Articles by: Oil & Gas 360

Europe’s new oil ally

Europe’s new oil ally

Oil and Gas 360


ExxonMobil announced yet another discovery in its coveted Stabroek block in Guyana. The Bluefin well encountered 197 feet of hydrocarbon-bearing sandstone in 4,244 feet of water, adding to Exxon’s growing list of over 30 oil discoveries …

CERAWEEK-Oil mergers, clean fuels vie for attention at Houston energy conference

CERAWEEK-Oil mergers, clean fuels vie for attention at Houston energy conference

Nasdaq


HOUSTON – Top oil executives and ministers descend on Houston this week for one of the world’s biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scale move to clean fuels.

Global …

Source: Reuters

ExxonMobil has “no interest” in Hess purchase amidst Chevron dispute, CEO says

World Oil


(Bloomberg) – The boss of Exxon Mobil Corp. said Monday that it has no interest in buying Hess Corp. outright, despite taking Chevron Corp. to arbitration over its proposed $52 billion merger with the other company.

“If we …

Source: Reuters

Saudi Aramco CEO says no peak in oil demand for some time to come

BOE Report


Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin …

Source: Reuters

House Republicans launch second probe into Biden’s LNG export ban

World Oil


(Bloomberg) – House Republicans have launched a second probe of the Biden administration’s move to pause liquefied natural gas (LNG) export approvals, questioning if election-year politics played a role in the decision.

The House Committee on Oversight and …

Source: Reuters

Oil prices inch higher as attacks on Russian energy facilities intensify

CNBC


Brent crude briefly topped $86 per barrel on Monday for the first time since November, before pulling back, as Ukraine stepped up its attacks on Russian energy infrastructure.

Brent crude oil futures for May delivery were up 51 cents …

Source: Oil Price

U.S. to back Nevada lithium project with $2.26 billion loan

Oil Price


Lithium Americas Corp has received a conditional commitment for a $2.26-billion loan from the U.S. Department of Energy to help it build lithium processing facilities in Nevada, as the Biden Administration looks to support America-produced lithium and reduce …

Source: Reuters

US seeks oil for emergency reserve as maintenance winds down

Nasdaq


WASHINGTON – The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage site winds down maintenance that had tempered the pace of replenishing the stockpile, the U.S. Energy Department …

Bahrain oil projects gets U.S. funding despite climate agenda

Bahrain oil projects gets U.S. funding despite climate agenda

Oil Price


The U.S. Export-Import Bank approved a loan guarantee of $500 million for a Bahrain oil project despite opposition from Democrats noting the move would compromise the Biden administration’s hard line on climate change.

Last month, the Export-Import Bank …

U.S. rig count had an increase of 7 this week, at 629

U.S. rig count had an increase of 7 this week, at 629

Oil and Gas 360


This week’s Baker Hughes Rig Count shows that U.S. had an increase of 7 over last week, resulting in a total count of 629 rigs. Canada had a decrease of 18 over last week, resulting in …

Source: Reuters

BP partners with Venezuela on Trinidad gas field

Oil Price


BP and Venezuela are jointly discussing the development of a gas field in Trinidad and Tobago, which the island nation shares with Venezuela.

“BP can confirm that it is in discussions with the government of Trinidad and Tobago …

Oil prices dip, but set to end week over 3% higher

Oil prices dip, but set to end week over 3% higher

Yahoo Finance


Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecast and an unexpected decline in U.S. stockpiles.

Brent crude …

Source: World Oil

U.S. oil companies use AI for faster shale drilling, mitigating OPEC production cuts

World Oil


(Bloomberg) – From a dark Houston control room, Rafael Guedes watched on a monitor as a robot took charge of a drilling rig in a North Dakota oil field, locking out the human operator.

Glowing red boxes lit …

Source: Reuters

Colombia’s Ecopetrol board blasts anti-oil President’s nominees as unfit

World Oil


(Bloomberg) – Board members of Colombia’s state oil company are objecting to President Gustavo Petro’s attempt to overhaul it with new directors as he works to wean the country off oil and gas.

Ecopetrol SA’s governance committee issued

Source: Reuters

U.S. wants Venture Global to explain confidentiality of its LNG project

Oil Price


The Federal Energy Regulatory Commission (FERC) has asked U.S. liquefied natural gas exporter Venture Global LNG to justify why it keeps details of its Calcasieu Pass LNG facility confidential, weeks after customers including BP complained that the U.S. …

March 14, 2024 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News, LNG
Source: Reuters

Exclusive-Weak bids in Citgo auction spurs Venezuela to pitch alternative pay plan

US News


HOUSTON/MIAMI (Reuters) -The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar

Source: Reuters

IEA sees OPEC+ cuts pushing oil markets into a supply deficit

Oil Price


The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said …

March 14, 2024 - 11:47 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Weekly Gas Storage: Inventories decrease by 9 Bcf

Weekly Gas Storage: Inventories decrease by 9 Bcf

Natural Gas Inventories as of March 8, 2024

The EIA has released its natural gas inventory report, showing a net decrease of 9 Bcf as of March 8, 2024.

Working gas in storage was 2,325 Bcf as of Friday, March …

Source: Reuters

US grants $750 million for hydrogen projects across 24 states

Nasdaq


WASHINGTON – The U.S. Department of Energy said on Wednesday it is granting $750 million to projects across 24 states that are building capacity to produce and use clean hydrogen.

Hydrogen is a fuel that the administration of President …

Source: Reuters

BP and ADNOC suspend $2-billion Israel gas deal as Gaza war continues

Oil Price


BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday.

In March 2023, …

Source: Reuters

Shell plans to cut 20% of jobs in its M&A unit

Oil Price


The ongoing job cuts at Shell are extending to the team handling mergers and acquisitions for the supermajor as the oil and gas giant is looking to eliminate around 20% of several hundred positions in the M&A unit, …

Source: Reuters

OPEC says IEA commentary on oil security encouraging

Nasdaq


DUBAI – Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.

The …

Source: Reuters

Biden’s SPR gamble sparks debate over U.S. energy security

Oil Price


The United States established its Strategic Petroleum Reserve (SPR) in the wake of the 1973–1974 oil embargo that disrupted oil imports and drove oil prices much higher.

The SPR consists primarily of several large underground salt caverns for …

Oil rises 2% on supply disruptions in Russia, U.S

Oil rises 2% on supply disruptions in Russia, U.S

Yahoo Finance


HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production.

Brent March crude …

Source: Reuters

Suncor, Fort McKay First Nation partner on prospective oil sands development on Canadian reservation land

World Oil


(WO) – Fort McKay First Nation and Suncor signed a Memorandum of Understanding (MOU) on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay …

U.S. crude oil inventories increase by 1.5 million barrels

U.S. crude oil inventories increase by 1.5 million barrels

Weekly Crude Oil Storage as of March 8, 2024

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.5 million barrels from the previous week.  At 447.0 million barrels, U.S. crude oil inventories …

Source: Talos Energy

Talos Energy increases 2024 production predictions early following $1.3 billion QuarterNorth Energy acquisition

World Oil


(WO) – Talos Energy Inc. provided updated 2024 operational guidance to reflect the closing of the QuarterNorth Energy Inc. acquisition earlier than expected.

For the full year 2024, Talos expects average daily production between 89,000 and 95,000 boed, …

Source: Reuters

Shell considers slowing its carbon emissions cuts

Yahoo Finance


UK-based supermajor Shell has been updating its strategy on climate targets and could announce a slower pace of its emissions reductions later this week, anonymous sources with knowledge of the discussions have told Bloomberg.

Shell is set …

Source: Oil Price

Big oil pursues African expansion despite challenges

Oil Price


Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home …

Source: Reuters

Nord Stream sues insurers in London over 2022 pipeline blasts

Nasdaq


LONDON – Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.

Nord Stream AG names Lloyd’s Insurance