(By Oil & Gas 360) – For decades, the Strait of Hormuz has been the world’s most closely watched energy chokepoint. Roughly one-quarter of global seaborne oil trade passes through the narrow waterway, making it the focal point whenever tensions rise between Iran and the West. Any threat to Hormuz immediately raises concerns about crude supplies, shipping costs, and global
(World Oil) – Magnolia Oil & Gas Corp. has agreed to acquire WildFire Energy for approximately $4.06 billion, creating a significantly larger position across the Eagle Ford and Austin Chalk in South Texas and more than doubling Magnolia’s acreage in the Giddings field. The transaction will add approximately 810,000 net acres and 53,000 boed of production, roughly 70% weighted to oil. Following closing, Magnolia will
(Oil Price) – China raised its liquefied natural gas imports for a second month in a row in June as the world’s top LNG buyer prepares for peak summer power demand. Chinese imports of LNG jumped by 8.3% from a year earlier to 5.68 million tons in June, according to official customs data released on Monday. This was the second consecutive month in
(World Oil) – Fluor Corp. has sold its equity stake in the ICA-Fluor Daniel joint venture to longtime partner ICA for $175 million, ending a partnership that has supported oil and gas, power, mining and industrial projects across Mexico for more than three decades. The joint venture, established in 1993, has executed numerous engineering, procurement and construction (EPC) projects in Mexico’s energy and industrial sectors.
(Oil Price) – The national average price of gasoline in the United States topped $4 per gallon once again on Monday following the crude oil price rally of the past week amid the renewed hostilities in the Middle East and the fresh de facto closure of the Strait of Hormuz. As of July 20, the national average price for a gallon
(BOE Report) – Congestion on the U.S. electricity grid is becoming an increasingly costly bottleneck, driving up power prices, delaying new generation projects and undermining reliability. Yet the electricity industry’s attention remains focused largely on generation, with politicians debating solar panels, natural gas turbines and nuclear reactors while utilities tout billions of dollars of planned investments. PJM Interconnection, the largest
(Investing) – LONDON – Oil transfers between tankers in waters outside the Strait of Hormuz have slowed following a wave of recent attacks on vessels by Iranian forces, according to satellite analysis and sources. Since the start of the Iran war in late February, ship-to-ship (STS) transfers between tankers have helped enable oil to leave the Gulf despite the threats to
