(Oil Price) – In 2007, nearly two decades ago, I wrote an article called “The Future Is Solar.” At the time, my argument was largely based on efficiency. I had been comparing biofuels with direct solar energy and noted how much more effectively solar panels could capture the sun’s energy than crops could convert it into liquid fuel. Solar was
(World Oil) — ExxonMobil has used artificial intelligence and advanced subsurface technologies to identify four new exploration opportunities in Guyana’s Stabroek Block as the operator continues to expand its offshore drilling program. The company is applying AI to historical discoveries, drilling results and subsurface data to identify potential hydrocarbon prospects and improve exploration decision-making. The approach incorporates deep learning, machine learning, high-performance computing
(World Oil) – Saudi Arabia reported to OPEC that it increased crude oil production by just over 1 million barrels a day (MMbpd) last month, a reflection of the recovery among Persian Gulf producers during a brief ceasefire in the Iran war. The kingdom told the group it pumped 8.2 MMbpd of crude in July, up from 7.1 MMbpd in the
(Investing) – Oil prices edged up to a one-week high on Tuesday as doubts about a potential U.S.-Iran peace deal fueled concerns that Middle East supply disruptions would persist. Brent futures rose $1.19, or 1.4%, to settle at $88.91 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.07, or 1.3%, to settle at $83.20. Those were the highest closes for
(Oil Price) – Bank of America (BoFA) is warning that oil prices could continue climbing into the winter if the U.S. and Iran fail to reach an agreement reopening the Strait of Hormuz, with severe shortages already emerging in diesel, gasoline and global natural gas markets. “We’ve been expecting oil to be in the $70 to $80 a barrel range for
(Investing) -HOUSTON- Brent crude oil climbed more than $1 a barrel on Friday over ongoing uncertainty about the negotiations in progress that determine control of, and reopen, the key shipping artery of the Strait of Hormuz. Brent crude futures settled at $83.55 a barrel, gaining $1.06, or 1.3%. West Texas Intermediate futures finished at $78.18 a barrel, up 89 cents, or
(Oil Price) – Angola’s state-owned oil firm Sonangol and its partner in an exploration block offshore Angola, ANPG, successfully drilled an appraisal well that showed good reservoir potential for both oil and gas production. Sonangol and ANGP announced on Thursday the successful completion of the drilling and testing operations of the Katambi-2 appraisal well in Block 24 of the Benguela Basin. The
(Oil Price) – The United Arab Emirates has managed to boost its oil exports to pre-crisis levels as early as June, as it has kept pushing crude through the Strait of Hormuz and outside it. The UAE, which left OPEC on May 1, has found workarounds to the blockage at the Strait of Hormuz. It has been shuttling crude through
(World Oil) — bp has agreed to acquire Woodside Energy’s 70% interest in the Calypso gas project offshore Trinidad and Tobago, giving the company full ownership and operatorship of the early-stage deepwater natural gas development. The transaction increases bp’s stake in Block TTDAA 14 from 30% to 100% and represents another step in the company’s strategy of concentrating its upstream portfolio around high-value assets where
(Investing) – DUBAI/RIYADH – A proposed deal between Iran and Oman to help end five months of war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters on Wednesday, one of the biggest concessions yet to Iran. There was no
(BOE Report) – U.S. oil exports in July fell to 3.66 million barrels per day, the lowest level in eight months, ship tracking data showed, as a short-lived peace deal between the U.S. and Iran in June briefly flooded markets with Middle Eastern oil and diminished demand for American crude abroad. The U.S. had cinched the spot as the world’s
(Oil Price) – BP more than doubled its profit for the second quarter from a year earlier on the back of higher oil and gas prices and stronger refining margins driven by the shock supply disruption in the Middle East. BP on Tuesday reported an underlying replacement cost (RC) profit, the closest metric to net profit closely watched by analysts, of $5.7
