Oil & Gas 360 – Page 147

Biden’s unfair decommissioning rule will kill jobs, harm U.S. energy security, oil and gas trade groups say

June 20, 2024

World Oil (WO) – The Gulf Energy Alliance (GEA) joined the States of Louisiana, Texas, and Mississippi in a legal challenge to the Department of Interior’s (DOI) Bureau of Ocean Energy Management’s (BOEM) decommissioning rule imposing unnecessary and burdensome financial requirements targeting independent offshore oil and natural gas producers. The new regulation is a solution in search of a problem,

Will the world see a “Staggering” oil supply glut in 2030?

June 19, 2024

Oil Price The International Energy Agency (IEA) recently released its Oil 2024 report, which examines the global dynamics for oil supply security, refining, trade, and investment. The report received considerable media attention because of the projection that by 2030 oil production will reach “a staggering 8 million barrels per day above projected global demand.” The report cites the proliferation of electric vehicles,

Eni to sell $1.1 billion stake in Ivory Coast exploration operations

June 19, 2024

World Oil (Bloomberg) – Eni SpA is planning to sell a stake in its Ivory Coast exploration operations in a potential deal that could be worth about €1 billion ($1.1 billion), according to people with knowledge of the matter. The Italian oil and gas company is working with advisers including Standard Chartered Plc on the possible stake sale, the people

French Senate urges government to buy ‘golden share’ in TotalEnergies

June 19, 2024

Yahoo Finance PARIS – The French government should buy a “golden share” in TotalEnergies to have a say in strategic company decisions, including aligning its activities with the Paris Climate Accord and vetoing any potential move to the U.S., a non-binding Senate report published on Wednesday said. The report follows nearly six months of hearings by a special commission on

China looks to curb overcapacity in its lithium battery industry

June 19, 2024

Oil Price China issued on Wednesday new guidelines for its lithium-ion battery industry in a bid to put quality over quantity in battery manufacturing, whose boom led to overcapacity and eroded prices for companies in the sector. “China’s Ministry of Industry and Information Technology on Wednesday unveiled revised guidelines for the lithium-ion battery industry to further strengthen standardized management and promote high-quality

Chevron kicks off exploration in uncharted “ultra-deep” waters offshore Angola

June 19, 2024

World Oil (WO) – Chevron, through its subsidiary Cabinda Gulf Oil Company Limited, has signed two Risk Service Contracts (RSC) for Block 49 and Block 50 offshore Angola, in the ultra-deep waters of the Lower Congo Basin. These contracts, awarded January 2024, mark the beginning of exploration and development in these offshore blocks. Announced by the African Energy Chamber (AEC),

U.S. shale oil production to grow for years before peaking despite OPEC+ predictions, HSBC reports

June 18, 2024

World Oil (Bloomberg) – U.S. shale drillers will continue to raise oil production for years before the juggernaut stalls around 2028, dashing OPEC+ hopes for a quicker fall-off in American output growth, according to HSBC Holdings Plc. Improvements in drilling and fracking techniques amid a wave of corporate takeovers will drive the expansion and more than offset recent reductions in

Berkshire increases Occidental Petroleum stake to nearly 29%

June 18, 2024

Yahoo Finance Berkshire Hathaway, led by billionaire Warren Buffett, has raised its ownership in Occidental Petroleum to just under 29%, reported Reuters, citing a regulatory filing. The move follows the acquisition of an additional 2.95 million shares, as revealed by a regulatory filing. The filing with the US Securities and Exchange Commission indicated that Berkshire Hathaway invested around $176m for the

States sue BOEM over “egregious” $7 billion decommissioning rule targeting small oil and gas companies

June 18, 2024

World Oil (WO) – Texas, Louisiana, and Mississippi have sued the U.S. government to block a proposed rule by the Biden administration that would require offshore oil and gas companies to provide nearly $7 billion in financial assurances for decommissioning old infrastructure. The decommissioning rule, targeting smaller companies lacking investment-grade ratings or sufficient proven reserves, supposedly “protects” taxpayers from covering

US judge dismisses Exxon case against activist investor over proxy filing

June 18, 2024

BOE Report A U.S. judge on Monday dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings. The lawsuit by the largest U.S. oil company had raised alarm among activists and public pension investors who argued it would muzzle debate among shareholders and public

US unveils rules for subsidies to boost clean energy wages

June 18, 2024

U.S. News President Joe Biden’s administration on Tuesday unveiled final rules for new clean energy subsidies in an effort to make jobs and wages in green industries competitive with those in oil and gas. The guidelines for companies seeking to claim tax credits tied to job quality are aimed at delivering on Biden’s vision that fighting climate change will create

Russia dethrones U.S. as top EU natural gas supplier

June 17, 2024

Oil Price Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot. “It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made to decouple and

Premium Content