SouthCoast Wind is a 50-50 joint venture between Shell and Ocean
Crude Oil News
More than 20% of global oil refining capacity at risk, analysis finds
LONDON – More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts.
Of …
Zephyr announces additions to senior management team
28 March 2024
Zephyr Energy plc
(“Zephyr” or the “Company”)
Zephyr announces additions to senior management team
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF), the Rocky
Oil prices up more than $1 a barrel on tighter supply outlook
NEW YORK – Oil prices rose by more than $1 a barrel on Thursday, after falling for two consecutive sessions, as investors anticipated tighter supplies given the OPEC+ producer alliance is widely expected to stay the course on …
Shale CEOs hesitant to begin new Permian drilling campaigns due to political uncertainty, Dallas Fed says
(Bloomberg) – U.S. oil prices are more than high enough to make drilling new wells profitable, but some shale bosses say they’re hesitant because of political and regulatory “uncertainty” that won’t be settled until the November election, according …
Western sanctions delay payments for Russia’s oil exports
Russia is seeing months of delays in payments for its oil exports as banks in its major trader partners, including China, the UAE, and Turkey, are now scrutinizing transactions wary of the tighter U.S. sanctions, numerous unnamed sources …
Netherlands’ $900 billion pension funds ready to invest big in renewables
The Netherlands’ five largest pension funds have said they are willing to invest billions in the country’s renewable energy sector and the electricity grid. The funds, with a combined 900 billion euros ($975 billion) in assets, have offered …
20 U.S. oil and gas trade groups unite against Biden’s “misguided” methane fee
(WO) – The American Petroleum Institute (API) joined with 19 associations representing all segments of the U.S. oil and gas industry operating across the country in calling on the U.S. Environmental Protection Agency (EPA) to revise its misguided …
Oil and gas production decreased in the first quarter – Dallas Fed
Oil and gas production in Texas, Louisiana and New Mexico decreased in the first quarter of 2024, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly survey of energy activity.
The survey of executives at …
U.S. crude oil inventories increase by 3.2 million barrels
Weekly Crude Oil Storage as of March 22, 2024
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.2 million barrels from the previous week. At 448.2 million barrels, U.S. crude oil inventories …
OPEC: Oil industry needs $11 trillion in upstream investment by 2045
The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency …
U.S. oil production to hit record amidst declining costs, drilling efficiencies, Macquarie predicts
(Bloomberg) – U.S. oil production is set to end the year at a record pace of about 14 MMbpd as falling costs and improved drilling efficiency overshadow subdued growth plans from publicly listed companies, Macquarie Group Ltd. analysts …
U.S. gas producer optimistic despite very low natural gas prices
Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad.
The current oversupply in the U.S. natural gas …
VAALCO Energy finalizes development plan for Venus-Block P discovery offshore Equatorial Guinea
(WO) – VAALCO Energy, Inc. announced that all partners have signed the final documents and the Government of Equatorial Guinea has approved the Joint Operating agreement (“JOA”) related to the Venus-Block P Plan of Development (“POD”). The Block …
Oil steadies as markets weigh Russian supply woes
LONDON – Oil was little changed on Tuesday after rising in the previous session as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar
Court upholds 2022 offshore oil and gas lease sales following Biden’s “unlawful” leasing ban
(WO) – Western Energy Alliance won a significant victory in court last Friday as the U.S. District Court for the District of Columbia upheld the first offshore oil and gas lease sales of the Biden administration, held in …
Brent crude tops $87 as geopolitics threatens tight supply
Brent crude oil surged past $87 on Monday as Russia’s war on Ukraine increasingly focuses on attacks on energy installations, and as mediation in the Israel-Gaza conflict fails.
On Monday at 10:14 a.m. ET, Brent crude was trading …
Shell sells interest in U.S. offshore wind joint venture as company refocuses on oil and gas
(WO) – Shell New Energies US LLC has sold its 50% equity share in SouthCoast Wind Energy LLC to joint venture partner Ocean Winds North America LLC.
US awards record $6 bln to back industrial emissions reduction projects
WASHINGTON – The U.S. Energy Department on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost U.S. competitiveness.
Energy …
World’s top oilfield services provider not leaving Russia
SLB, the biggest oilfield services firm in the world, is not planning to abandon its business in Russia, chief executive Olivier Le Peuch told the Financial Times in an interview published on Monday.
Pressure has mounted on companies, …
EXCLUSIVE-Russia orders companies to cut oil output to meet OPEC+ target
MOSCOW – Russia’s government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its pledges …
World oil demand outpacing expectations, challenging peak crude predictions
(Bloomberg) – The world is using more oil than ever and demand is outpacing expectations again this year, raising questions about how soon global consumption will peak.
The unabated thirst for crude contributed to an increasingly confident tone …
BlackRock dismayed by Texas Fund decision to divest $8.5 billion in assets
BlackRock has asked Texas authorities to reconsider the withdrawal of $8.5 billion in assets of the Permanent School Fund from the asset manager.
The decision to withdraw from BlackRock was announced earlier this week by the Texas State …
November presidential election critical to secure Alaska’s energy future, Gov. Dunleavy reports at CERAWeek
(WO) – During CERAWeek by S&P Global’s fourth day in Houston, Texas, Vice Chairman Dan Yergin sat down with Mike Dunleavy, Alaska’s Governor, to discuss the future of Alaskan energy.
Alaska’s “extraordinary” resource potential. During the discussion …
Brazil exploring ways to import gas from Argentina’s Vaca Muerta play, energy minister says
HOUSTON – Brazil is exploring ways to import natural gas from Argentina’s massive Vaca Muerta formation, including the possible reversal of a pipeline now used for transporting Bolivian gas, as it looks to ease its gas deficit, Mines and …
Department of the Interior proposes second offshore wind auction in Gulf of Mexico
(WO) — The Department of the Interior announced its proposal for a second offshore wind energy auction in the Gulf of Mexico. The proposed lease sale includes four areas offshore Louisiana and Texas, totaling 410,060 acres, which the …
U.S. rig count had a decrease of 5 this week, at 624
This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 5 over last week, resulting in a total count of 624 rigs. Canada had a decrease of 38 over last week, resulting in …
EXCLUSIVE-Mexico’s Pemex put off repairs despite vast methane leaks: documents and sources
MEXICO CITY – Mexican state energy company Pemex put off urgent repairs and maintenance at an important offshore platform for months, resulting in methane spewing into the atmosphere, according to internal documents and three sources familiar with the infrastructure.…