All articles tagged with #oil discovery
BP has announced its largest oil and gas discovery in 25 years off Brazil's coast, signaling a shift back to fossil fuels as the company reduces renewable energy investments and aims to boost crude production, amidst financial and strategic challenges.
BP has made its largest oil and gas discovery in 25 years off the coast of Brazil, signaling a renewed focus on fossil fuels after setbacks in its green energy plans. The Santos basin discovery, BP's 10th of the year, could significantly boost its production targets and establish a key hub in Brazil, amid a broader industry trend of increasing oil output following OPEC+ production hikes. This shift comes despite BP's earlier commitments to net-zero emissions and its recent leadership upheaval.
BP has made its largest oil and gas discovery in 25 years off the coast of Brazil in the Bumerangue field, which could contain a multibillion-barrel reserve, signaling a strategic focus on fossil fuels despite global energy transition efforts.
Chinese state-owned oil and gas company CNOOC has announced the discovery of a new oil reserve in the South China Sea, containing over 100 million tons of oil equivalent proved in-place at its deepwater Kaiping South oilfield near Guangdong province. The reserve, which contains light crude, is part of CNOOC's efforts to develop China's offshore oil and gas reserves and offset declining output from aging onshore fields, with the company raising its 2024 production target by about 8% to a record 700 million to 720 million barrels of oil equivalent.
Guyana's rapid economic growth, driven by a 2015 oil discovery, has made it the world's fastest-growing economy, but it now faces a territorial dispute with neighboring Venezuela over the annexation of Essequibo. Despite Venezuela's large oil reserves, its economy has collapsed under Maduro's rule. Guyana's newfound confidence is supported by international law and alliances, but concerns remain about the country's weak democratic institutions and potential for the "resource curse."