According to a recent report from Swift Worldwide Resources, over 150,000 jobs in the global oil and gas industry have been cut since oil prices began to tumble last summer.
States are attempting to get their hands on long-term gas supply contracts with the Russian natural gas exporter Gazprom and pave the way for a multi-commodity energy supplier business where they can influence end-user prices directly.
“Natural gas is a flexible, it's supply is abundant and diverse, its ranges of use are still expanding, it's supply is abundant and diverse, it's low carbon, clean burning, an ally to renewables such as solar and wind, and it makes economic sense.”
Russia could not provide Ukraine with the gas price discount it once had, days before new gas talks between Russia, Ukraine and the European Union.
Iran produces about 2.7m barrels of oil a day. But a report by Wood Mackenzie, the energy consultancy, to be published on Thursday, says that it could add 600,000 b/d of crude production by the end of 2017, assuming that it strikes a nuclear deal with the US and EU that lifts sanctions.
Pro-development policies could increase cumulative local, state, and federal government revenue by over $1 trillion and lower average annual household energy expenses by $360 by 2035, according to the study. A path of regulatory constraints would lead to a cumulative decrease of $500 billion in government revenue from 2016 to 2035 and an increase of $242 in average annual household energy costs.
Declines in oil and natural gas extraction and support employment tend to lag declines in crude oil prices. As prices of North Sea Brent crude oil fell from their June 2014 level of $112 per barrel, firms reduced the number of new wells drilled and the associated workforce. The count of drilling rigs in the United States, as measured by Baker Hughes, totaled 857 for the week ending June 19, 54% below the same point a year ago and the lowest level in nearly six years.
In terms of oil and gas reserves per capita, Qatar is still “well ahead” of the other major oil and gas producers with 83,600 barrels of oil equivalent in 2014.
Germany’s Wintershall agreed Thursday to sell stakes in several North Sea assets and fields to Tellus Petroleum for a combined $602 million.
The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.