Industry news

As Russia cuts ties with European markets, North African countries have stepped up and started buying its diesel and other refined products in a big way.

European oil and gas majors have doubled their planned spending on low-carbon energy in just two years, from 10% of their 2019 capex to 25% of their total current spending plans, Wood Mackenzie said on Thursday.

Total is planning to explore for oil off the west coast of South Africa, despite growing opposition from local environmental groups to such activities. SLR Consulting Ltd, which is carrying out the environmental assessment, said Total planned to drill one well and could drill nine more if the first one was successful.

The number of active U.S. oil and gas RIGS rose for a third straight week this week as relatively high oil prices encouraged operators to add RIGS.

Oil producers could face another showdown before the end of the year, with oil powers such as Saudi Arabia and Russia holding different views on how to deal with a stalling recovery in oil demand.