30 October 2023
30 October 2023
Since 2015, 46 oil and gas discoveries have been made in Guyana, with more than 11 billion barrels of recoverable oil and gas.
Eni, BP, Dana Petroleum, Ratio Energies, Socar and NewMed are among the awardees.
A 14% decline in crude realisations and a nearly 60% fall in natural gas realisations were the causes of the significantly decreased earnings, the company said.
Total revenues and other income for the third quarter dropped by 40% to $26.02bn, from $43.63bn a year earlier.
The company is looking to sell stakes in its ANR Pipeline and Mexican operation, among others.
During Q3 2023, hydrocarbon production (excluding Novatek) was up by 5% YoY.
The Chinese oil company’s revenue in the third quarter increased by 5.5% to Y114.75bn ($15.68bn).
Sustainable aviation fuel (SAF) is rapidly gaining prominence globally, with most of its production being planned through standalone renewable refineries.
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Although quantum computing is still in the R&D stage, its potential use cases in the oil and gas industry are numerous and are likely to expand. Oil majors, such as BP and ExxonMobil have joined IBM’s Q Network to develop quantum computers that will increase the understanding of subsurface geology. Companies are also looking at these computers to study molecular modeling and emission mitigation. Besides, the long-standing problems of matching demand with production and optimizing supply chains could be solved using quantum computing.
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