Exploration and Production (E&P)

Source: Reuters

More than 20% of global oil refining capacity at risk, analysis finds

Nasdaq


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

Zephyr announces additions to senior management team


RNS Number : 5939I
Zephyr Energy PLC
28 March 2024

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

Source: World Oil

Shale CEOs hesitant to begin new Permian drilling campaigns due to political uncertainty, Dallas Fed says

World Oil


(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 …

Source: Reuters

Netherlands’ $900 billion pension funds ready to invest big in renewables

Oil Price


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 …

Source: World Oil

20 U.S. oil and gas trade groups unite against Biden’s “misguided” methane fee

World Oil


(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 decreased in the first quarter – Dallas Fed

BOE Report


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 …

OPEC: Oil industry needs $11 trillion in upstream investment by 2045

OPEC: Oil industry needs $11 trillion in upstream investment by 2045

Oil Price


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 …

Source: World Oil

Court upholds 2022 offshore oil and gas lease sales following Biden’s “unlawful” leasing ban

World Oil


(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 …

Source: Reuters

Brent crude tops $87 as geopolitics threatens tight supply

Oil Price


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 …

Source: Reuters

Shell sells interest in U.S. offshore wind joint venture as company refocuses on oil and gas

World Oil


(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.

SouthCoast Wind is a 50-50 joint venture between Shell and Ocean

Source: Reuters

World’s top oilfield services provider not leaving Russia

Oil Price


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, …

Source: Reuters

World oil demand outpacing expectations, challenging peak crude predictions

World Oil


(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 …

Source: World Oil

November presidential election critical to secure Alaska’s energy future, Gov. Dunleavy reports at CERAWeek

World Oil


(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 …

Source: Reuters

Exxon slightly ahead of schedule to double its LNG portfolio by 2030

Oil Price


ExxonMobil is slightly ahead of schedule in its work to double its LNG portfolio by 2030, Peter Clarke, senior vice president for global LNG, has told Reuters in an interview.

In 2020, Exxon said it aims to …

Independence Contract Drilling, Inc. engages Piper Sandler & Co as financial advisor to strategic alternatives committee

Independence Contract Drilling, Inc. engages Piper Sandler & Co as financial advisor to strategic alternatives committee

Oil & Gas 360


HOUSTONMarch 21, 2024 /PRNewswire/ — Independence Contract Drilling, Inc. (the “Company” or “ICD”) (NYSE: ICD) previously disclosed that ICD’s Board of Directors (“Board”) has initiated a formal review process to begin evaluating …

Republican lawmakers blame IEA for straying from energy security mission

Republican lawmakers blame IEA for straying from energy security mission

Oil Price


Congress leaders from the Republican Party have sent a letter to Fatih Birol, the executive director of the International Energy Agency, expressing concern that the IEA has strayed from its core mission of promoting energy security.

Senate Energy …

Oil to trade at $85-$90 next quarter even without OPEC+ cuts, Gunvor predicts

Oil to trade at $85-$90 next quarter even without OPEC+ cuts, Gunvor predicts

World Oil


(Bloomberg) – Oil prices likely will trade at about $85-$90 a bbl in the third quarter even if OPEC+ producers and allies decide not to extend current supply cuts, said Gunvor Group Ltd.’s global head of research and …

Oil broadly steady after surprise US crude stock drop

Oil broadly steady after surprise US crude stock drop

US News


LONDON – Oil prices were broadly steady on Thursday, shored up by a surprise U.S. crude stock drop and the U.S. Federal Reserve sticking to its outlook on rate cuts for the year.

Brent crude futures for May

Source: World Oil

Hess CEO calls for refilling of U.S. Strategic Reserves to increase energy security

World Oil


(WO) – During a discussion titled, “Energy security in a volatile world: The importance of markets” at CERAWeek by S&P Global in Houston, Texas, Hess Corp. CEO and namesake John Hess made an impassioned call to refill the …

Source: Reuters

ConocoPhillps’ Willow project to reach first production in “four more winters;” expects modest Permian growth

World Oil


WO) – During CERAWeek by S&P Global’s second day, ConocoPhillips’ CEO Ryan Lance announced that his firm’s highly-anticipated Willow project in Alaska is making developmental headway.

Sitting down with S&P Global’s Dan Yergin, Lance also discussed Biden’s controversial …

Source: Reuters

Oil falls from highs ahead of Fed decision

CNBC


Oil prices fell on Wednesday after hitting multi-month highs in the previous session, as investors braced for the U.S. Federal Reserve’s interest rate policy announcement later in the day.

Brent crude futures for May were down $1.20 or 1.4% …

The U.S. oil and gas industry spent $234 billion on M&A in 2023

The U.S. oil and gas industry spent $234 billion on M&A in 2023

Oil Price


U.S. oil and gas exploration and production companies spent as much as $234 billion on mergers and acquisitions (M&A) last year—the highest such spend in real dollar terms since 2012, the Energy Information Administration (EIA) said in an …

Source: Reuters

Chevron CEO says ExxonMobil discussions over prolific oil field offshore Guyana “ended abruptly”

World Oil


(Bloomberg) – Chevron Corp.’s discussions with Exxon Mobil Corp. and China’s Cnooc Ltd. over a prolific oil field off the shores of Guyana ended “abruptly” a few weeks ago, Chief Executive Officer Mike Wirth said.

Chevron held constructive …

Source: Oil Price

U.S. aims to restock strategic oil reserves by year-end

Oil Price


The Biden Administration aims to have crude in the Strategic Petroleum Reserve (SPR) back up to the levels before the massive sales of 180 million barrels in the past two years, U.S. Energy Secretary Jennifer Granholm said at …

Source: Reuters

ExxonMobil “open” to talking with Chevron over oil offshore Guyana amidst Hess acquisition

World Oil


(Bloomberg) – Exxon Mobil Corp. is open to talking to Chevron Corp. about its proposed takeover of Hess Corp. as the oil giants spar over the deal’s implications for a massive offshore oil project in Guyana, Chief Executive …

Source: Reuters

Oil at highest since early November on brighter demand signals

Yahoo Finance


LONDON -Oil prices hit four-month highs on Tuesday after breaking above range-bound trading last week, but gains were capped by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity.

The …

CERAWEEK-Oil mergers, clean fuels vie for attention at Houston energy conference

CERAWEEK-Oil mergers, clean fuels vie for attention at Houston energy conference

Nasdaq


HOUSTON – Top oil executives and ministers descend on Houston this week for one of the world’s biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scale move to clean fuels.

Global …

Source: Reuters

ExxonMobil has “no interest” in Hess purchase amidst Chevron dispute, CEO says

World Oil


(Bloomberg) – The boss of Exxon Mobil Corp. said Monday that it has no interest in buying Hess Corp. outright, despite taking Chevron Corp. to arbitration over its proposed $52 billion merger with the other company.

“If we …

Source: Reuters

Saudi Aramco CEO says no peak in oil demand for some time to come

BOE Report


Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin …

Source: Reuters

House Republicans launch second probe into Biden’s LNG export ban

World Oil


(Bloomberg) – House Republicans have launched a second probe of the Biden administration’s move to pause liquefied natural gas (LNG) export approvals, questioning if election-year politics played a role in the decision.

The House Committee on Oversight and …