Natural Gas Inventories as of September 29, 2023 The EIA has released its natural gas inventory report, showing a net increase of 86 Bcf as of September 29, 2023. Working gas in storage was 3,445 Bcf as of Friday, September 29, 2023, according to EIA estimates. This represents a net increase of 86 Bcf from the previous week. Stocks were
Oil and Gas 360 Acquisition increases Free Cash Flow and balances portfolio between Permian and DJ Basins DENVER–(BUSINESS WIRE)– Civitas Resources (NYSE: CIVI) (“Civitas”) today signed an agreement with Vencer Energy (“Vencer”), a Vitol investment, to acquire oil producing assets in the Midland Basin of west Texas for a total consideration of approximately $2.1 billion, subject to customary terms, conditions, and
World Oil (WO) – ADNOC has awarded a contract, valued at more than $400 million (AED 1.47 billion), to Baker Hughes, through its Nuovo Pignone International S.R.L. legal entity, for the supply of all-electric compression systems for the liquefaction of natural gas, to be powered by clean energy, for its low-carbon LNG asset in the Al Ruwais Industrial City, Al
World Oil (Bloomberg) – Petrobras is studying how Chevron Corp. managed to resume operations in Venezuela to see if it makes sense for Brazil’s state-controlled oil company to reenter the oil-rich nation, Chief Executive Officer Jean Paul Prates said. It makes “geopolitical sense” for Petrobras to look at expanding into Venezuela and Bolivia because they are neighboring countries with vast
Oil Price ExxonMobil has selected the world’s largest asset manager, BlackRock, as a buyer for its 70.7% stake in Adriatic LNG, Italy’s first regasification import terminal, the U.S. supermajor told Reuters on Wednesday. Exxon currently holds 70.7% of Adriatic LNG via its subsidiary ExxonMobil Italiana Gas. The other shareholders in Italy’s main LNG import terminal off the Adriatic coast in northern Italy are a
World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow
Oil Price BP is considering selling 49% of its oil and gas pipeline network on the U.S. Gulf Coast, eyeing proceeds of $1 billion, Reuters has reported, citing unnamed sources. The supermajor has already organized its pipeline stakes into a separate company, in which it plans to keep 51% and sell the rest to fund future dividend payouts and pay down debt,
Nasdaq LONDON – U.S. crude oil production increased again in July and neared the pre-pandemic record, showing output has remained more resilient than expected in the face of a steep downturn in drilling. Total production of crude oil and condensates increased to 12.99 million barrels per day (bpd) in July 2023, which was not statistically different from the record of
Oil Price Earlier this month, the Dallas Fed reported that the local oil industry was getting more upbeat about the future, expecting higher prices and expanding production. In fact, the Dallas Fed reported that production growth had sped up in the third quarter. The Energy Information Administration, however, had a different message: it forecast a continued decline across the shale patch, led by
Investing The Electric Reliability Council of Texas (ERCOT) sought bids from power producers on Monday to increase its operating reserves by around 3,000 megawatts in case of any unexpected spikes in demand during the upcoming winter season. The Texas grid has been concerned about extreme weather since a deadly storm in February 2021 left millions without power for days as
Oil Price Rising global demand for energy and oil is set to keep crude oil prices elevated, OPEC’s Secretary General Haitham Al Ghais told the BBC in an interview published on Tuesday. Oil demand is expected to rise by around 2.4 million barrels per day (bpd) this year compared to 2022, and by another 2 million bpd next year, Al Ghais said.
World Oil (WO) – The American Petroleum Institute urged the Biden administration to revise the proposed Subpart W greenhouse gas (GHG) reporting rule so that it reflects the progress industry has made to reduce emissions, increases transparency and accuracy of reporting, and incentivizes innovations in the use of empirical data and cost-effective methane detection technologies. In comments submitted to the
