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Oil And Gas Updates: 25 October 2018


General

  • 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



Australia

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



Brazil

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



Malaysia

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



Norway

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)