(By Oil & Gas 360) – The U.S. Strategic Petroleum Reserve was created in the aftermath of the 1973 Arab oil embargo to serve one purpose: to provide the country with a buffer against severe supply disruptions. For decades, it represented the ultimate insurance policy for the world’s largest economy, offering confidence that geopolitical crises, natural disasters, or unexpected production
(World Oil) – Northern Oil and Gas (NOG) reaffirmed its 2026 production and capital expenditure guidance Monday after reporting improving production conditions in the Permian basin, continued acquisition activity and the closing of its previously announced Duvernay joint development transaction. During the second quarter, approximately 7,000 boed of NOG production was temporarily shut in by operators, primarily on the company’s Novo assets
(Oil Price) – Companies are gearing up for exploration drilling in deepwater blocks offshore Uruguay in the hope that the South Atlantic margin offshore South America could hold a lot of oil, similar to the recent discoveries offshore Namibia in Africa. Uruguay, with a limited exploration drilling history of three wells spudded, all dry, has attracted the interest of many international
(Investing) – The cost of electricity from natural gas power plants in the United States reached its highest point in at least 17 years, according to data released Monday by Lazard Inc. The levelized cost of energy for combined cycle gas plants rose to $90 per megawatt-hour in 2026, up from $78 the previous year. The figure represents the highest level
(Oil Price) – Masdar on Monday announced it had lined up financing for the world’s first gigascale Round-the-Clock renewable energy project, which the renewable energy giant of the United Arab Emirates is developing in Abu Dhabi. The project, which will need a total capital investment of $6.1 billion, will see Masdar funding $1 billion of the equity. The company now reached financial close
(BOE Report) – BAGHDAD – Iraq’s new Prime Minister Ali al-Zaidi aims to secure major U.S. investment in his country’s oil, gas, and power sectors during a visit to the White House this week after the Iran war hammered crude output and state finances. * Zaidi bets on US companies to bolster energy sector * Iran war dealt major blow
(Investing) – LONDON/SINGAPORE – The number of tankers transiting the Strait of Hormuz fell in the past day to the lowest level in two months, shipping data showed on Monday, as renewed strikes between the U.S. and Iran and attacks on vessels heightened safety concerns. Shipping industry sources said vessels were increasingly switching off their public AIS tracking transponders, making it
