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.
South Dakota-based energy company Black Hills Corp. is selling its oil and gas development business, after failing to secure regulatory approval from various states to participate in a so-called cost-of-service natural gas program.
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.
The U.S. Department of the Interior is planning to auction 77.3 million acres of offshore waters for drilling, covering coastal waters in Texas, Louisiana, Mississippi, Alabama and Florida — the largest sale of oil and gas leases in U.S. history.