May 16, 2025 – Oil & Gas 360

EOG Resources awarded onshore concession to explore and appraise unconventional shale block in the UAE

May 16, 2025

(Oil & Gas 360) – HOUSTON, May 16, 2025 /PRNewswire/ — EOG Resources, Inc. (EOG) today announced that the company was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA). The UCO3 concession area is 3,609 square kilometers, or nearly 900,000 acres, in an over-pressured, oil prone basin within the Al Dhafra region

Texas utility Vistra Energy expands gas power holdings in $2 billion deal

May 16, 2025

(Oil Price) – Texas-based utility Vistra Energy has struck a $1.9-billion deal for the acquisition of close to 2.6 GW worth of gas-powered generation capacity across several states from Lotus Infrastructure Partners. The seven power plants are located in New York, California, New England and parts of the U.S. spanning 13 states serviced by transmission company PJM Interconnection, Reuters reported. The assets

Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures

May 16, 2025

(Investing) – U.S. oil producer Chevron Corp (NYSE:CVX) and several European companies are in talks with the Trump administration to obtain authorizations to keep their stakes in joint ventures with Venezuela’s state-run PDVSA, three sources close to the matter said. Washington in March revoked licenses and authorizations it had granted in recent years that allowed PDVSA’s foreign partners and customers to do business

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count decreased by 2 is at 576

May 16, 2025

This week’s Baker Hughes Rig Count shows that the U.S. decreased by 2 over last week, resulting in a total count of 576 rigs. Canada had a increase of 7 over last week, resulting in a total Canadian count of 121 rigs. Breakdown by region Of the regions tracked by Baker Hughes, only the Granite Wash and Utica regions experienced

U.S. and UAE announce $440 billion in energy investments

May 16, 2025

(Oil Price) – The United States and the United Arab Emirates (UAE) expect to invest a total of $440 billion in the energy sector through 2035, Sultan Al Jaber, the chief executive of the UAE’s state oil and gas firm ADNOC, said on Friday. The United States is expected to invest $60 billion in energy projects in the UAE, while the Gulf oil-producing

Weatherford partners with AWS to modernize, enhance operational efficiency solutions

May 16, 2025

(World Oil) – Weatherford has signed a strategic agreement with Amazon Web Services (AWS) in a move that will transform its digital capabilities and help drive innovation in the energy sector. As part of this collaboration, Weatherford selected AWS as its preferred cloud provider and will migrate and modernize its cutting-edge software and hardware suite to AWS. This includes the

With US trade war, China now top buyer for Canadian crude on Trans Mountain pipeline

May 16, 2025

(BOE Report) – China has emerged as the top customer for Canadian oil shipped on the expanded Trans Mountain pipeline, ship tracking data showed, as a U.S. trade war has shifted crude flows in the year since the pipeline started operating. China’s new interest in Canadian oil comes as U.S. President Donald Trump’s trade war has strained relations between longtime

U.S. warns Hong Kong banks over Iran oil sales

May 16, 2025

(Oil Price) – The United States is looking to close all loopholes Iran is using to sell its oil to China and warned Hong Kong-based banks last month against facilitating Iranian oil sales to Chinese buyers, Bloomberg reported on Friday, citing unnamed sources with knowledge of the development. In early April, a delegation from the U.S. Department of the Treasury visited Hong Kong,

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