At the end of 2023,the world's proven oil reserves reached 1,754.6 billion bbl,an increase from the previous year's 1,746.8 billion bbl,according to the Oil & Gas Journal(OGJ)'s annual assessment.Notably,the Western Hemisphere region took the lead in this growth.Similarly,global proven ...
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Russia has the largest proved natural gas reserves in the world. As of 2023, it held reserves worth 44.2 trillion standard cubic meters worth of the fossil fuel. Iran and Qatar followed, with more than 30 and 20 trillion cubic meters, respectively. Notable new discoveries have been made since...
Natural gas, largely methane, is another greenhouse gas itself (when released) and has 25 times the impact of carbon dioxide. Production activities can also be a direct source of greenhouse gases, through methane leaks, gas flaring or extraction methods. Oil production (and prices) are more ...
Oil and gas companies currently have assets for sale with recoverable reserves of more than 5 billion barrels of liquids and 7.5 billion barrels of oil equivalent (boe) of natural gas, Rystad Energy estimates. While some of these planned divestments were ann...
Oil and Gas Wells Drilling Service providers are using seismic technology to map and interpret potential hydrocarbon reserves. 4D seismic technology is being used to track the change in the physical properties of the reservoir rocks which are caused due to changes i...
Despite concerns about underinvestment in upstream, peak oil and gas demand can be met in the 2030s without a substantial increase to current annual investment levels of US$500 billion, according to a new Horizons report from Wood Mackenzie. ...
and offshore regions, with the BP Statistical Review of 2020 noting that around 1,733.9 billion barrels of proven oil reserves remained untapped by the end of 2019. This trend is anticipated to boost upstream activities, resulting in an increased demand for oil and gas pumps. Recent noteworthy...
Additionally, the oil and gas industry is highly cyclical, sometimes unpredictably so, as witnessed in the most recent downturn. Some feelthis last downturn has changed the sector permanently. Jobs were lost, companies failed, and replacement reserves declined. As companies have struggled to cut ...
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