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Oil & Gas

Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Crude Oil
05-11-2024

US Crude Oil Pipeline Squeeze Boosts Prices At Gulf Coast Export Hub
The difference in prices for U.S. shale oil in West Texas and at Houston has widened in the last two months on dwindling pipeline space to move the crude to the export hub on the Gulf Coast, pricing data showed.Record crude production at the top U.S. oilf
LNG
05-11-2024

Glenfarne Selects Kiewit To Build Texas LNG Export Plant
U.S. energy company Glenfarne Group LLC said on Monday it had selected construction contractor Kiewit to build its proposed Texas LNG export terminal in Brownsville, Texas.The proposed terminal has the capacity to turn about 0.5 billion cubic feet per day
Oil Price
04-11-2024

Exxonmobil’s Q3 2024 Net Income Drops By 5% To $8.6bn
ExxonMobil has reported a net income of $8.61bn for the third quarter of 2024 (Q3 2024), down by 5.1% from $9.07bn recorded in the same period last year.In the preceding quarter, Q2 2024, the oil and gas major’s earnings amounted to $9.24bn.Earn
Oil & Gas Trade
04-11-2024

South Africa Oil Group Seeks to Amend New Law to Woo Investors
Some oil explorers are not satisfied with South Africa’s long-awaited rules for the industry that were signed into law last month by President Cyril Ramaphosa, according to a lobby group.The Upstream Petroleum Resources Development Act published
Oil & Gas Trade
04-11-2024

Saudi Arabia’s Wafi Energy Holding buys majority stakes in Shell Pakistan
Dubai: Saudi Arabia’s Wafi Energy Holding acquires a majority stake in Shell Pakistan following Shell Petroleum Co., a subsidiary of global Shell plc, completing the sale of its 77.42 per cent interest in Shell Pakistan Limited (SPL).Wafi Energy
Oil & Gas Trade
04-11-2024

Exxon, Chevron Top Q3 Profit Expectations As Us Oil Output Hits Record High
U.S. oil producers Exxon Mobil and Chevron posted better-than-expected third-quarter profits on Friday, outperforming their European rivals, as record U.S. oil production cushioned the blow from a plunge in fuel margins.The two focused on expanding oil an
Natural Gas
02-11-2024

Minres Signs $1.1bn Agreement With Hancock For Gas Exploration Permits
Amid yearslong, ongoing disputes over transitioning away from Four Corners Power Plant, the state's last remaining coal plant continues to spew emissions and lose money.As the state's largest electric utility attempts to secure its steepes
Oil & Gas Trade
02-11-2024

New Offshore Platform Taps Into Potential Of Heavy-oil Reserves In China
The world's first mobile thermal-injection platform was recently delivered in China's Shandong province, offering new opportunities to tap into China's vast potential for heavy-oil recovery, according to the country's major
Natural Gas
01-11-2024

Czechs buy gas from Algeria
PRAGUE: The Czech Republic has started to import gas from Algeria in a bid to offset supplies from Russia as it pursues its war on Ukraine, the CEZ power group said on Thursday.The supplies using pipelines in Tunisia and Italy will cover around two percen
Natural Gas
01-11-2024

Saskatchewan Residents Challenge Gas Expansion in Climate Rights Case
Premier Scott Moe’s Saskatchewan Party has been re-elected in the province with a mandate to tackle rising costs and taxes, but a legal battle over climate policy looms, as a group of residents pursue a lawsuit challenging the province&rsquo
Natural Gas
01-11-2024

Irish Company Yuno Buys One Of North’s Biggest Energy Suppliers
Northern Ireland gas supplier Firmus Energy, which has 110,000 domestic customers, has been sold to an Irish company.Yuno Group, the holding company for Yuno Energy and PrepayPower, announced its acquisition of Firmus (Supply) yesterday.It said customers
Natural Gas
31-10-2024

Japanese Firm Doles Out $1.4 Billion To Come Aboard Woodside’s Mega Gas Project
Woodside and JERA executed a binding sale and purchase agreement in February 2024 for the sale of a 15.1% non-operating participating interest in the Scarborough JV, covering the Scarborough gas field and associated offshore and subsea infrastructure for
Oil & Gas Trade
31-10-2024

Shell Q3 Profits Of $6 Billion Beat Forecast As Gas Offsets Weak Refining
Shell reported on Thursday third quarter profits of $6 billion that exceeded forecast by 12% as weaker refining and oil trading results were offset by higher gas sales.Shell's adjust earnings, its definition of net profit, fell 4% from the previou
Crude Oil
31-10-2024

Marathon Oil Cuts 500 Houston Jobs Ahead of ConocoPhillips Takeover
Marathon Oil Corp. warned of a mass layoff involving more than 500 employees at its Houston headquarters as part of the $17 billion takeover by ConocoPhillips, according to state filings.The affected workers may reasonably expect to experience a permanent
Oil & Gas Trade
31-10-2024

Nigeria Sees Objections to Shell Oil Asset Sale Resolved Soon
Nigeria’s upstream oil regulator found some issues with Shell’s proposed sale of its onshore assets to a consortium of local companies but they should be resolved soon, said Olu Verheijen, President Bola Tinubu’s special advi
Oil&Gas Drilling
30-10-2024

Kinetiko Spuds Second Well In Production Test Program In South Africa
South Africa-focused gas exploration company Kinetiko Energy Ltd. spudded the 271-06PT well in the Mpumalanga Province. This is the second well in the company’s five-well production test program, it said in a media release.The well is located ne
Natural Gas
30-10-2024

Tax Hikes Hinder Gas Price Drop, Raise Electricity Costs
espite reductions in the cost of energy, supply and network services (-2% compared to second half of 2023), total prices slightly increased (+2%), as governments scaled back subsidies, allowances, and tax cuts for consumers (total taxes rose by 16%, from
Natural Gas
30-10-2024

Big Oil Sees AI Boom Driving ‘Crazy Demand’ for US Natural Gas
A surge in energy demand from technology giants that are rapidly developing cloud computing and artificial intelligence — known as hyperscalers — is becoming a major boon for the fossil fuel industry.That’s was the view of Murray Auchincloss, ch
Oil Price
30-10-2024

Oil steadied after a two-day decline on the prospect for a further easing of hostilities in the Middle East, with the market shifting its attention to global supply balances and OPEC+’s production out
Storage tanks at the BP Plc Cherry Point Refinery near Blaine, Washington, U.S., on Friday, Nov. 19, 2021. Total U.S. oil stockpiles, including commercial inventories of crude and refined products, fell by the most in 11 weeks, dropping by 12.1 million ba
Oil Price
29-10-2024

BP Beats Estimates Despite Lower Oil Prices
FTSE 100 oil giant BP has reported strong-than-expected earnings for the third quarter.On Tuesday, it posted an underlying replacement cost profit, used as a proxy for net profit, of $2.3bn (£1.8bn) for the three months to 30 September.The figur
Oil Price
29-10-2024

Oil Steadies After 6% Plunge With Focus on Mideast Risk, US Data
Oil steadied — after tumbling the most in more than two years on Monday — as the market focused on the prospect for easing hostilities in the Middle East and upcoming US economic data.Brent was near $72 a barrel after plummeting 6.1% in the previous sessi
Oil & Gas Supply
29-10-2024

US Seeks Up To 3 Million Barrels Of Oil For Emergency Reserve
The U.S. on Monday said it is seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds.The so
Natural Gas
28-10-2024

Beach Energy delivers first gas from Thylacine West to Otway Gas Plant
Beach Energy has announced the start of gas production from its Thylacine West 1 and 2 development wells in Australian waters, following their connection to the Otway Gas Plant.The Thylacine West wells are located in the Otway Basin, approximately 70km of
Oil&Gas Drilling
28-10-2024

Prima Rejuvenating Oilfield Offshore Indonesia
Prima Energy has kicked off a development drilling campaign aimed at boosting production from its mature Camar field offshore East Java, Indonesia.The Indonesian operator is drilling two new wells – Camar West-1 and -2 on the Camar field, which
Oil & Gas Trade
28-10-2024

ExxonMobil Is Back In Cyprus
ExxonMobil’s commitment to the region is proved by its extension to Egypt and Greece and renewed interest in CyprusIt has been over two-and-a-half years since ExxonMobil last drilled in Cyprus’ EEZ, but the company is about to come bac

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