The US has the largest crude oil reserves in the world, with 91.3bn barrels.
Global oil and gas production is expected to increase by 2.6 percent to 2021, according to GlobalData estimates.
Statoil, Lundin, Eni and OMV have been increasing their efforts in the Barents Sea, with the Norwegian government recently stating the region holds the largest undiscovered resource potential in the Norwegian Shelf and indicating it will play a vital role in the country’s future activities.
As Exxon Mobil’s Liza project moves into the development phase the challenge for the Guyana government is to strengthen the regulatory framework.
While North Korea has not suggested it intends to attack its immediate neighbours or their energy infrastructure it does have the capabilities to do so.
Angola, as part of the arrangement with the Organisation of the Petroleum Exporting Countries (Opec) members, agreed to reduce oil production by 78,000 barrels per day, to a maximum of 1,673,000 for six months from the start of 2017.
The Kurdistan region was once considered to be the last great frontier in the petroleum industry, however, a series of setbacks have reduced its appeal.
The UK and Norwegian North Sea has recently shown an increase in mergers and acquisitions activity despite the latest oil price down-cycle and its perception of a high-cost mature basin.
Global oil and gas production spend is expected to decrease by 0.3 percent between 2017–2021 from $443bn in 2017 to $315bn in 2021.
Saudi Arabia is set to list five percent of its state-owned oil giant, Saudi Aramco, in an Initial Public Offering (IPO) in late 2018.
Despite the lower-for-longer oil price some of the biggest oil and gas companies are still spending on some big projects.
Oil investment is increasingly competitive with countries desperate for oil majors not to axe projects in their region.
The battle is on and it’s not going to get any easier for countries fighting over oil and gas major capital spending.
China and India, buoyed by their booming new wealthy middle class, will push the combined countries’ diamond market to equal that of the US by 2020.
Libya, with the third largest remaining recoverable oil reserves in Africa, is going to struggle to maintain oil production in 2017 as geo-political turbulence continues to disrupt the industry.
The recent Opec deal could mean state revenues are squeezed, not boosted by a rising oil price, leaving the cartel’s members facing a sharp reduction in state revenues.
The election of Donald Trump as the 45th president of the US is expected to have a significant impact on the power sector, specifically clean energy, climate, and the environment.