BP Review: World Energy Consumption Wobbles For 3rd Straight Year

India and China are driving growth in energy consumption, BP report says.

Experts share their insight on Big Data applications and their use in the oil and gas industry.

oil and gas, final investment decision, Rystad Energy

The number of non-sanctioned oil and gas projects has risen from 29 in 2015 to more than 100, according to a report.

Peak oil demand will emerge through a supply gap by 2022 that will be difficult to bridge, the CEO of political risk firm Eurasia Group said.

Check out the latest news highlights from around the world. 

Deepwater International

According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis. 

At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve. 


DONG Energy agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, it said May 24, the latest in a string of North Sea deals.

Neptune, set up in 2015 and headed by former Centrica boss Sam Laidlaw, is backed by private equity funds The Carlyle Group and CVC Capital Partners.

Schlumberger, oil, reserves, exploration, spending, Paal Kibsgaard

The head of the world’s largest oilfield service company says the world could face a medium-term supply deficit given today’s reserves depletion rate and falling exploration spending.

SNC-Lavalin Group is expanding its global consulting, design and project management capabilities with the takeover of U.K.-based WS Atkins.

"If the changes were significant they would need to be consistent with Australia’s national interest test under that Act," a spokeswoman for Australian Treasurer Scott Morrison said.


Oil prices dropped to six-week lows on June 15, under pressure from high global inventories and doubts about OPEC's ability to implement agreed production cuts.

Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million bbl/d for the first time, the IEA said.

OPEC said a long-awaited rebalancing of the oil market was under way at a 'slower pace' and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply.

Oil prices steadied on June 9 after steep falls earlier in the week under pressure from widespread evidence of a fuel glut despite efforts led by OPEC to tighten the market.

Oil fell for a second day on June 8 to hit one-month lows after an unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated investor concerns about an already oversupplied market.


Named to succeed Jac Nasser as BHP chairman from Sept. 1, MacKenzie's early challenge will be to deal with calls for a revamp at the world's biggest miner from activist shareholders.

The French oil services firm, which specializes in geoseismic surveys and is listed in Paris and New York, said the restructuring would eliminate $1.95 billion in debt from its balance sheet.

Activist shareholder Elliott called on BHP Billiton on June 14 to "upgrade" its board of directors as the company prepares to select a new chairman this week.

Moody's upgraded BP Plc's credit rating on June 8, citing a strong performance despite oil price volatility and greater fiscal clarity following a $20 billion settlement of the deadly 2010 Gulf of Mexico spill.

New DNV GL executive Cuoco boasts expertise in data science, change and risk management.