This winter is expected to bring high heating bills for consumers as natural gas prices continue to rise, said the Energy Information Administration. Homes that rely on natural gas for heating can expect to spend 30% more on heating bills this winter, the EIA said.
The demand for oil across the globe will see a sharp increase for the rest of the year due to the energy crisis, said the International Energy Agency. The agency forecasts that oil demand will exceed pre-pandemic levels next year, hitting 99.6 million barrels a day.
Thirty-seven of the US' top 50 oil companies have put in place goals tied to climate change, according to an analysis by EY. Adopting environmental, social and corporate governance goals will help oil companies attract younger talent, said Alvarez and Marsal managing director Allison Hoeinghaus.
North Dakota has approved a $3 million loan that will go toward work on Cerilon's planned $2.8 billion gas-to-liquid conversion facility in Trenton, N.D. The state expects to create thousands of construction jobs for the facility.
Researchers from the University of Colorado and University of Maryland spent a week in Colorado studying oil and gas drilling sites to understand the effect fracking has on the environment. The researchers collected data on methane emissions, which will be sent to local health departments to aid in determining whether more regulation around fracking is needed.
The incoming Norwegian government says it will continue oil and natural gas exploration over the next four years and maintain the country's existing licensing procedures. Norway produces about 4 million barrels of oil equivalent per day.
Halliburton says it will combine its electric pumping unit with VoltaGrid's power generation operation to provide an all-electric fracturing system under a multi-year contract with Texas-based Aethon Energy in the Haynesville shale. "Our innovative all-electric fracturing solutions deliver superior performance while significantly reducing fuel costs and emissions for our customers," says Michael Segura, Halliburton's vice president of production enhancement.
Namdeb says it will continue to mine for diamonds in Namibia until 2042, instead of ending the land-based operations next year, after Namibia offered the company a 5% discounted royalty rate. Namdeb, a venture between Namibia and De Beers Group, says it will accelerate production over the next 30 months and create 600 new jobs.
Occidental Petroleum will sell its stakes in the offshore Jubilee and TEN fields in Ghana to Kosmos Energy and Ghana National Petroleum for $750 million as it aims to reduce debt. The two fields produced 22,000 barrels of oil equivalent per day in the second quarter.
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