Industry & Analysis
News
June 17, 2024
Coordinated crude production reductions by the Organization of Petroleum Exporting Countries (OPEC) and its allies have led to a balanced global oil market, according to U.S. shale giant EOG Resources Inc.
News
Oil and gas trade group calls on U.S. presidential candidates to “unleash” America’s energy security
June 17, 2024
Ahead of the first presidential debate, API is calling both candidates, as well as policymakers on both sides of the aisle, to leverage America’s energy resources to help protect consumers and cement U.S. energy leadership.
News
June 17, 2024
Sheffield hired Brownstein Hyatt Farber Schreck LLP to lobby on “issues related to the FTC,” according to a recently filed disclosure report.
News
June 16, 2024
Block 32 is approximately 260 km offshore Luanda, in water depths ranging from 1,400 to 2,000 m. Production started up in 2018 and continues to be one of the biggest producing blocks in Angola. Block 14/14K is approximately 100 km offshore from Cabinda in Angola and covers around 4,094 km2. First oil occurred in 1999 and continues to have significant output of medium light crude oil.
News
June 14, 2024
The Vaca Muerta, Spanish for dead cow, is an oil and gas field in western Argentina, which is said to have natural gas reserves that rival the Permian basin. Its shale oil production, currently at about 300,000 bpd, is expected to grow to more than 1 MMbpd by 2030.
News
June 14, 2024
TotalEnergies EP (Brunei) B.V. owns and operates a 37.5% interest in Block B, alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%). Block B, located 85 km offshore Brunei, contains the Maharaja Lela/Jamalulam (MLJ) field, which started producing in 1999 and represented a net production for TotalEnergies of approximately 9,000 boed in 2023.
News
June 14, 2024
Donald Trump told Senate Republicans Thursday he would restart oil drilling in Alaska’s Arctic National Wildlife Refuge, reversing a move by the Biden administration to cancel leases in the frozen wilderness.
News
June 13, 2024
Since 2019, China has snapped up an additional 850,000 bpd of so-called NGLs and polymers, the IEA said in its Oil 2024 report, which is effectively the agency’s medium-term outlook. That accounts for just over half of demand growth for all oil products over the period.
News
June 13, 2024
Nearly three dozen companies and trade associations will open their legal fight against the vehicle standards Thursday, filing petitions with the U.S. Court of Appeals for the District of Columbia Circuit. The challengers include such oil and gas industry heavyweights as the American Petroleum Institute as well as the National Corn Growers Association, which backs ethanol.
News
June 12, 2024
Growth in the world’s demand for oil is expected to slow in the coming years, as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity toward levels unseen outside of the Covid crisis, according to the Internaional Energy Agency’s (IEA) new oil market outlook.
News
June 11, 2024
ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC’s joint venture Enersol RSC LTD has agreed to acquire an additional 42.206% equity stake in Gordon Technologies LLC for approximately $270 million, making Enersol the majority equity holder.
News
June 11, 2024
Eni has embarked on a reorganization to help fund its transition to gas and renewable energy. Chief Executive Officer Claudio Descalzi is pursuing a “satellite model,” which entails listing divisions or partnering with external investors to develop them.
News
June 11, 2024
World oil consumption will see a year-on-year increase of 2.3 MMbpd in the second half, about 150,000 bpd more than during the first, amid continued economic growth in China and other emerging economies, OPEC said in a monthly report.
News
June 10, 2024
Despite signals indicating the job market is beginning to flatten, the oil field services sector remains a vital component of the national economy, showcasing resilience amid broader economic fluctuations. While the national economy added a better-than-expected 272,000 jobs in May, the unemployment rate experienced a slight increase to 4%.
News
June 10, 2024
Together, bp and Worley will deepen collaboration across a portfolio of site projects by leveraging digital capability and global scale to further drive efficiency across engineering, procurement, construction development and management.
News
June 10, 2024
The combined company will boast the biggest selection of latest-model drillships that carry a pair of so-called blowout preventers, a key safety item for drilling in water more than two miles deep.
News
June 07, 2024
The Energy Department announced Friday two solicitations for the Strategic Petroleum Reserve - 1.5 MMbbl for delivery in September and an additional 4.5 MMbbl for October, November, and December. The bids, which are due later this month, will be for the reserve’s Bayou Choctaw site, which previously had been off line for maintenance.
News
June 07, 2024
Average hourly earnings for front-line oil and gas workers rose 0.5% from March to $44.67, according to a Labor Department report released Friday. Compared with a year ago, oil pay is up 3.2%. The strength in wages matched a national trend, pushing back bets for Federal Reserve rate cuts.
News
June 06, 2024
OPEC and its allies agreed on Sunday to gradually wind down about 2 MMbpd of production cuts starting in October. Since then, crude prices have fallen more than 3% in London, dipping below $80 a barrel as analysts question whether the market can absorb this extra supply.
News
June 04, 2024
The decisions made in Washington — “the capital of the energy world” — will have “massive impacts” and influence spending around the globe, Sawan said.
News
June 02, 2024
The oil and gas and basic industry sectors are expected by Barclays to be the most active for M&A during the next year.
This week alone, Energy Transfer LP agreed to buy WTG Midstream in a $3.25 billion deal, while ConocoPhillips announced a $17 billion deal for fellow producer Marathon Oil Corp.
