Saudi Aramco overtakes Apple as the world’s most valuable company

Saudi Aramco has overtaken Apple as the world’s most valuable company after higher oil prices pushed shares of the world’s biggest crude exporter to record levels, while a broader tech stock sell-off weighs on the iPhone maker.

The Saudi Arabian oil company’s market capitalisation on Wednesday was $2.426 trillion, exceeding Apple’s $2.415 trillion by just over $10 billion.

Saudi Aramco raised ... 

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Pertamina gets planning approval for $2.4 billion Rokan block development

Indonesian state-owned oil and natural gas company Pertamina has reportedly received approval for the $2.41 billion investment plan to expand the Rokan oil block.

Pertamina has received the approval from the country’s oil and gas regulator Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas). With the approval, Pertamina is allowed to commence a second phase of development ... 

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Petrobras begins production from FPSO Guanabara in Mero field

The Guanabara floating production storage and offloading unit (FPSO) has been designed to process up to 180,000 barrels of oil per day and 12 million cubic metres of gas per day. The platform has an oil storage capacity of 1.4 million barrels.

Constructed and operated by Modec, FPSO Guanabara reached the Mero field in late January 2022. Following this, it was connected to wells and subsea equipment ... 

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Biden Plans to Open More Public Land to Drilling

The Biden administration announced on Friday that it would resume selling leases for new oil and gas drilling on public lands.

The Interior Department said in a statement that it planned next week to auction off leases to drill on 145,000 acres of public lands in nine states. They would be the first new fossil fuel leases to be offered on public lands since President Biden took office.

And ... 

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The oil giants drilling among the giraffes in Uganda

As one of the world’s most famous game reserves, Murchison Falls National Park is home to some of the largest populations of elephants, giraffes, lions and leopards anywhere on the planet. Chief warden Edison Nuwamanya rattles off the numbers by heart: 2,700 elephants, 15,800 buffalo, 1,950 Rothschild’s giraffes and more than 150,000 kobs, a type of antelope. Decades of hard work and investment ... 

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Canada approves controversial Bay du Nord offshore oil project

Canada’s environment minister approved Wednesday a controversial offshore oil project expected to see 300 million barrels of oil extracted over 30 years

Reference

This is equivalent to about 3 days of global oil consumption.

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The World Has Been Using A Lot More Oil Than We Thought

For the past 15 years the world has been using more oil than the primary monitoring agency thought.

The changes aren’t small. At 2.9 billion barrels, the additional demand they’ve just found is equivalent to five times the U.S. Strategic Petroleum Reserve, or an entire year’s worth of consumption in France, Germany, Italy, Spain, the U.K. and Mexico.

Not surprisingly, the revisions were made ... 

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Norway plans to continue oil exploration and drilling in coming decades

“We will supply energy to the world as long as the demand exists.”

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World’s first 100,000 ton deep-sea semi-submersible oil platform ready for production.