Oil Price In a significant rebound, Russia’s oil and gas revenues for June are projected to increase by over 50% year-on-year, reaching $9.4 billion, according to new Reuters calculations. This surge comes after a reduction in refinery subsidies, highlighting Russia’s resilience in the face of Western sanctions aimed at its energy sector. The redirection of oil exports to India and
World Oil (Bloomberg) – The Biden administration’s hub to clean carbon from the air in northwest Louisiana is getting company. On Monday, Heirloom Carbon announced that it’s constructing a facility with machines that can remove 17,000 tons of carbon dioxide from the atmosphere annually. The startup counts JPMorgan Chase & Co., Autodesk Inc. and Klarna Bank AB among its customers.
Oil Price Surging labor and construction costs are plaguing some major U.S. LNG export projects, threatening to delay new LNG supply to international markets. Wage growth since 2021, a shortage of skilled workers, and rising costs of materials with the inflation over the past three years have increased overall contractor costs for U.S. LNG export projects, analysts tell Reuters. Wages for
Yahoo Finance Crude oil prices edged lower on Tuesday, pressured by a stronger dollar, while investors shifted focus to U.S. inflation data due this week. Losses were limited, however, by escalating geopolitical tensions and hopes of improved demand this summer. Brent futures for August settlement were down 20 cents, or 0.2%, at $85.81 a barrel by 1319 GMT. U.S. crude
Oil and Gas 360 Publisher’s Note: Ring Energy will be a presenter at the upcoming EnerCom Denver – The Energy Investment Conference on August 18-21, 2024. Register to attend. THE WOODLANDS, Texas, June 24, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced management team changes, including the pending departure of two senior
World Oil Publisher’s Note: Chevron will be a presenter at the upcoming EnerCom Denver – The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – The arbitration process to determine whether ExxonMobil can block the $53 billion sale of Hess Corp to Chevron is stalled due to the incomplete appointment of a third arbitrator, according to
Oil Price HSBC’s recent forecast suggests U.S. shale oil production will keep rising for another four years before peaking, but the real story is more complex. Wood Mackenzie highlights a new era of efficiency gains in shale, yet these advancements come with significant costs that could hinder future growth. Despite last year’s impressive 1 million barrels per day increase, driven by unexpected efficiency improvements,
World Oil (WO) – Last week, the Canadian government passed bill C-59, requiring oil and gas companies to “back up” their environmental claims or otherwise be accused of “greenwashing.” In response, Alberta Premier Danielle Smith, along with Canadian Minister of Energy and Minerals Brian Jean and Environment and Protected Areas Minister Rebecca Schulz, released the following statement. “The federal Liberal
BOE Report Mexican state energy company Pemex is unlikely to produce any commercially viable motor fuels at its new Olmeca refinery before the end of the year, five sources said, despite pressure that it should be ready before the outgoing president’s term ends. President Andres Manuel Lopez Obrador, a resource nationalist, inaugurated the 340,000-barrel-per-day refinery in July 2022 in his
U.S. News BRUSSELS -European Union countries adopted a 14th package of sanctions on Russia that aims to close some loopholes and hits Russia’s gas exports for the first time, EU foreign ministers said on Monday. Western powers imposed sweeping sanctions on Moscow after Russia launched a full-scale invasion of Ukraine in February 2022, which have been progressively ramped up since.
Oil and Gas 360 Publisher’s Note: Please book your Westin Denver Downtown reservation before availability ends. EnerCom Denver conference will kick off with the annual Charity Golf Tournament on Sunday, August 18th, sponsored by conference Global Sponsor Netherland, Sewell & Associates (NSAI) Registration for institutional investors, portfolio managers, financial analysts, CIOs, and others in the investment community is free. Limited presentation
Yahoo Finance WASHINGTON – The U.S. government opened up on Friday competitive bidding that will close on Aug. 26 for $850 million in grants to help small oil and gas producers monitor and reduce methane from their operations, a major part of the Biden administration’s plan to crack down on leaks of the potent greenhouse gas. WHY IT IS IMPORTANT
