As Exxon bemoans that it can’t find enough oil, Saudi Arabia is crowing how much of it there is about. Saudi Aramco President Abdullah S. Jum’ah told the World Energy Congress that liquid energy resources are far bigger than expected, and he is “optimistic” over the future.
Jum’ah said there were enough conventional and […]

Business Week has picked up on a growing conundrum for the oil industry. Even as oil prices soar, earnings at Exxon, BP, and ConocoPhillips are coming back down to earth. Are lower profits here to stay?
Yesterday, ExxonMobil, the world’s largest integrated oil company, reported a 10% drop in profits for the third quarter from a […]

In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayor’s seat.  At one forum, a citizen stood up and asked, “Within the next mayoral term, it’s likely the price of oil will hit $90 a barrel and gas will […]

The oil and gas industry will need as much as $21.4 trillion in capital expenditures between now and 2030 to meet sharply growing global demand for hydrocarbons forecast by experts, according to analysts.
Larry G. Chorn, the chief economist for Platts, which provides energy and commodities information, argues capital spending is likely to exceed $1 trillion […]

Tony Hayward, BP’s baby-faced new CEO, has pledged to turn the oil giant’s fortune around in the next two to three years. Hayward told The Sunday Telegraph over the weekend, that “we have been on the downward spiral for three or four years and it will take us two or three years to come back […]