Post Tagged with: "360 News Desk"
Permian driller Endeavor Energy explores potential $30 billion sale
Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin, the top U.S. oilfield, at between $25 billion and $30 billion, according to people familiar with the …
Occidental to acquire oil driller CrownRock for $12 billion
(Bloomberg) — Occidental Petroleum Corp. agreed to acquire Texas shale driller CrownRock LP in a cash-and-stock deal valued at about $10.8 billion as consolidation heats up in North America’s most-prolific oil basin.
The transaction is expected to close …
Concerns mount over Chevron-Hess merger amidst Guyana geopolitical risks
(Bloomberg) — Traders are more jittery than ever about the outcome of Chevron Corp.’s proposed $53-billion takeover of Hess Corp. as Venezuela threatens to seize mineral-rich regions in neighboring Guyana.
Hess shares fell roughly 5% this week as …
Have reports of oil’s death been greatly exaggerated?
There is a great mismatch between dominant climate narratives and the reality of the global energy sector. While energy industry insiders and environmentalists alike claim that the energy industry is heavily investing in cleaner alternatives and that the …
Oil prices hold as investors still wary
LONDON – Oil prices were steady on Monday as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year. Brent crude futures dipped 6 cents to $75.78 a barrel by 1427 GMT. U.S. …
New COP28 draft deal stops short of fossil fuel ‘phase out’
DUBAI – A draft of a potential climate deal at the COP28 summit on Monday offered various options to reduce greenhouse gas emissions, but stopped short of the full “phase out” of fossil fuels many nations have demanded.
U.N. …
API calls on Biden administration to remove barriers to energy production in Alaska
The American Petroleum Institute (API) has called on the Biden administration to recognize the important role that Alaska plays in U.S. energy security and support the continued development of energy resources in the National Petroleum Reserve (NPR-A).
In …
Canadian oil & gas lashes out over ‘de facto production cuts’
Canadian Prime Minister Justin Trudeau’s announcement on Thursday that the fossil fuel industry will have to slash emissions by 35% to 38% below 2019 levels beginning in 2030 has led to an industry backlash warning that this policy …
EXCLUSIVE-Energy trader Gunvor raises U.S. DOJ fine provision to $650 mln – sources
BRUSSELS – Global energy trader Gunvor Group has increased its provision for an expected fine from the U.S. Department of Justice (DOJ) to $650 million, while making just over $1 billion in the first nine months of the year, …
Texas regulator issued 639 drilling oil, gas drilling permits in November 2023
AUSTIN – The Railroad Commission of Texas issued a total of 639 original drilling permits in November 2023. The total includes 588 to drill new oil or gas wells, five to re-enter plugged wellbores and 37 for re-completions …
U.S. rig count had an increase of 1 this week, at 626
This week’s Baker Hughes Rig Count shows that U.S. had an increase of 1 over last week, resulting in a total count of 626 rigs. Canada had an increase of 2 over last week, resulting in …
Ukraine says 500 settlements without power as energy consumption hits record
Ukrainian energy consumption hovered near record highs on Friday, increasing strains on the fragile power sector as nearly 500 settlements faced blackouts due to Russian shelling, air strikes and bad weather, officials said.
Ukraine, an exporter of electricity before …
Oil heads for seven week decline for first time in five years
LONDON :Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members …
Repsol, Eni discussing new Venezuelan oil terms amidst Guyana dispute
(Bloomberg) – Venezuela is in advanced talks on new deals with European energy majors Repsol SA and Eni SpA as the Andean nation seeks to reassert itself as a global oil producer after the U.S. eased sanctions.
The …
ANALYSIS-Nuclear sector must overcome decades of stagnation to meet COP28 tripling goal
DUBAI – The global nuclear industry got a morale boost at the COP28 climate summit in Dubai after more than 20 nations vowed to triple capacity by 2050. But reaching that goal will require the industry to overcome regulatory …
SEC focused on asset retirement obligations
The Securities and Exchange Commission (SEC) considers carefully what it says in public, so when its senior petroleum engineer makes a rare appearance in Houston to talk with oil reserves engineers – even not as an official spokesperson …
Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts
MOSCOW – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious …
Weekly Gas Storage: Inventories decrease by 117 Bcf
Natural Gas Inventories as of December 1, 2023
The EIA has released its natural gas inventory report, showing a net decrease of 117 Bcf as of December 1, 2023.
Working gas in storage was 3,719 Bcf as of Friday, December …
Baytex announces 2024 budget and five-year outlook with continued focus on free cash flow generation and shareholder returns
Calgary, Alberta–(Newsfile Corp. – December 6, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) announces that its Board of Directors has approved a budget for 2024 exploration and development expenditures …
Texas commissioner slams Biden’s “onerous” methane rules that increase oil, gas prices
AUSTIN – Railroad Commissioner Wayne Christian issued a statement regarding new onerous methane rules proposed by the Biden administration’s Environmental Protection Agency (EPA).
“While costs for hard-working Americans are up nearly $11,000 this year everywhere from the …
U.S. record-breaking oil output one more blow to OPEC
Record crude oil production in the United States is serving a fresh blow to oil bulls and OPEC, just as the cartel was trying to push benchmarks higher by adopting deeper production cuts. The EIA reported last week …
ExxonMobil raises share buybacks 14% with plans to accelerate Permian, Guyana oil production
(Bloomberg) – Exxon Mobil Corp. plans to raise share buybacks 14% as the oil giant accelerates crude production in the U.S. Permian basin, boosted by its $60 billion acquisition of Pioneer Natural Resources Co.
Exxon will repurchase $20 …
Saudi Arabia may have set the price of its oil too high
Asian buyers could reduce intake of term supplies from Saudi Arabia in January and look to buy more spot crude cargoes after the world’s top crude exporter reduced the price of its oil to Asia by less than …
Oil drops on demand worries after US gasoline inventories swell
HOUSTON – Oil prices fell by 2.5% on Wednesday, as a bigger-than-expected rise in U.S. gasoline inventories worried markets about demand and outweighed a draw in crude stocks. Brent crude futures fell $1.96, or 2.53%, to $75.27 a …
Putin, escorted by fighter jets, lands in Saudi Arabia for MbS talks
RIYADH :Russian President Vladimir Putin landed in Saudi Arabia on Wednesday for hastily arranged talks with Crown Prince Mohammed bin Salman on oil, Gaza and Ukraine. It was not immediately clear what Putin, who has rarely left Russia since …
U.S. crude oil inventories decrease by 4.6 million barrels
Weekly Crude Oil Storage as of December 1, 2023
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 445.0 million barrels, U.S. crude …
Is a new oil price war looming?
U.S. crude oil production broke another record in September, putting additional pressure on the OPEC+ group, which looks to keep oil prices above $80 per barrel by controlling “market stability.”
The underwhelming OPEC+ meeting last week showed that …
