(BOE Report) – CALGARY – Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn’t already own. The offer is open until Sept. MEG says its board and legal and financial advisers will consider the offer, and that a
(World Oil) – Exxon Mobil Corp. said it will be “business as usual” in its massive Guyana oil field if it loses its arbitration case against Chevron Corp. and Hess Corp. Exxon remains confident it will prevail in the case over the field’s ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president, said at the Bernstein Strategic
This week’s Baker Hughes Rig Count shows that the U.S. decreased by 3 over last week, resulting in a total count of 563 rigs. Canada had a decrease of 2 over last week, resulting in a total Canadian count of 112 rigs. Breakdown by region Of the regions tracked by Baker Hughes, only the Eagle Ford region experienced an increase
(Oil Price) – Crude oil and natural gas investments in Colombia could rise to $4.68 billion this year, from $4.33 billion in 2024, the country’s oil and gas industry association said, adding that this will not lead to higher production. “Today more investment is required to produce the same amount of oil, due to the natural depletion of the fields and
(World Oil) – Chevron Corp. plans to lay off nearly 800 employees in the Permian basin, its biggest oil-production operation globally. The bulk of the reductions will come from Chevron’s Midcontinent campus on the outskirts of Midland, Texas, the company said in a filing with the Texas Workforce Commission. The filing listed the layoff date as July 15, 2025. “Chevron is
(Investing) – HOUSTON – Oil prices fell on Friday and headed for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. Brent crude futures fell by 21 cents, or 0.33%, to $63.94 a barrel by 1451 GMT. U.S. West Texas Intermediate crude fell
(Oil Price) – Kazakhstan cannot reduce its oil production as it has no right to impose output reductions on international firms that are operating more than 70% of Kazakhstan’s oilfields, Energy Minister Yerlan Akkenzhenov said on Thursday. “The republic has no right to enforce production cuts” on the three large international consortiums, Bloomberg quoted Akkenzhenov as saying. Earlier this month, Chevron’s chief executive,
(BOE Report) – LONDON, May 29 – Oil drillers in the U.S. shale heartland are slowing down operations, a sign that OPEC’s high-stakes price war is starting to pay off, but Saudi Arabia will need to exert a lot more pain to make a lasting impact on market share. U.S. oil producers upended the global market in the early 2010s, as
(World Oil) – Ecopetrol SA plans to continue drilling for natural gas in Colombian Caribbean waters after partner Shell Plc exited three offshore blocks, betting on growing domestic demand and potentially lucrative reserves. Shell said in April it would pull out of the COL-5, Purple Angel and Fuerte Sur blocks as part of a “strategic” decision, ending its oil and gas
(Investing) – Oil prices retreated Thursday, handing back earlier gains after data showed the U.S. economy contracted in the first quarter, suggesting the Trump administration’s volatile trade policies were weighing on economic activity. At 09:15 ET (13:15 GMT), Brent oil futures for July fell 0.7% to $63.89 a barrel, and West Texas Intermediate crude futures dropped 0.6% to $61.47 a barrel. Oil was sitting on
(Oil Price) – This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the world’s most lucrative oil projects. Guyana’s Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China.
(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)– Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) announced today that its subsidiary, Cheniere Marketing, LLC (“Cheniere Marketing”), has entered into a long-term Integrated Production Marketing (“IPM”) gas supply agreement with Canadian Natural Resources Limited. Under the IPM agreement, a subsidiary of Canadian Natural Resources Limited has agreed to sell 140,000 MMBtu per day of
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