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Huge Profits of the global oil and gas industry

Industry: Energy & Power, Oil & Petroleum

The global oil and gas industry’s profits soared to approximately $4 trillion in 2022, a tremendous increase from its recent average of $1.5 trillion, according to the International Energy Agency. 

Shell, a multinational oil and gas company based in the UK, reported a record $39.9 billion annual profit in 2022. ExxonMobil, a major US oil company, declared a $56 billion profit for 2022 in January.

According to a recent assessment by Refinitiv analysts, the five super-majors, ExxonMobil, BP, Chevron, Shell, and TotalEnergies, are predicted to post a combined profit of about $200 billion for 2022.




Source for more details:

Daily Sun

Financial Times



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Related News

The demand for electricity rising by 100MW per day

March 15, 2023

The State Ministry of Electricity, Energy, and Natural Resources said that electricity demand is increasing by roughly 100MW each day. They are doing everything they can to control the problem.

According to power sector sources, the country may face more than 3,000MW load-shedding this Ramadan due to increased demand for electricity. Despite having a capacity of more than 25,000MW, the country can only generate roughly 12,000MW due to primary fuel shortage.

Due to the recent currency issue, the government was forced to suspend diesel-based power generation. In terms of renewable energy, the government plans to add 1,000MW of solar electricity to the national grid within a year.


Source for  more details:

The Business Post

Solar energy might save Bangladesh $1 billion yearly

March 15, 2023

The US-based National Bureau of Asian Research (NRB) discovered that  Bangladesh could reduce its annual LNG and diesel imports cost by more than one billion dollars by rapidly expanding its 2,000 MW solar power capacity and replacing all diesel-run irrigation systems with solar electricity.

According to the report, replacing diesel-fired irrigation systems with solar-powered systems and adding 2,000 MW of solar power capacity for daytime applications might help reduce 5.58 million tonnes of CO2 emissions each year.

Electricity generation from rooftop systems presently costs Tk. 5.25 per kWh. Hence, as compared to the cost of grid electricity, industries can save 40% on per-unit electricity costs during the day. Similarly, utility-scale solar could generate electricity at Tk. 7.6/kWh, or 14% cheaper than the Bangladesh Power Distribution Board’s (BPDB) average electricity generation cost in FY 2021-22.



Source for more details:

The Business Post

Russia eager to export LNG to Bangladesh

March 15, 2023

Russia offered to supply liquefied natural gas (LNG) to Bangladesh during the two countries’ intergovernmental commission online conference. The offer comes at a time when Bangladesh has been trying to purchase LNG from the foreign market to meet the expanding domestic natural gas demand.

Authorities claimed that after hiking natural gas taxes by up to 178.88% in February, Bangladesh has increased LNG imports, particularly from the spot market. It intends to purchase a total of eight LNG cargoes in April, a 14.28% increase over March.

Six of these LNG cargos will be delivered by long-term suppliers Qatargas and Oman Trading International (OTI), with the remaining two coming from the international spot market. The country will need an estimated US$450 million to import more LNG to meet rising fuel demand in industry and power plants.


Source for more details:

The Financial Express

The Indo-Bangla Friendship Pipeline is ready to open

March 13, 2023

The 130-km Friendship Pipeline between Bangladesh and India, which will transport gasoline or diesel, is ready for opening. The pipeline, known as the Indo-Bangla Friendship Pipeline has 126.57 km in Bangladesh and 5 km built in India.

According to official sources, On March 18, the 131.57-km cross-border pipeline will be formally inaugurated via video conference between Indian Prime Minister Narendra Modi and Bangladeshi Prime Minister Sheikh Hasina. 

Under a 15-year government agreement with India, the BPC, the state agency in charge of marketing petroleum fuel under the Energy and Mineral Resources Division, has been carrying out the project, which entails importing between 250,000 and 400,000 tonnes of diesel from the neighboring country every year via a cross-border pipeline.


Source for more details:

The Business Post

Adani Power begins testing transmissions to Bangladesh

March 13, 2023

Power transmission from Adani’s 1,600MW coal-fired power plant in the Indian state of Jharkhand to Bangladesh began on March 9, although power tariff issues remain unresolved.

The power transmission was synchronized with Bangladesh’s national grid on a test basis, according to a Power Grid Company of Bangladesh (PGCB) Facebook status. More than 50MW of power from the Adani plant reached Bangladesh’s national grid via newly constructed transmission lines and substations.

The company stated that it developed a 134km 400kV transmission line from the adjoining Mankasha area to Bogura via Rohanpur. A 400/230kV substation was also erected in Bogura to enable power evacuation.


Source for more details:

The Business Post


 Experts urges to accelerate domestic gas and coal exploration

March 13, 2023

Experts recommended that efforts to explore domestic natural gas and coal resources be increased in order to ensure the country’s future energy security, condemning the government’s ‘lethargic’ posture in this respect thus far.

They made the observation at a session on “Energy Security” at the Bangladesh Business Summit, which was hosted by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the city’s Bangabandhu International Convention Centre (BICC).

Bangladesh has around 3.30 billion tonnes of coal reserves, which are sufficient to supply the country’s total energy requirement for the next 300 years. According to the former senior SDG (sustainable development goal) organizer, if 25% of underground coal can be extracted, it will fulfill domestic demand for at least 75 years.


Source for more details:

The Financial Express


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