserves. Now, this overreliance is backfiring with prices down and likely to stay down because of China. In all fairness, it is not so much China as it is the resurgence of Covid-19 in China that drove prices sharply down at the start of this week. Benchmarks hit the lowest in three weeks because of the movement restrictions that Chinese authorities imposed in response to the latest wave of infections. These included warnings against travel, flight cancellations, and curbs in public transport and taxis.
China Petroleum & Chemical Corporation, or Sinopec, is expected to reduce refinery run rates by up to 10 percent at some of its facilities amid renewed travel restrictions in China to fight a COVID wave
China’s Biggest Refiner To Refine Less Crude This Month
China Petroleum & Chemical Corporation, or Sinopec, is expected to reduce refinery run rates by up to 10 percent at some of its facilities amid renewed travel restrictions in China to fight a COVID wave, a commodity research analyst told Bloomberg in an interview on Tuesday.
Aramco Posts Near 300% Increase In Profits On Surging Demand
Aramco Posts Near 300% Increase In Profits On Surging Demand
Saudi Aramco reported a 288-percent increase in net profits for the second quarter of the year, to $25.5 billion, thanks to the rebound in oil prices spurred by growing demand.
Update On The World’s Most Exciting Oil Play
Update On The World’s Most Exciting Oil Play: Interview With Scot Evans
Update On The World’s Most Exciting Oil Play: Interview With Scot Evans
Update On The World’s Most Exciting Oil Play
Update On The World’s Most Exciting Oil Play: Interview With Scot Evans(1)
Update On The World’s Most Exciting Oil Play

Russia Has Oil Reserves At Least Until 2080

2021/05/15 16:13
Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said.

Russia’s actual oil and gas reserves could even rise if it steps up exploration in hard-to-drill areas, the minister added, noting that Russia needs to develop exploration, including in hard-to-reach areas.

Last month, Evgeny Kiselev, the head of the Russian Federal Agency for Mineral Resources, told state outlet Rossiyskaya Gazeta  that Russia has 58 years worth of oil reserves, of which 19 years to profitably pump those reserves at current levels with current technology. Advances in technology, however, will constantly push back the deadline.

Asked how long Russia would have oil reserves, Kiselev said “indefinitely.”

Oil and gas export revenues are key to Russia’s budget income. Oil price collapses like last year’s lead to belt-tightening policies despite Moscow’s insistence that it can live with $30 oil.

Russia’s production fell last year and is set for slight growth this year and next, according to government data and estimates.

After setting a post-Soviet high in oil and condensate production in 2019, Russia saw its output drop by 8.6 percent in 2020 due to the lower global demand and low oil prices, as well as the OPEC+ production cuts. Russia’s crude oil and condensate production fell in 2020 for the first time since the 2008 financial crisis and then slump in oil prices, according to government statistics.  

Last month, Russia cut its estimates for domestic crude oil, gas, and coal production for 2021 and 2022, but kept the estimates for the oil production for 2023 and 2024 unchanged. As per the latest forecasts from the Russian government, oil production this year is set to stand at 517 million tons, down from a previous estimate of 560 million tons. The projection for Russia’s oil output in 2022 was also reduced, to 548 million tons, down from earlier estimates of production of 558 million tons.


Oil Reserves