Global oil and gas development spending needs to increase by around 20 per cent to meet future demand growth and ensure companies sustain production in the next decade, according to Wood Mackenzie, a UK-based energy consultancy group
Gas
DNV GL predicts oil demand to peak in 2023
DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050, has predicted that oil and gas demand will peak in 2023 and 2034
Saudi Aramco signs 15 MoUs worth US$34bn
Oil company Saudi Aramco has signed 15 Memoranda of Understanding (MoUs) and strategic and commercial collaborations worth more than US$34bn at the Future Investment Initiative (FII) forum in Riyadh
Drilling Systems launches new technology for Jack-up rigs
Advanced simulator developer, Drilling Systems, has launched new technology to help raise competency and drilling standards across the world by revolutionising the way drilling crews are trained for Jack-Ups rigs
Malaysia’s Petronas takes 10 per cent stake in Oman’s Khazzan gas field
Malaysia’s Petroliam Nasional Berhad (Petronas) has announced that its subsidiary would buy a 10 per cent stake in Oman’s Al Khazzan gas field, following a bidding exercise held by the exploration arm of state-owned Oman Oil Company
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