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President Donald Trump has overturned offshore oil and gas leasing bans to allow drilling in most US coastal waters, reversing decisions made by former President Joe Biden. This move is part of Trump's efforts to boost American energy development, although it may face legal challenges from environmentalists. The oil and gas industry supports Trump's decision, citing the need for energy resources and a smaller carbon footprint. However, conservationists argue that offshore drilling poses risks to coastal communities and marine life. [Extracted from the article]

Saudi Arabia's main oil and mining companies, Saudi Aramco and Maaden, are collaborating on a joint venture to produce lithium, a crucial metal for the energy transition. The venture aims to produce commercial quantities of lithium by 2027, as part of Saudi Arabia's broader economic diversification efforts under the Vision 2030 program. Despite efforts to attract international firms to exploit its mining potential, progress in the sector has been limited. [Extracted from the article]

Australia's east coast, particularly Sydney and Melbourne, is projected to experience a shortage of domestic gas supply starting in 2027 due to depleting older gas fields. The Australian Competition & Consumer Commission report highlights the need for new gas fields to be developed to address the impending shortfall. Despite being a major LNG exporter, Australia has struggled to meet domestic demand, leading to regulatory changes and the construction of the country's first LNG import terminal in New South Wales. [Extracted from the article]

BP Plc has reached an agreement with the Iraqi government to redevelop the Kirkuk oil and gas fields, with negotiations expected to be completed in early 2025. This partnership is seen as a significant step in BP's upstream strategy, as the company has a long history with Iraq and the region. The agreement follows a memorandum of understanding signed in August to invest and explore in the area, showcasing continued support from the Iraqi government for BP's activities in the country. [Extracted from the article]

Britain and Norway are set to announce an industrial partnership for green energy, including plans for transporting carbon under the sea. The agreement, to be signed in 2025, aims to enhance cooperation across various sectors and support jobs related to carbon capture. This partnership comes as both nations seek to strengthen their energy and defense ties following the energy crisis caused by the Kremlin's invasion of Ukraine. Prime Minister Keir Starmer's visit to Norway marks the first official bilateral meeting between a British Prime Minister and Norway since 1986. [Extracted from the article]

The Nord Stream 2 pipeline, controlled by Gazprom PJSC, lost a legal battle against EU gas market rules, which was seen as a symbolic defeat for the project. Despite the ruling, the impact on the pipeline, which was already disrupted by geopolitical factors and sabotage, is expected to be minimal. The project, intended to double the capacity of Russian gas delivery to Europe, faced challenges and controversy, ultimately leading to bankruptcy and potential resurrection by new bidders. The case is identified as T-526/19 RENV Nord Stream 2 v Parliament and Council. [Extracted from the article]

The Nord Stream 2 pipeline, controlled by Gazprom PJSC, suffered a legal setback in its battle against European Union gas market regulations. The EU's General Court ruled that Nord Stream 2 should have anticipated the extension of internal market rules to cover gas pipelines from third countries. Despite the defeat, the project, which aimed to double the capacity of Russian gas deliveries to Europe, faced challenges from geopolitics and sabotage, ultimately leading to bankruptcy. The pipeline's future remains uncertain, with potential bids from unexpected sources like American dealmaker Stephen P. Lynch. [Extracted from the article]

Shell Plc successfully appealed a Dutch court order from 2021 that mandated faster emissions reductions, arguing that court-mandated targets lack legal basis and could hinder its 2050 net zero goal. The court ruled that it is challenging to determine specific emission reduction percentages for oil and gas companies, and the case may be appealed to the Dutch Supreme Court. This decision has implications for future climate-related legal battles and underscores the ongoing debate over corporate responsibility in addressing climate change. [Extracted from the article]

Russia's Arctic LNG 2 project has significantly reduced gas output in November due to western sanctions, with fields pumping only 0.4 million cubic meters of gas a day, a drop of over 90% from October. The project, led by Novatek PJSC, has faced challenges in exports and production due to sanctions, limiting its ability to reach its design capacity of 19.8 million tons of LNG per year. The facility's operations have been impacted by sanctions, affecting Russia's ambitions to increase LNG exports and develop the Northern Sea Route. [Extracted from the article]

Iran is still exporting crude oil from its main Kharg Island terminal, despite a recent incident where tankers fled the area due to Israeli threats. Satellite imagery shows three tankers moored at the jetties on the island, capable of carrying about 5 million barrels of crude. President Joe Biden has urged Israel not to attack Iran's oil infrastructure to prevent further escalation. Iran's September exports of crude and condensate were estimated to be the highest in over a year, with the initial figure of 1.73 million barrels a day expected to increase as more ships are tracked. [Extracted from the article]

This article discusses the potential impact of Israel's vow to retaliate against Iran for a recent missile attack. The focus is on the effect this could have on oil supplies from the Persian Gulf and the resulting impact on global oil prices. The article highlights the importance of the region, as it is the third-largest oil producer in OPEC and a significant amount of crude oil and liquefied natural gas passes through the Strait of Hormuz. The article also includes a map of Iran's major energy installations. [Extracted from the article]

European natural gas prices have increased due to geopolitical risks and colder weather forecasts. The market has been volatile due to tensions in the Middle East, with Israel conducting air strikes against Hezbollah in southern Lebanon. Threats to energy infrastructure in Ukraine persist, and there are concerns about potential strikes on nuclear sites. Additionally, unplanned outages in Norway and maintenance at the Cove Point liquefied natural gas export terminal in the US have impacted supply. The colder temperatures in parts of Europe are expected to increase gas use for heating. [Extracted from the article]

European natural gas prices have increased due to concerns about supply risks and colder weather. The market has been volatile due to tensions in the Middle East, with Israel conducting air strikes against Hezbollah in Lebanon. There are also threats to energy infrastructure in Ukraine, which could impact the movement of Russian gas to central Europe. Additionally, unplanned outages in Norway and maintenance at a US export terminal have further affected supply. On the demand side, lower temperatures are expected, potentially increasing gas use for heating. [Extracted from the article]

European natural gas prices have increased due to concerns about supply risks and colder weather. The market has been volatile due to tensions in the Middle East, with Israel conducting air strikes against Hezbollah in Lebanon. There are also threats to energy infrastructure in Ukraine, which could impact the movement of Russian gas to central Europe. Additionally, temperatures in parts of Europe are expected to drop below seasonal norms, potentially increasing heating demand. Gas flows to a liquefied natural gas export terminal in the US have also decreased, indicating reduced production. Dutch front-month futures, Europe's gas benchmark, have risen to €35.16 a megawatt-hour. [Extracted from the article]

ING Groep NV, the largest bank in the Netherlands, has announced plans to further reduce its financing of fossil-fuel companies in order to lower emissions in its loan portfolio and achieve a net zero target by 2050. The bank will no longer finance companies that continue to develop new oil and gas fields, and it plans to stop providing new financing for liquid natural gas terminals after 2025. ING has already pledged to cut loans for oil and gas exploration and production by 35% by 2030. This move aligns with other European and UK banks that have imposed restrictions on financing new oil and gas fields. However, some environmental groups argue that ING is not doing enough to curb emissions and are considering legal action against the bank. ING believes that it is taking the right steps and is closely assessing the emissions disclosures of its corporate clients. Those that do not take sufficient steps to curb emissions may face stricter loan conditions or be denied financing. [Extracted from the article]

ING Groep NV, the largest bank in the Netherlands, has announced plans to further reduce its financing of fossil-fuel companies in order to lower emissions in its loan portfolio and achieve a net zero target by 2050. The bank will no longer finance companies that continue to develop new oil and gas fields, and it has already pledged to end all funding of upstream oil and gas activities by 2040. ING's outstanding exposure to upstream oil and gas activities decreased by almost 40% last year. The bank also intends to stop providing new financing for liquid natural gas terminals after 2025. ING joins a growing list of European and UK banks that have imposed restrictions on financing new oil and gas fields. However, some environmental groups argue that ING is not doing enough to curb emissions. ING is closely assessing the disclosures of its corporate clients and those that do not take sufficient steps to reduce emissions by 2026 may face stricter loan conditions or be denied financing. [Extracted from the article]

A global group of organizations, including the Climate Bonds Initiative and the International Energy Agency, is developing guidelines to enable oil and gas producers to access financing for reducing methane emissions. The organizations plan to release funding recommendations at the COP29 UN climate conference in November and certify methane reduction projects that meet the criteria. The aim is to provide crucial financing to help reduce methane emissions from oil and gas, particularly for state-owned operators in emerging markets. Transition bonds, which finance emission-abatement efforts, have been growing rapidly, and the working group is considering whether they would be appropriate for funding methane mitigation. The guidelines will need to align with the IEA's Net Zero by 2050 roadmap. To limit global temperature rise to 1.5C, methane emissions from fossil fuels must be reduced by 75% by 2030, which is estimated to cost $170 billion. [Extracted from the article]

Woodside Energy Group and the Australian Conservation Foundation have agreed to dismiss the latter's challenge to the development of the Scarborough natural gas field off Western Australia. The project has received all primary environmental approvals and is progressing well. The ACF had sought to challenge the project on the grounds that it would contribute to climate change and impact the Great Barrier Reef. Woodside has emphasized the lower emissions of natural gas compared to coal and is on track to deliver its first cargo from Scarborough in 2026. [Extracted from the article]

Mexican state energy company, Petroleos Mexicanos (Pemex), has reached an agreement with oilfield-services provider CME Oil and Gas to drill in the Gulf of Mexico. The deal involves the redevelopment of the Bacab and Lum fields, which are part of the Ku-Maloob-Zaap play. CME and its subsidiaries plan to invest $1.65 billion over the next 15 years to boost production to 40,000 barrels a day by 2028. Pemex's declining production and heavy debt have led the company to seek partnerships with private sector firms to revitalize aging assets. [Extracted from the article]

Algeria has accused France of endangering the region by recognizing Morocco's rule over the disputed territory of Western Sahara. In response, Algeria has withdrawn its ambassador from Paris. Western Sahara has been a potential flashpoint between Morocco and Algeria for years, with fighting and sporadic violence. Algeria's international profile has grown as a valuable alternative source of natural gas supplies for Europe. France's decision to recognize Moroccan sovereignty over Western Sahara marks a departure from its previous neutrality on the issue. The French government has not officially commented on the decision. [Extracted from the article]

Viaro Energy Ltd. has reached an agreement to purchase several gas fields in the UK North Sea from Shell Plc and Exxon Mobil Corp. This acquisition will mark Viaro's first venture as an offshore operator in the country. The deal includes full ownership of the Bacton onshore gas terminal and 11 offshore facilities that produced approximately 28,000 barrels of oil equivalent last year. Viaro sees potential for further production expansion. The financial terms of the deal were not disclosed, and it is subject to regulatory approval with an expected closing date in 2025. [Extracted from the article]

Viaro Energy Ltd. has reached an agreement to purchase several gas fields in the UK North Sea from Shell Plc and Exxon Mobil Corp. This acquisition will mark Viaro's first venture as an offshore operator in the country. The deal includes the Bacton onshore gas terminal and 11 offshore facilities that produced approximately 28,000 barrels of oil equivalent last year, accounting for about 5% of the UK's total gas output. The financial details of the transaction have not been disclosed, and the deal is expected to be finalized in 2025, pending regulatory approval. [Extracted from the article]

Australia, a major exporter of liquefied natural gas (LNG), is at risk of facing a gas shortage by 2027, according to an independent inquiry. The Australian Competition and Consumer Commission has warned that shortfalls could occur on the east coast a year earlier than expected, potentially requiring supplies to be redirected from the spot market to local consumers. The report emphasizes the need for new sources of gas production and supply to address the long-term issue. Despite losing its top spot to the US and Qatar, Australia remains one of the largest exporters of LNG. [Extracted from the article]

Nigeria's state oil company, the Nigerian National Petroleum Co. (NNPC), has dropped its legal challenge to Exxon Mobil Corp.'s sale of its oil and gas assets to Seplat Energy Plc. The NNPC applied to a high court in Abuja to withdraw the case, following an agreement reached between the NNPC and Exxon last month. The sale still requires approvals from the Nigerian Upstream Petroleum Regulatory Commission and Nigerian President Bola Tinubu. If approved, the deal would significantly increase Seplat's natural gas fields and nearly quadruple its daily output. [Extracted from the article]

Australia has issued its first sovereign green bond, attracting significant investor interest due to the nation's credible framework and plans for future debt issuance. The bond received over three times the amount of demand compared to its maturing debt, indicating investors were willing to pay a premium for green debt. This comes as governments and corporations increasingly turn to sustainable finance markets for cheaper funding costs. Australia's green bond proceeds will be used for its energy transition, excluding nuclear power, and the government's green bond framework aligns with international norms. However, Australia's carbon emissions and emission reduction policies have been criticized for being insufficient in meeting its Paris Agreement obligations. Despite this, the issuance is seen as a positive step towards a successful transition. [Extracted from the article]

The planned merger between state-owned energy producers in the United Arab Emirates (UAE) and Austria to create a global chemicals giant is facing delays due to upcoming elections in Austria. Talks between Abu Dhabi National Oil Co. (Adnoc) and OMV AG over the merger of their chemicals units have been stalled for months, primarily over valuations. The agreement may be pushed back until after the Austrian national elections expected in the fall. The proposed merger would create a €30 billion ($32 billion) global chemicals and plastics giant with access to technology and cheap feedstock. [Extracted from the article]

Borouge Plc, the largest chemicals producer in the United Arab Emirates, is seeking a target in the Asia-Pacific region as part of its growth strategy. The company's chairman, Sultan Al Jaber, stated that this opportunity is currently in the feasibility stage. Borouge has been exploring options in key Asian markets such as India and China. The company's majority shareholder, Abu Dhabi National Oil Co., is also pursuing international growth, including a potential merger with Austria's OMV AG. [Extracted from the article]

The recent replacement of Libya's oil minister may have positive implications for the country's energy sector, but challenges remain for international firms due to the fragmented political landscape. The suspension of Oil Minister Mohamed Oun, who is being investigated for alleged violations, has led to the appointment of Khalifa Abdul Sadiq from the National Oil Corp. This move could potentially align the NOC and the ministry, leading to a short-term revival of the sector. However, ongoing political feuds in Libya could still disrupt the industry. Libya holds Africa's largest crude reserves, but political strife has hindered its oil production. The ousting of Oun could remove obstacles to recent agreements with foreign players, but the Tripoli-based government may still face resistance in implementing new deals. To achieve sustained higher output, Libya will need lasting peace, political stability, and sustained investment. [Extracted from the article]

The UK's oil and gas regulator, the North Sea Transition Authority (NSTA), has released stricter guidelines for producers to reduce emissions or risk losing regulatory approvals. The NSTA's plan aims to make production in the North Sea cleaner in order to help the UK achieve its goal of becoming carbon neutral by mid-century. New developments starting after January 1, 2030, must be fully electrified or run on low-carbon power, while existing assets should pursue other power emissions reductions if electrification is not reasonable. The report does not address scope 3 emissions, which are produced through the consumption of fossil fuel-derived products. [Extracted from the article]

A recent study by Reclaim Finance found that over two-thirds of passive funds marketed as sustainable are actually financing the growth of the fossil fuel industry. This goes against the International Energy Agency's goal of limiting global warming to 1.5 degrees Celsius. The study analyzed 430 sustainable passive funds from major asset managers, including BlackRock and UBS, and found that 70% of these funds were exposed to companies developing new fossil fuel projects. The challenge for these funds is that they are automatically exposed to stocks like Exxon Mobil and Chevron, as they are part of the benchmark index. Reclaim Finance is calling on asset owners to pressure investment managers to live up to their net zero commitments. Some regulators, like France, are taking action by only allowing funds to use an environmental, social, and governance label if they blacklist expanding fossil fuel companies. [Extracted from the article]

The Anantara Santorini Abu Dhabi Retreat is a new luxury resort in Abu Dhabi that aims to attract travelers with its homage to the popular honeymoon destination of Santorini. The resort features 22 keys, starting at around $735 a night, and offers day passes for locals. The property's interiors were inspired by Santorini, with neutral earth tones and barrel ceilings, and most rooms have terraces or patios with sea views. The resort also includes a circular cocktail bar and cigar lounge with an ancient Greece theme, as well as a spa with a beautifully tiled hammam. The goal of the resort is to provide a serene escape for locals from Dubai and nearby Emirates. [Extracted from the article]

Borouge Plc, the largest chemicals producer in the United Arab Emirates, is looking for opportunities to expand internationally while also pursuing a merger with OMV AG's chemical producer Borealis AG. The state-owned Abu Dhabi National Oil Co., which controls Borouge, is seeking international growth through various ventures, including the potential acquisition of Germany's Covestro AG and negotiations with a Brazilian chemicals company. Borouge is also considering expansion in key Asian markets such as India and China. The company's CEO, Hazeem Sultan Al Suwaidi, stated that petrochemicals will play a significant role in Adnoc's expansion plans. The completion of the Borouge 4 project by the end of 2025 will increase the company's production capacity to 6.4 million tons per year. Despite the challenging chemical market conditions, Borouge aims to maintain its dividend payout and rely on a diverse customer base for sales support. [Extracted from the article]

Saudi investment bank SNB Capital has raised over $230 million for a new oil and gas fund, aiming to diversify its portfolio and support further exploration in the energy industry. The SNBC Capital Oil & Gas Fund I will provide investors with exposure to oil and gas fields and developments, as well as indirectly investing in Repsol E&P, a joint venture between Repsol SA and institutional energy investor EIG. This move is part of SNB Capital's efforts to expand internationally and increase deal volumes in Saudi Arabia, aligning with the kingdom's sovereign wealth fund's plans to raise funds for its ambitious projects. The fund, launched by SNB Capital's Dubai subsidiary, is Shariah compliant and will offer exposure to E&P assets with a production capacity of approximately 600,000 barrels per day. [Extracted from the article]

Chile's state oil and gas company, Enap, has partnered with California-based firm Upwing Energy to increase natural gas production in the country. Enap aims to install compressors in its onshore operations in the Magallanes Basin, which could potentially boost production by 20% to 200% depending on well conditions. This partnership is significant for Enap as Chile heavily relies on imported oil and gas, and increasing domestic hydrocarbon output would help generate revenue and fund investments. Upwing Energy, backed by Norway's Equinor ASA, will be providing its subsurface compressor technology for this project, marking its first contract in South America. [Extracted from the article]

BP Plc and Abu Dhabi National Oil Co. (Adnoc) have agreed to form a joint venture in Egypt to focus on natural gas production. This move allows the United Arab Emirates (UAE) to access gas supplies from Egypt, which is a major supplier to Europe. The venture will see BP contribute its interests in three development concessions and exploration projects in Egypt, while Adnoc will provide cash for future growth opportunities. The deal strengthens economic ties between Egypt and the UAE and represents a significant step forward for Adnoc's international natural gas portfolio. [Extracted from the article]

Trinidad and Tobago is seeking to import more natural gas from Venezuela to address its declining supply. The two countries have the opportunity to develop offshore gas fields in mutual territories, following a license issued by Venezuelan President Nicolas Maduro. The Dragon project, which involves transporting gas to Trinidad and Tobago's Atlantic LNG plant via a Shell-owned offshore platform, could begin exporting gas by 2027. Trinidad and Tobago is also considering other fields, such as Manekin-Cocuina and a PDVSA flaring gas capturing project, for further development. [Extracted from the article]

Climate activists, including Greenpeace Norway and Young Friends of the Earth, have won a court case in Norway against the state over development plans for several oil and gas fields off the country's coast. The Oslo District Court ruled that the impact of combustion emissions must be considered by law, and that no assessment of such emissions had been carried out in connection with the approved development plans. This ruling is seen as a breakthrough for environmental groups and prohibits the state from making further decisions until the validity of the existing plans has been legally determined. [Extracted from the article]

The UK government plans to allocate an additional £2 million to support a financial reporting initiative aimed at helping businesses disclose the risks they face from biodiversity loss and ecosystem decline. The funding will be used to enhance marketing and capacity building for the Taskforce on Nature-related Financial Disclosures (TNFD). The UK has been a key supporter of TNFD, which is modeled after the Task Force on Climate-Related Financial Disclosures. While some companies, such as GSK Plc, have voluntarily committed to following TNFD recommendations, there are currently no plans to make TNFD mandatory in the UK. The European Union recently decided to criminalize wide-scale environmental damage, but the UK is unlikely to take the same approach due to concerns about potential legal challenges and differing global perspectives on the issue. British Prime Minister Rishi Sunak has faced criticism for allowing new licenses for oil and gas fields despite pledging to achieve net zero emissions. [Extracted from the article]

Oil executives from companies such as Shell, Repsol, and Maha Energy are traveling to Venezuela to take advantage of the lighter US sanctions on the country's oil sector. These companies are seeking access to oil and gas fields, renegotiating contracts, and recovering old debts. However, there is a risk that the US may reimpose sanctions if the Venezuelan government does not make progress towards holding fair elections. Despite this risk, the US may be hesitant to reimpose controls as a revived Venezuelan oil sector helps offset the impact of sanctions on Russia and contributes to a stronger Venezuelan economy. [Extracted from the article]

Climate activists in Norway are suing the government over its plans to develop oil and gas fields off the country's coast. The activists argue that the government has not fully assessed the carbon dioxide emissions and climate impact associated with the fields. This is not the first case challenging Norway's oil and gas policy, as similar environmental organizations have previously argued that Arctic drilling during a climate crisis violates human rights. The government will argue that its decisions are valid and in line with existing regulations. [Extracted from the article]

BP Plc has exited one of its gas fields in Senegal due to a disagreement with the Senegalese government over the use of the gas. While BP wanted to export the gas, Senegal wanted to use it domestically for power plants. Senegal sees the gas field as crucial for its gas-to-power strategy and plans to accelerate development to deliver gas by 2026. Dallas-based Kosmos Energy LLC has increased its stake in the project, while Senegal is looking for a third partner to take a stake in the production phase. [Extracted from the article]

Colombian state oil producer Ecopetrol is considering importing gas from Venezuela starting in 2024. The company is evaluating alternatives presented by Petroleos de Venezuela and has an existing contract for gas import and export through a pipeline connecting Venezuelan gas fields with northeast Colombia. This potential partnership would provide economic relief to Venezuela's administration and help revive its oil industry. Ecopetrol has requested the Colombian government to review the amount of gas imports required. [Extracted from the article]

Colombian state oil producer Ecopetrol is considering importing gas from Venezuela starting in 2024. This comes after President Gustavo Petro's visit with Nicolás Maduro in Caracas. Ecopetrol is evaluating alternatives presented by Petroleos de Venezuela and has an existing contract for gas import and export through a pipeline connecting Venezuelan gas fields with northeast Colombia. The company has requested the Colombian government to review the amount of gas imports required. The US lifted some sanctions on oil and gas operations in Venezuela last month. [Extracted from the article]

(Bloomberg) -- Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor's largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil. What Bloomberg Intelligence Says Fewer and larger E&Ps dominating the Permian Basin remain our central theme, with acquisitions to build scale in the most economic and prolific of the biggest US liquids basin likely to keep up the pace even if Exxon Mobil doesn't acquire Pioneer Natural Resources. [Extracted from the article]

What Bloomberg Intelligence Says Fewer and larger E&Ps dominating the Permian Basin remain our central theme, with acquisitions to build scale in the most economic and prolific of the biggest US liquids basin likely to keep up the pace even if Exxon Mobil doesn't acquire Pioneer Natural Resources. (Bloomberg) -- Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor's largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil. [Extracted from the article]

The agreement paves the way for Exxon's biggest acquisition since merging with Mobil Corp. in 1999 and is the world's largest corporate takeover announced this year. (Bloomberg) -- Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor's largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil. [Extracted from the article]

(Bloomberg) -- Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor's largest takeover in more than two decades as it seeks to become the dominant producer of shale oil. The agreement paves the way for Exxon's biggest acquisition since merging with Mobil Corp. in 1999 and is the world's largest corporate takeover announced this year. [Extracted from the article]

(Bloomberg) -- Exxon Mobil Corp. is in talks to acquire Pioneer Natural Resources Co., according to a person familiar with the matter, nearing its largest takeover in more than two decades as the energy giant seeks to become the dominant US producer of shale oil. The deal could also be Exxon's biggest acquisition since merging with Mobil Corp. in 1999, marking its unquestionable return to the top of the US oil and gas industry after more than a decade in which upstart shale drillers set the agenda and drove growth. [Extracted from the article]