Exploration and Production (E&P)

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 …

Source: Reuters

Oil prices inch higher as attacks on Russian energy facilities intensify

CNBC


Brent crude briefly topped $86 per barrel on Monday for the first time since November, before pulling back, as Ukraine stepped up its attacks on Russian energy infrastructure.

Brent crude oil futures for May delivery were up 51 cents …

Source: Reuters

US seeks oil for emergency reserve as maintenance winds down

Nasdaq


WASHINGTON – The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage site winds down maintenance that had tempered the pace of replenishing the stockpile, the U.S. Energy Department …

Bahrain oil projects gets U.S. funding despite climate agenda

Bahrain oil projects gets U.S. funding despite climate agenda

Oil Price


The U.S. Export-Import Bank approved a loan guarantee of $500 million for a Bahrain oil project despite opposition from Democrats noting the move would compromise the Biden administration’s hard line on climate change.

Last month, the Export-Import Bank …

Source: Reuters

BP partners with Venezuela on Trinidad gas field

Oil Price


BP and Venezuela are jointly discussing the development of a gas field in Trinidad and Tobago, which the island nation shares with Venezuela.

“BP can confirm that it is in discussions with the government of Trinidad and Tobago …

Oil prices dip, but set to end week over 3% higher

Oil prices dip, but set to end week over 3% higher

Yahoo Finance


Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecast and an unexpected decline in U.S. stockpiles.

Brent crude …

Source: World Oil

U.S. oil companies use AI for faster shale drilling, mitigating OPEC production cuts

World Oil


(Bloomberg) – From a dark Houston control room, Rafael Guedes watched on a monitor as a robot took charge of a drilling rig in a North Dakota oil field, locking out the human operator.

Glowing red boxes lit …

Source: Reuters

Colombia’s Ecopetrol board blasts anti-oil President’s nominees as unfit

World Oil


(Bloomberg) – Board members of Colombia’s state oil company are objecting to President Gustavo Petro’s attempt to overhaul it with new directors as he works to wean the country off oil and gas.

Ecopetrol SA’s governance committee issued

Source: Reuters

Exclusive-Weak bids in Citgo auction spurs Venezuela to pitch alternative pay plan

US News


HOUSTON/MIAMI (Reuters) -The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar

Source: Reuters

OPEC says IEA commentary on oil security encouraging

Nasdaq


DUBAI – Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.

The …

Source: Reuters

Biden’s SPR gamble sparks debate over U.S. energy security

Oil Price


The United States established its Strategic Petroleum Reserve (SPR) in the wake of the 1973–1974 oil embargo that disrupted oil imports and drove oil prices much higher.

The SPR consists primarily of several large underground salt caverns for …

Oil rises 2% on supply disruptions in Russia, U.S

Oil rises 2% on supply disruptions in Russia, U.S

Yahoo Finance


HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production.

Brent March crude …

Source: Reuters

Suncor, Fort McKay First Nation partner on prospective oil sands development on Canadian reservation land

World Oil


(WO) – Fort McKay First Nation and Suncor signed a Memorandum of Understanding (MOU) on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay …

Source: Talos Energy

Talos Energy increases 2024 production predictions early following $1.3 billion QuarterNorth Energy acquisition

World Oil


(WO) – Talos Energy Inc. provided updated 2024 operational guidance to reflect the closing of the QuarterNorth Energy Inc. acquisition earlier than expected.

For the full year 2024, Talos expects average daily production between 89,000 and 95,000 boed, …

Source: Reuters

Shell considers slowing its carbon emissions cuts

Yahoo Finance


UK-based supermajor Shell has been updating its strategy on climate targets and could announce a slower pace of its emissions reductions later this week, anonymous sources with knowledge of the discussions have told Bloomberg.

Shell is set …

Source: Reuters

Venezuela rushes to mend Iran relationship as US sanctions loom

Yahoo News


PUNTO FIJO/CARACAS/HOUSTON – Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps …

OPEC sticks to oil demand view, nudges up economic growth

OPEC sticks to oil demand view, nudges up economic growth

Nasdaq


LONDON – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.

The …

Source: Reuters

Petrobras sends production team to Venezuela despite looming oil sanctions

World Oil


(Bloomberg) – Brazilian state-controlled oil giant Petrobras sent a team of production specialists to Venezuela at the request of Nicolás Maduro, whose administration is welcoming oil majors despite U.S. sanctions threats on its oil industry.

The Petrobras delegation …

Source: Reuters

Petrobras loses over $10 billion in market cap after dashing dividend hopes

Yahoo Finance


Petrobras has been a major cash cow for its shareholders in recent years, including the Brazilian government, with the prior management paying out far more than Western oil major peers.

Under new management picked by President Luiz Inacio …

Source: Oil Price

Biden’s pause on new LNG export permits could last for months

Oil Price


The U.S. Administration’s pause on approvals of new LNG export projects could last for several months until the U.S. Department of Energy reviews the grounds for authorizations, a DOE official told Bloomberg in an interview on Friday.

At …

Source: Oil Price

New gas discoveries offer glimmer of hope for Colombia’s energy sector

Oil Price


Despite significant potential, Colombia’s oil and gas industry has had a variety of highs and lows due to political disruption, varying international interest and other determining factors. With a more stable political outlook for the coming years, Colombia …

Oil prices may yet end the week on a high note

Oil prices may yet end the week on a high note

Oil Price


Crude oil prices have been stuck between bearish and bullish news this week, booking a modest decline over the four days to Thursday.

This could yet change later today, resulting in another week of gains for benchmarks. On …

Source: World Oil

Hess flags potential delay for Chevron Merger as ExxonMobil fights for “massive” oil discovery rights offshore Guyana

World Oil


(Bloomberg) – Hess Corp. signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off …

Source: Reuters

Suncor signs oilsands lease development MOU with Fort McKay First Nation

Yahoo Finance


CALGARY — Suncor Energy Inc. says it has signed a memorandum of understanding with the Fort McKay First Nation on a prospective oilsands lease development opportunity on reserve lands.

The Calgary-based oilsands company says it is progressing early-stage …

Source: World Oil

World oil demand looks strong on U.S. shale production growth, Kuwait Petroleum CEO reports

World Oil


(Bloomberg) – Global oil consumption is strong and the market looks relatively balanced this year as OPEC+ tries to stabilize prices, according to the Chief Executive Officer of Kuwait Petroleum Corp.

The market is expected to tighten further …

Source: World Oil

Hedge funds bet on Chevron amidst ExxonMobil’s claim to Hess’ stake in prolific oil field offshore Guyana

World Oil


(Bloomberg) – Hedge fund managers that wagered billions on Chevron Corp.’s October deal to buy Hess Corp. are sticking to their bets despite another roadblock that could potentially torpedo the acquisition.

Exxon Mobil Corp. said last week it

WTI crude gains 3% on tight supply

WTI crude gains 3% on tight supply

Oil Price


Following days of falling prices, U.S. benchmark crude oil prices are trading up 3% on Wednesday on sentiments of tight supply and signals from the Federal Reserve that we can still anticipate interest rate cuts in 2024.

At …