About 5,000 miles from the booming oil towns of West Texas, some of the world’s biggest oil companies are trying to do what they failed to do with U.S. shale: Get in first and early. Royal Dutch Shell, Exxon Mobil and others are making another go at taking the global shale industry, starting with a…Details
The base case in BP’s Energy Outlook, released this week, outlines the most likely path for global energy markets to 2035, including an expected 30% growth in consumption with a mix of fuels that becomes progressively lower in carbon Global demand for energy is set to continue to grow over the next two decades as…Details
Argentina’s president has said the country has struck a deal with labour unions and a string of energy companies to lure investors to its massive shale oil and gas reserves. Oil majors including Chevron, Total, Shell, BP and Argentinian state energy firm YPF have been among the companies tipped to invest $5bn this year into the sprawling Vaca…Details
BP has signed a second production sharing contract for shale gas exploration, development and production with China National Petroleum Corporation. The agreement, signed on 27th July but revealed in early September, covers an area of around 1,000 square kilometres at Rong Chang Bei in the Sichuan Basin. In March 2016, BP and CNPC signed their first…Details
Oil major BP PLC and China National Petroleum Corporation have signed a production-sharing contract for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China.
The two companies agreed to exploit resources in the Neijiang-dazu block in southwestChina’s Sichuan Basin, an area of approximately 1,500 square kilometres.
BP Group Chief Executive Bob Dudley said “We are looking forward to working together withCNPC on technology, operational and subsurface techniques in unconventional resources.”
China continues to be an important part of BP’s portfolio, he said.
This PSC is the first deal to come out of a BP and CNPC cooperation agreement signed last October. It is also BP’s first shale gas PSC in China.
BP’s 2016 Energy Outlook predicts that by 2035 shale gas will account for a quarter of the total gas produced globally and China will be the world’s largest contributor.
Technological innovation to drive U.S. shale oil output to nearly 8 MMBOPD by 2035 While the U.S. shale industry is currently taking a beating along with most other crude oil producers around the globe, BP’s 2016 Energy Outlook forecasts that the industry will get back on the track of growth, and double output in the next 20…Details
Three oil companies — state-run YPF, Pan American Energy and Wintershall — will invest $38 billion to explore for resources partly in Argentina’s vast but mostly untapped Vaca Muerta shale formation, Neuquén Governor Jorge Sapag said yesterday. The companies will use the new concessions to develop the Lindero Atravesado and Bandurria oil and natural gas…Details
The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields. U.S. oil production rose to a record last year, growing by 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy…Details
When Ryan Lance, CEO of ConocoPhillips, told an OPEC conference in 2012 the industry was under-estimating shale, oil was trading near $100 a barrel and his warning fell on deaf ears, according to a report by Bloomberg. Two years and a price crash later, Lance returned to the same forum on Thursday and had no…Details
Exxon Mobil Corp. CEO Rex Tillerson said Europe should see the “tremendous environmental benefits” of producing natural gas from shale, pointing to the U.S. output boom as a model for cutting greenhouse-gas emissions. “Natural gas and shale have been instrumental in reducing CO2 emissions to levels not seen since the 1990s” in the U.S., he…Details