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...Gas and power trading has overtaken oil as the biggest source of profits in the sector, contributing almost half of the industry’s gross earnings in 2022, according to Oliver Wyman....
...Oil and gas executives were the most likely to share this view....
...The changes reflect chief executive Wael Sawan’s plans to keep oil production flat and expand sales of liquefied natural gas while being more selective about the types of low-carbon energy products it sells...
...From the 1970s until the 2000s, the Soviet Union and then Russia priced natural gas to displace the competitor — fuel oil in industry and heating oil in domestic heating....
...methane emissions from oil and gas infrastructure....
...“As we enter the global era of natural gas, it is imperative for US natural gas companies to evolve their business models to compete on the global stage,” Rice said....
...“That points to one thing, which is we’re headed towards higher oil prices. It’s not a question of if, it’s a question of when.”...
...US natural gas prices have plunged to a near-three-decade low as what is set to be the country’s warmest winter on record slashes demand for the heating fuel just as production surges to record levels....
...“There was a big shift against natural gas, of course, when the price was very high, and it was seen as unreliable....
...While BP insists that it is committed to cutting oil and gas production, the company has moved to slow its retreat in response to pressure from shareholders and as Russia’s full-scale invasion of Ukraine...
...Qatar plans to further increase its liquefied natural gas (LNG) production capacity following the discovery of vast new gas reserves, as it looks to tap surging demand from China and other Asian nations....
...“In terms of the construction . . . the sanctions, I don’t think have worked,” said Ben Seligman, a project specialist for Arctic oil and gas development....
...The deal follows a wave of merger and acquisition activity in the US oil and gas sector, as companies seek to acquire dwindling drilling acreage....
...Flynn warned that an extension, which would impact Scotland’s oil and gas extraction industry, risked converting Scottish Tories into nationalists....
...Its own financials were not disclosed but Endeavor should contribute about 43 per cent of overall oil and gas production....
...“It is less clear that they are champions of the oil and gas sector.”...
...But a slump could squeeze profits for “portfolio” LNG companies — often oil and gas majors such as Shell and Total — whose large bets on natural gas form part of transition strategies....
...The chief executive of Ithaca Energy has quit the North Sea oil and gas producer, exiting as the group tries to rebound from a lacklustre first year as a public company....
...Natural gas prices plunge as US set for its warmest winter on record....
...European refineries are suited to Russian “medium-sour” oil but the switch to other types of crude has reduced their capacity utilisation, according to Jakub Zasada, natural resources and commodities director...
...US production has smashed records in recent years: in November, oil output hit an unprecedented 13.3mn barrels a day, while natural gas topped 105bn cubic feet a day for the first time....
...American oil and gas lobby groups have hit back against Joe Biden’s freeze on new permits for LNG infrastructure, lodging a legal filing that urges the Department of Energy to reconsider the suspension....
...Europe’s energy crisis began in 2021 as the region exited a prolonged cold winter with low natural gas storage levels....
...Diamondback Energy’s $26bn deal for rival Endeavor Energy this week brought to almost $180bn the value of an oil and gas dealmaking spree that has reverberated across the US shale patch since the beginning...
...Further reading— BP should consider the mother of all mergers with Shell (Guardian, 2004, with postscript six years later)...
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