The Spanish energy giant Repsol has struck oil in Alaska, in what it said was the biggest conventional oil discovery onshore in America in 30 years.
The group said that two wells it had drilled over the winter had identified potential resources of up to 1.2 billion barrels of light oil.
Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo
Oil majors have long been passive watchers of the pump war between OPEC and U.S. shale producers, but not any more.
Majors were unable to grow output for the past decade even as oil prices soared above $100 per barrel due bad capital discipline and huge project delays.
The oil price slump since 2014 has prompted the world’s biggest oil firms to drastically cut costs but also to force contractors to make projects more efficient and extract the same amount of barrels for fewer dollars.
A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country’s natural resources.
As such, you won’t be surprised to learn that the largest energy companies in the world are owned and operated by governments, and they include: Saudi Aramco, Russian Gazprom, China National Petroleum Corp. (CNPC), National Iranian Oil Co., Petroleos de Venezuela, Brazil’s Petrobras and Malaysia’s Petronas. How they’re run varies wildly—as does where their wealth goes.
ExxonMobil, the U.S. energy giant, has taken some hard knocks in the last year: a staggering stock price, a massive de-booking, a lost AAA credit rating. But early in 2017, with new leadership and a new emphasis on domestic U.S. projects, Exxon’s fortunes may be improving, in no small measure thanks to its allies in the Federal Government and its growing investment in U.S. shale.
DUBAI, March 6 (Reuters) – Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1 trillion to $1.5 trillion when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday.
With the UKOG shareholders eyes firmly focused on the flow test results soon to arrive from Horse Hill, the company released an Executive Summary of their play in the Isle of Wight. We also received news yesterday that the rig was installed at Horse Hill to start flow tests.