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December 12, 2023

Permian oil drilling rights jump to pre-COVID levels amidst mega shale deals- oil and gas 360

Permian oil drilling rights jump to pre-COVID levels amidst mega shale deals

December 12, 2023

World Oil (Bloomberg) – Drilling rights in the U.S. Permian basin are commanding prices not seen since the worldwide pandemic crushed oil markets more than four years ago. Occidental Petroleum Corp.’s $10.8 billion takeover of CrownRock LP equates to more $50,000 per acre for rights to drill some of the richest oil deposits in the hemisphere, according to data-analysis and research firm

M&A boom sees Permian oil deals surpass $100 billion in 2023- oil and gas 360

M&A boom sees Permian oil deals surpass $100 billion in 2023

December 12, 2023

Oil Price The Permian basin saw a surge in mergers and acquisitions this year, with the total value already exceeding a record $100 billion, led by the mega deals announced by ExxonMobil and Chevron, energy consultancy Wood Mackenzie said on Tuesday. The Permian, the top oil-producing basin in the United States, saw a return of M&A activity this year as large operators

Citigroup: OPEC+ needs to maintain oil production cuts through 2024 to balance global market- oil and gas 360

Citigroup: OPEC+ needs to maintain oil production cuts through 2024 to balance global market

December 12, 2023

World Oil (Bloomberg) – OPEC+ will need to maintain its latest oil production cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. OPEC and its allies have announced that it will cut production by a further 900,000 bpd during the first quarter, and may prolong the measures if necessary. The 23-nation group led

COP28 headed for ‘Complete Failure’ as fossil fuel debate rages- oil and gas 360

COP28 headed for ‘Complete Failure’ as fossil fuel debate rages

December 12, 2023

Oil Price The COP28 climate summit extended overtime on Tuesday as nations continue to disagree on wording about the use and production of fossil fuels, with former Western officials suggesting that the Dubai conference is on “the verge of complete failure”. Former U.S. Vice President Al Gore said that “COP28 is now on the verge of complete failure.” “The world desperately needs

Oil falls 3%, extends losses after US inflation data- oil and gas 360

Oil falls 3%, extends losses after US inflation data

December 12, 2023

US News LONDON -Oil fell 3% on Tuesday, with Brent crude hitting the lowest since June after U.S. consumer prices rose in November, offering more evidence that the Federal Reserve was unlikely to pivot to interest rate cuts early next year. The CPI report added to downward pressure earlier coming from concern over excess supply and slowing demand, despite support

ANALYSIS-Big Oil's bid to woo ESG investors fails to impress- oil and gas 360

ANALYSIS-Big Oil’s bid to woo ESG investors fails to impress

December 12, 2023

Nasdaq DUBAI – A COP28 pledge by energy majors to reduce their emissions is not enough to convince many sustainable fund managers to include the companies in their portfolios because it omits pollution from the use of oil and gas, six interviews with Reuters show. The pledge by 50 of the biggest oil and gas companies at the U.N. climate talks in Dubai

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