News in Numbers

The Organization of the Petroleum Exporting Countries has predicted a rise in oil demand until 2045, requiring $14trn of investment over coming years.

BP has started production on the Seagull oil and gas field in the UK North Sea, predicted to produce 50,000 barrels of oil per day.

Following the outbreak of conflict in Israel and Palestine, shares in Shell rose to a record price of £27.63, compared to £8.78 in 2020.

Japan will join sanctions on Russia’s Arctic LNG 2 development, which would build three LNG production trains each producing 6.6 million tonnes per year.

Elsewhere, BP has shipped the first LNG cargo from its third liquefaction train at the Tangguh facility in Papua Barat, Indonesia, which adds 3.8 million tonnes per year of capacity.