Markets

In the second quarter of 2023, publicly traded US oil companies increased their investments in capital expenditures (CAPEX) and mergers and acquisitions (M&A) while facing a decline in cash from operations.

In a remarkable development, Norway's Johan Sverdrup medium sour crude achieved a historic milestone by reaching an unprecedented premium against the benchmark Dated Brent on October 4th.

The Biden administration has unveiled its five-year offshore oil and gas leasing plan, signaling a notable shift in energy policy.

The country has granted approval for the development of the Rosebank oil and gas project in the North Sea, representing a significant investment of $3.8 billion by operator Equinor and partner Ithaca Energy.

The developing world with burgeoning populations and evolving economies is voicing their reluctance to adhere to the International Energy Agency's (IEA) recommendation of curbing new upstream oil developments to achieve net-zero emissions by 2050.

The South American producer is contemplating the possibility of commencing oil exploration activities in the environmentally sensitive Equatorial Margin offshore area, which encompasses the Foz do Amazonas, Pará-Maranhão, and Barreirinhas basins.

Venezuela has strongly criticized Guyana's recent offshore oil bidding round, asserting that companies seeking up to eight blocks in the region will not have the rights to explore these maritime areas.

French energy major is embarking on an ambitious offshore oil project in Block 58, situated off the coast of Suriname.

A recent announcement from Rystad Energy has highlighted the thriving state of the North Sea oil and gas industry.

The actions by OPEC+ member countries have sent ripples through the global oil market, particularly affecting the availability and pricing of medium and heavy sour grades of crude oil.