Oil & Gas 360 – Page 148

Drilling to commence soon on ReconAfrica’s Naingopo exploration well onshore Namibia

June 14, 2024

World Oil Publisher’s Note: ReconAfrica will present at the EnerCom Denver—The Energy Investment Conference on August 18-21, 2024. Register to attend. (WO) – Reconnaissance Energy Africa Ltd. announced an operations update relating to Petroleum Exploration Licence 73 (“PEL 73”), onshore northeast Namibia. The move of the working camp and the drilling rig from the Wisdom Farm 5-1 location are wrapping

Phillips 66 explores sale of pipeline stake worth over $1 billion, sources say

June 14, 2024

Yahoo Finance U.S. oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1 billion, including debt, people familiar with the matter said on Tuesday. The Rockies Express Pipeline (REX) is a 1,700-mile (2730-km)interstate natural gas pipeline, stretching from Wyoming and Colorado in the U.S.

US PJM prepared to meet electricity demand during hot weather spell

June 14, 2024

Yahoo PJM Interconnection, the biggest U.S. power grid operator said on Friday that it is ready to meet anticipated electricity demand during a predicted heat wave. Temperatures are expected to soar for the next ten days across the PJM region, the operator noted in its press release. “While PJM has sufficient generation and transmission capacity to meet demand during the

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count had an increase of 13 this week, at 590

June 14, 2024

Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had an increase of 13 over last week, resulting in a total count of 590 rigs. Canada had an increase of 17 over last week, resulting in a total Canadian count of 160 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions experienced

ExxonMobil to deploy Sercel Marlin vessel monitoring and alert system offshore Guyana

June 14, 2024

World Oil (WO) – Viridien, formerly CGG, announced that its Sensing & Monitoring business line, marketed under the Sercel brand, has made a sale of its innovative Marlin vessel monitoring and alert system to ExxonMobil Guyana Ltd. to support its offshore operations in Guyana. As part of the wider Sercel Marlin software suite for optimizing offshore operations, the Marlin vessel

Russia’s oil product shipments jumped by 10.4% in May

June 14, 2024

Oil Price Russia’s fuel exports by sea increased by 10.4% in May compared to April as Moscow lifted a gasoline export ban and some refineries returned from maintenance, according to Reuters estimates and data from industry sources. Last month, Russia shipped 9.595 million metric tons of oil products to international markets, as the authorities lifted on May 20 a temporary ban on gasoline exports

Oil climbs on optimistic demand growth estimates for 2024

June 14, 2024

Yahoo Finance LONDON – Brent oil futures prices ticked higher on Friday and were on course for their best week in more than four months after projections for solid crude oil and fuel demand in 2024. Brent crude futures were up 53 cents at $83.28 a barrel at 1356 GMT. West Texas Intermediate (WTI) U.S. crude futures were up 41

The road ahead: Renewable diesel & SAF

June 13, 2024

Oil and Gas 360 Overproduction, collapsing BO-HO spreads, and saturated D4 RIN markets complicate the near-term outlook, though new policy-driven incentives are set to take effect in 2025 The Road Ahead: Renewable Diesel and SAF A wave of federal incentives and favorable bean oil spreads brought renewable diesel and sustainable aviation fuel (SAF) producers to the table, vying to capture

OPEC slams IEA for “Dangerous” forecast of peak oil demand by 2030

June 13, 2024

Oil Price Peak oil demand is not on the horizon, OPEC Secretary General Haitham Al Ghais said on Thursday, blasting the International Energy Agency’s prediction that global oil demand will peak before 2030. Some net-zero scenarios suggest that oil should not be part of a sustainable energy future, Al Ghais wrote in a column for EA Forum. “This narrative was repeated only

US refining margins slump as fuel stocks climb: Kemp

June 13, 2024

BOE Report U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead. Refineries processed 17.5 million barrels per day (b/d) of crude and other feedstocks over the week ending on June 7, the

Oil prices hold firm, on pace for weekly gain, as inflation appears to ease in U.S.

June 13, 2024

CNBC Crude oil futures held steady Thursday after the latest round of economic data indicated that inflation is easing in the U.S., potentially opening a path for the Fed to cut interest rates and boost the economy. Wholesale prices unexpectedly fell in May by 0.2% after rising in April, according to Labor Department data released Thursday. The producer price report

Weekly Gas Storage: Inventories increase by 88 Bcf- oil and gas 360

Weekly Gas Storage: Inventories increase by 74 Bcf

June 13, 2024

Natural Gas Inventories as of June 7, 2024 The EIA has released its natural gas inventory report, showing a net increase of 74 Bcf as of June 7, 2024. Working gas in storage was 2,974 Bcf as of Friday, June 7, 2024, according to EIA estimates. This represents a net increase of 74 Bcf from the previous week. Stocks were

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