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 … Read More
oil industry outlook
BP Chief âto Turn Round Oil Giant in Three Yearsâ
Tony Hayward, BPâs 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 … Read More
BP: Thousands of Jobs Cut
Thousands of jobs are expected to go at BP over the next two years after the new CEO, Tony Hayward, announced plans yesterday for a âfundamental shiftâ in the way the oil giant operates around the world. The Times reports how Hayward has stamped his authority on the business, saying that BP had to bring … Read More
Hunt is on for New BP Chairman
BP has launched a search for a new chairman in a move that will draw a line under the turmoil that has engulfed the British oil giant for two years. BP, which has a market value of ÂŁ107 billion, has appointed a headhunter to find a replacement for Peter Sutherland, who has chaired the company … Read More
âDreadfulâ BP Plans to Cut Jobs
Tony Hayward, BPâs fresh-faced CEO, is preparing staff for a far-reaching shake-up of the oil company as he delivered a blunt warning that third-quarter revenues would be âdreadfulâ. Hayward told a staff meeting in Houston he would be announcing a streamlining of the companyâs organisation next month. He said that BPâs financial performance was at … Read More
Will BP and Shell Merge?
David Strahan, the author of The Last Oil Shock, yesterday raised the old chestnut of a BP- Shell merger that periodically does the rounds. âBP and Shell are finally set to merge. That’s if you believe the tittle-tattle in the Square Mileâ, he wrote. Strahan wrote about how, although it a joined up BP â … Read More
We Face Oil Crunch âin Five Yearsâ
The world is facing an oil supply âcrunchâ within five years that will force up prices to record levels and increase the westâs dependence on oil cartel Opec, according to the International Energy Agency. In its starkest warning yet on the worldâs fuel outlook, the International Energy Agency said âoil looks extremely tight in five … Read More
Britain Slashes Reliance on Middle Eastern Oil
Just as the debate rages of Iraqâs oil law, new government figures show that Britain is now importing only the tiniest fraction of its oil from the Middle East, sourcing its crude instead from the Americas, Africa and Norway. An analysis by UK government officials reveals how dramatically the map of UK oil sources has … Read More
North Slope: 50 Years Left
Although oil production on the North Slope is in steady decline, its largest operator, BP, remains bullish about the future because of the region’s untapped resources. BP says the region is teeming with enough natural gas and heavy crude oil to keep production going for another 50 years.
A World Without Oil
The day after being attacked by Tony Blair for its reporting, the Independent newspaper once again leads on a story of huge importance. The paper looks at how leading scientists have criticized BPâs Annual Review of the world’s remaining oil reserves, warning that the end of oil is coming sooner than governments and oil companies … Read More