Markets

The major Scandinavian producer’s oil and gas sector is set to achieve record investment levels in 2024, with total spending projected to hit $24B (257B Norwegian crowns).

OPEC's second-largest producer is transitioning to profit-sharing contracts for its oil and gas sector, marking a significant regulatory change aimed at attracting higher investment.

Two recent developments reflect significant opportunities and challenges in the global oil exploration and production (E&P) sector.

On Aug. 1, 2024, OPEC+ ministers confirmed their commitment to the current oil output policy, which includes a gradual increase in production starting in Oct.

OPEC+ is grappling with key decisions regarding its production policy as crude prices dip and market conditions shift.

In 2024, the US is expected to contribute significantly to non-OPEC oil production growth, with Goldman Sachs projecting it will account for 60% of this increase.

Chevron Corp.'s $53B acquisition of Hess Corp. has encountered further delays as a scheduled arbitration hearing regarding the Stabroek block in Guyana has been set for May 2025.

The major Middle East OPEC producer has recently announced a major oil discovery in the offshore Al-Nokhatha field, revealing significant potential with estimated reserves.

US crude production is projected to rise steadily, reaching an average of 13.98MM b/d in the fourth quarter of 2025, according to the latest Short-Term Energy Outlook (STEO) from the Energy Information Administration (EIA).

Energy Secretary Ed Miliband has enacted an immediate ban on new North Sea oil drilling licenses, a move that overrides departmental officials and could lead to legal confrontations with oil companies.