The global oil industry will need to invest over $10 trillion by 2040 to replace declining output capacity and ensure there’s plenty of supply in the upcoming years, OPEC president Suhail Mohamad Al-Mazrouei said Tuesday.
Basic market fundamentals such as the balance between supply and demand will always challenge the oil industry, but a current big challenge companies are facing is the transition to a low-carbon economy, Bob Dudley, CEO of BP said Tuesday.
Suhail Al-Mazrouei, the United Arab Emirates (UAE) Minister of Energy and Industry and current OPEC president, said Saturday his country “will spare no effort to reach the state of market stability aspired by both producers and consumers,” UAE state news agency WAM reported.
Italian oil major Eni expects its oil and gas production to grow by 3% this year, thanks to ramp-ups mainly in Egypt, Angola and Indonesia and a number of satellites phases start-ups at giant producing fields in Libya, Angola and Ghana, Kallanish Energy learns.
Venezuelan President Nicolas Maduro said last Thursday his country isn’t dependent on the U.S., and has international markets for its oil, answering suggestions of an oil embargo made by U.S. Secretary of State Rex Tillerson.
The economics of the Permian unconventional play, which runs across western Texas and southeastern New Mexico, are more attractive than most other options for new investment in the global upstream hopper, according to Wood Mackenzie.