Oil & Gas Drilling

The Biden administration will use oil and gas drilling leases in Alaska's Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The firm will make 400,000 acres (161,874 hectares). readily available to drillers at the auction, the minimum needed by a. 2017 law that mandated the sale. ANWR is a 19-million-acre haven for types including polar. bears and Porcupine caribou. The wild landscape does not have roads and. public centers, however its 1.6-million-acre coastal area along. the Beaufort Sea is estimated to have up to 11.8 billion barrels. of recoverable oil. Alaska's...

A single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, an individual with direct knowledge of the matter stated, pushing rates down more than 1% within minutes and causing traders to rush to understand the factor. The sale, just hours ahead of an OPEC+ virtual conference at which the group is anticipated to extend supply cuts through the end of the very first quarter, left traders scrambling to make sense of the reasoning for the transaction. The bank sold 4,000 great deals of U.S. West Texas Intermediate petroleum futures in a single...

U.S. petroleum and gas stocks last week rose more than projection, while extract stockpiles posted a largerthanexpected draw, the Energy Details Administration said on Wednesday. Unrefined stocks rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA stated, compared to experts' expectations in a Reuters poll for a 138,000-barrel increase. Crude stocks at the Cushing, Oklahoma, shipment center fell by 140,000 barrels in the week, the EIA said. Net U.S. crude imports increased last week by 237,000 barrels daily (bpd) to 3.3 million bpd, with imports to the Gulf Coast striking 2 million bpd,...

Worldwide oil need will fall to around 80 million to 100 million barrels per day by 2035 in a. netzero environment, BP's primary U.S. financial expert informed an. energy conference in Dallas on Wednesday. Petroleum need has to do with 102 million barrels of oil daily. now, and the forecast assumes renewables and more efficient. automobile increase over that period. But BP's Michael Cohen. said the world will need continued financial investment in fossil fuels to. make sure an organized shift to cleaner energy. Non-OPEC oil supply development will exceed need growth over. the next several years, restricting the ability...

Exxon Mobil on Friday beat Wall Street's 3rd quarter earnings price quote, boosted by strong oil output in its first complete quarter that consists of volumes from U.S. shale manufacturer Pioneer Natural Resources. Oil market revenues have been squeezed this year by slowing need and weak margins on fuel and diesel. However Exxon's year-over-year revenue fell 5%, a much smaller drop than at rivals BP and TotalEnergies, which posted dramatically lower quarterly outcomes. The U.S. oil producer reported earnings of $8.61 billion, down from $9.07 billion a year ago. Its $1.92 per share profit topped Wall Street's outlook of $1.88...

U.S. oil production increased 1.5% in August to a regular monthly record high of 13.4 million barrels per day ( bpd), the U.S. Energy Details Administration (EIA) stated in its month-to-month oil and natural gas production report. That tops the prior record high of 13.31 million bpd in December 2023, the information showed. In top oil-producing states, output in Texas rose 1.7% in August to a record 5.82 million bpd, while in New Mexico output increased 2.8% to a record 2.09 million bpd. That compares with previous record highs of 5.76 million bpd in June in Texas and 2.04 million...

U.S. energy firms today resumed cutting the variety of oil and gas rigs after including rigs recently, with the count falling for a 5th week in 6, energy services firm Baker Hughes said in its carefully followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 588 in the week to Sept. 20. > the overall rig count down 42 rigs, or 7%, below this time last year. Baker Hughes stated the variety of oil well was the same at 488 today, while gas rigs fell by one to 96....

U.S. business Talos Energy stated on Thursday it had actually discovered commercial amounts of oil and gas in a subsea well in the Gulf of Mexico. The business, backed by billionaire Carlos Slim, said the Ewing Bank 953 well's preliminary data showed an approximated 15 to 25 million barrels of oil equivalent (boe) in resources and a preliminary gross production rate of 8,000-10,000 boe each day. The well's very first production is expected to begin in mid-2026, the business added. Houston-based Talos Energy had actually become part of a small list of companies that made considerable discoveries in the oil...

On a stretching ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to discover a deserted or socalled zombie well that had bounced back to life in spite of being plugged just over a year earlier, hissing gas and bubbling poisonous water into the dry Texas dirt. Worn brilliant red coveralls and a silver hard hat, Dunlap hopped off the machine and into the hole to clear away staying soil with a shovel, and after that picked up a brittle portion of cement that was part of the casing implied to keep fluids...

U.S. oil and gas production reveal further indications of flattening out or declining, a postponed reaction to the decrease in rates over the last two years after the initial shock brought on by Russia's intrusion of Ukraine in early 2022. Overall crude and condensates production from the Lower 48 states, omitting federal waters in the Gulf of Mexico, averaged 11.0 million barrels per day (b/d) in May up from 10.6 million b/d in the same month a year earlier. The seasonal increase was the tiniest given that the first wave of the coronavirus pandemic in 2020 and before that the...

Britain's choice to increase a windfall tax on oil and gas manufacturers to assist pay for its push to grow renewables will result in a sharp drop in income and speed up the aging basin's decrease, North Sea drillers stated. The new Labour federal government announced on Monday it will increase the Energy Profits Levy (EPL) by 3% to 38% starting Nov. 1, bringing the headline rate of tax on oil and gas activities to 78%, amongst the greatest on the planet. It will also ditch the levy's 29% investment allowance, which allows business to offset tax from capital that...

Britain's decision to increase a windfall tax on oil and gas producers to assist pay for its push to grow renewables will result in a sharp drop in earnings and accelerate the ageing basin's decline, North Sea drillers stated. The new Labour government revealed on Monday it will increase the Energy Profits Levy (EPL) by 3% to 38% starting Nov. 1, bringing the headline rate of tax on oil and gas activities to 78%, among the greatest on the planet. It will also ditch the levy's 29% investment allowance, which enables companies to offset tax from capital that is re-invested....

Exxon Mobil want to participate in Hess Corp.'s sale of its Guyana oil production possessions, and extract worth from the work it has actually put into developing the nation's offshore fields, two of its top executives said on Wednesday. A three-person panel in May is to choose whether Hess's deal to offer itself to Chevron can go on its initial terms. A. difficulty by Exxon and CNOOC Ltd has stalled the second-largest. deal in a recent wave of oil megamergers. Exxon wants a role in any sale of Hess's 30% stake in its. Guyana holdings and a choice on the...

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

Brazilian staterun oil giant Petrobras is thinking about changes to guidelines on the payment of remarkable dividends as part of its new fiveyear strategic plan, Chief Financial Officer Fernando Melgarejo said on Monday. Melgarejo, without offering further details, said the firm might change its current minimum cash level of $8 billion and disperse any excess cash to shareholders, while looking for a. minimum money level that warranties Petrobras' operations. It was uncertain if the move would be to raise or decrease the. minimum money level. Sao Paulo-traded shares of Petrobras pared some earlier. losses following the news to trade near...

BP Bunge Bioenergia, the Brazilian bioenergy endeavor controlled by BP Plc, will invest 530 million reais ($ 94.49 million) to expand sugarcane crushing capacity at its Pedro Afonso plant in the state of Tocantins, it said late on Wednesday. The Pedro Afonso mill is among 11 that BP manages in 5 Brazilian states. The plant capacity will increase by 800,000 metric loads to 3.4 million tons of sugarcane squashing per crop. BP said growth works in Tocantins will start in October, with completion prepared for July 2026. Upon conclusion of the project, the business's total walking stick crushing capability in...

An Exxon Mobilled oil consortium will need to choose by October whether it will proceed and establish a big natural gas find off the coast of Guyana, the country's vice president said on Thursday. The government has actually been pressing for a gold mine from mostly untapped gas reserves found by the Exxon-led group. The consortium, that includes Hess Corp and CNOOC Ltd. , is needed under its production contract to return. to the federal government by October about 20% of its huge Stabroek. block if that area stays undeveloped. Exxon has said it wishes to finish an appraisal of...

Italian steel pipeline maker Tenaris anticipates a drop in core profit margins to 20% 25% in the second half of the year, its president Paolo Rocca told analysts on Friday, sending its shares toppling more than 6%. The Luxembourg-based group had actually forecast on Thursday that its sales and margins would reduce in the second quarter due to slow drilling in The United States and Canada and in the third quarter due to blockages at much of its mills. The margin on core revenues (EBITDA) for the complete year would be a little greater than 25%, Rocca said. Tenaris reported...

The board of directors of Brazilian staterun oil company Petrobras is set up to meet on Friday, however a muchawaited discussion on additional dividends will not be on the program, four sources familiar with the matter informed . Market participants have been excitedly waiting for a choice on whether the oil giant will pay the amazing dividends relative to its 2023 results or not, however the last word will likely followed week when investors gather for a general assembly, the sources stated. Petrobras' board in March voted to reserve 43.9 billion reais ($ 8.39 billion) to pay out in additional...

5 people were killed and one is missing out on after a fire on Wednesday at a Perenco oil platform off the coast of Gabon, the AngloFrench oil company stated in a declaration on Thursday. Following the incident which took place yesterday at the Perenco Simba field offshore Gabon, the fire has been snuffed out and the website has actually been safely secured, Perenco stated. We deeply are sorry for to validate that there have actually been five fatalities and a single person is still missing out on. The mishap happened on Wednesday afternoon at the Becuna platform throughout a...

A pause in licensing for oil and gas exploration locations in Colombia could strike the country's future availability of gas, potentially increasing the need for imports, the head of gas transporter Promigas, Juan Manuel Rojas said on Wednesday. President Gustavo Petro's administration has actually not arranged brand-new bidding rounds for traditional oil and gas expedition, while pressing some business to restore at least 21 suspended contracts. Meanwhile in the renewable sector, Colombia's oil regulator, the National Hydrocarbons Agency, in February pushed back the deadline for business to send documents to enter the nation's first-ever offshore wind auction to June 21,...

The day after the United States announced it would reimpose costly limitations on Venezuela's oil sector, the South American nation braced for the effects and its president cautioned that the severe mistake would also hit U.S. interests. Revealed by U.S. authorities on Wednesday, Venezuela's loss of a crucial U.S. license that allowed it to freely export and increase investment in its oil sector will strike the volume and quality of its crude and fuel sales while triggering a flurry of requests for private U.S. offer permissions. Washington had warned it would not renew so-called license 44 absent progress by President...

Exxon Mobil CEO Darren Woods on Monday stated his business is attempting to establish it has rights over Hess Corp's Guyana properties in its dispute with Chevron, not buy the company itself. In his very first public remarks on the company's pursuit of an arbitration case that might obstruct Chevron's $53 billion offer for Hess, Woods stated Exxon would not have actually waited for Chevron to reveal its Hess offer if it had actually wished to purchase Hess. We're basically defending what our company believe is a. fundamental right, Woods informed at the CERAWeek energy. conference in Houston. Exxon is...