Oil and Gas Industry News

The future for the oil and gas industry has changed. For over 100 years the story was one of growth in production to supply a largely Western-driven market, and of competition between companies for access to reserves. Since 2005, oil prices have moved to a permanently high level. Other industries are capturing some of the demand for transport by producing more efficient engines, vehicles, ships and aircraft, and by supplying alternative fuels. New technologies are providing diverse but uncertain opportunities for producing 'unconventional' oil and gas in many parts of the world.

Oil and gas supply 57% of the commercial energy the world consumes, and their combustion accounted for roughly the same proportion of global CO2 emissions. Oil and gas exports are more than 15% of the value of global exports and provide more than 25% of GDP in Russia, Central Asia and members of the Organization of the Petroleum Exporting Countries (OPEC).

On August 30 the Ministry of Electricity and Energy (MoEE) announced it would be opening fresh rounds of bidding for oil and gas blocks in the first half of next year, and there are plans to launch a tender for at least one onshore block before the end of 2018.

Leading a team of CNOOC top executives to the corporate headquarters of the Nigerian National Petroleum Corporation (NNPC), Yuan Guangyu, Chief Executive Officer of the Beijing based corporation, described its investment in Nigeria as the most strategic and important overseas business undertaking.

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