November 20, 2024 - Oil & Gas 360

LandBridge to acquire Permian acreage valued at $245 million from VTX Energy

November 20, 2024

(World Oil) – LandBridge today announced it has entered into a purchase and sale agreement to acquire approximately 46,000 largely contiguous surface acres in the Southern Delaware Basin known as the Wolf Bone Ranch for total consideration of $245 million in cash from VTX Energy Partners, a subsidiary of Vitol. Located adjacent to LandBridge’s existing surface acreage in Reeves County, Texas,

U.S. Midstream mergers continue with $1.2 billion natural gas pipelines deal

November 20, 2024

(Oil Price) – Pipeline owner and operator DT Midstream will buy three interstate natural gas pipeline systems from ONEOK for $1.2 billion in cash as the consolidation in the industry has extended to midstream operations. Detroit-based DT Midstream, which owns and operates natural gas pipelines in the Southern, Northeastern, and Midwestern United States, as well as Canada – reached an agreement to buy

Analysis-OPEC+ may stick with deep oil cuts for longer due to weak demand

November 20, 2024

(Investing)– LONDON – OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies led by Russia, the group

HSM Offshore Energy rolls out THOR OHVS topside

November 20, 2024

(World Oil) – (WO) — HSM Offshore Energy, a leader in the EPCIC of multidisciplinary offshore renewable projects, has successfully rolled out the THOR OHVS (Offshore High Voltage Substation) and lifted the GIS modules for RWE Renewables at its Schiedam yard in the Netherlands. Upon completion, THOR, with a planned capacity of 1058 MW, will stand as Denmark’s largest offshore

Egypt seeking long-term LNG deals with U.S. companies

November 20, 2024

(Oil Price) – Egypt is currently in talks with U.S. and other foreign companies to purchase long-term volumes of liquefied natural gas (LNG) instead of relying on the more costly spot market, according to an exclusive Reuters report, as the country’s gas production continues to decline. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from

Oil steady as Ukraine escalation offsets US crude, gasoline stock build

November 20, 2024

(Investing) – HOUSTON- Oil prices were steady on Wednesday as the escalating war between major oil producer Russia and Ukraine offset a rise in U.S. crude and gasoline stocks. Brent crude futures for January were down 4 cents, or 0.05%, at $73.27 a barrel by 10:43 a.m. EDT (1543 GMT). U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday,

U.S. crude oil inventories decrease by 6.1 million barrels- oil and gas 360

U.S. crude oil inventories increase by 0.5 million barrels

November 20, 2024

Weekly Crude Oil Storage as of November 15, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 430.3 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

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