Wood Mackenzie has analyzed 19 major countries and regions and key end-use sectors to assess what it takes to fulfill net zero pledges. Wood Mackenzie has analyzed 19 major countries and regions and key end-use sectors to assess what it takes to fulfill net zero pledges. In the run-up to the COP27 climate conference in Egypt, more than 80 countries announced pledges to reach net zero emissions around mid-century. Most Organization for Economic Co-operation and Development (OECD) nations aim to reach net zero by 2050 while developing countries plan to get there a decade or two later. Energy-related emissions in our pledges case scenario decline by 8% from 2019 levels by 2030 and 80% by 2050.
The oil market has shown extreme sensitivity to suggestions that OPEC+ ministers might consider increasing output targets, a recent report from Standard Chartered highlighted. “In other words, while OPEC decisions are designed to stabilize the market and provide support, any perceived price floor is not a hard floor,” the analysts stated. “A message has repeatedly been sent that the market should not expect instant responses and statements following movements through specific price levels. However, the report came soon after perceived key price levels had been breached and when market sentiment was somewhat febrile,” the analysts added. At the time of writing, the price of Brent crude oil is trading at $81.01 per barrel.4 months ago Rigzone
Total motor gasoline inventories decreased by 1.5 million barrels to 208 million barrels, now at six percent below average. Crude oil stocks at the key Cushing, OK, hub rose 2.6 million barrels to 27 million barrels or 35 percent of capacity. Imports of crude were 6.2 million barrels per day, up from 5.9 million barrels per day prior week while crude exports were 5.1 million barrels per day, up from 4.1 million barrels per day. Volumes withdrawn from the Strategic Petroleum Reserve were 3.4 million barrels, which dropped the total inventory to 402 million barrels. Traders attributed this as the main reason for the weekly rise in commercial oil inventories.5 months ago Rigzone
The Taliban-led administration in Afghanistan signed its first international contract Thursday to extract oil from the northern Amu Darya basin as the beleaguered group seeks to increase revenue. Wang, whose country does not recognize the Taliban government, said the 25-year contract will support Afghanistan’s push for self-sufficiency. The five blocks are estimated to hold 87 million barrels of crude oil, according to a previous survey. Although no nation has officially recognized the Taliban government, China, Russia, and Pakistan have maintained close political and economic ties. Afghanistan consumes 1.3 million tons of fuel annually, imported mostly from Uzbekistan, Turkmenistan and Iran.2 months ago Rigzone
The UK oil and gas market has become extremely fragmented, according to BofA Global Research. The UK oil and gas market has become extremely fragmented. “Capital concentration is even more stark,” BofA Global Research said in the report. Consequently, we see future investment activity at risk in the UK - especially given inflationary pressures,” BofA Global Research added. BofA Global Research highlighted in that report, however, that UK based E&P’s were “once again hit hardest financially”.2 months ago Rigzone
Var Energi ASA and PTT Exploration and Production Public Company Limited (PTTEP) are celebrating new gas finds as the year draws to a close. On December 23, Var Energi confirmed the discovery of gas in its operated 7122/9-1 T2 (Lupa) well in the Goliat area in the Barents Sea. Preliminary estimates of the size of the discovery are between 57-132 million barrels of recoverable oil equivalent, according to the company. “The discovery could serve as another step towards realizing additional gas infrastructure in the Barents Sea in the future. On December 22, PTTEP announced a gas discovery in Malaysia from exploration well Paprika-1 in Block SK410B.3 months ago Rigzone