Oil And Gas Updates: 25 October 2018


  • Global oil and gas development spend needs to increase by around 20 percent, to about $600 billion, to meet future demand growth and ensure companies sustain production next decade

  • Oil held losses near the lowest level in more than two months as Saudi Arabia pledged to offset any supply shortfalls and as global investors shunned risk assets


Red Sky Energy acquires Bengal Energy's interest in the Innamincka Dome oil & gas project


Petrobras announces first production at the Lula Extremo Sul area in the Santos Basin pre-salt


JX Nippon announces first gas from the Beryl field in Block SK10 offshore Sarawak


DNV GL predicts faster, leaner and cleaner oil and gas production techniques to emerge over the coming decades as the industry adapts to the unfolding energy transition

Saudi Arabia

Saudi Aramco signs 15 Memoranda of Understanding (MoUs) at the Future Investment Initiative (FII) Forum worth $34 billion

United Kingdom

  • PD&MS secures further contract renewal with Chrysaor in North Sea

  • Cuadrilla halts fracking in Lancashire after 'earth tremor'

United States

  • New York sues Exxon for misleading investors on climate change risk

  • United States is still the world’s largest natural gas producer, despite a marginal 2017 output increase of 0.7 percent, a new report from Eni has revealed

  • The world’s top five natural gas producers and their 2017 natural gas production, as highlighted in Eni’s report, can be seen below:

  • United States – 26.6 trillion cubic feet (753.51 billion cubic meters)

  • Russia – 24.4 Tcf (691.94 Bcm)

  • Iran – 7.6 Tcf (215.75 Bcm)

  • Canada – 6.5 Tcf (184.44 Bcm)

  • Qatar – 6.3 Tcf (179.47 Bcm)