Oil & Gas Drilling

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....

U.S. oil need rose to a seasonal record in May as American vehicles guzzled one of the most gasoline given that before the pandemic, information from the U.S. Energy Details Administration (EIA) revealed on Wednesday. Overall crude oil and petroleum item provided, the EIA's proxy for need, increased by 792,000 barrels daily (bpd). month-over-month to 20.80 million bpd in May, the data revealed. That is the greatest regular monthly figure because August, and a record. high for the month of May. The information marks a considerable reversal in the trajectory. of U.S. oil demand: weekly updates from the EIA had...

Brazilian prosecutors, who have advised that environmental firm Ibama block drilling by staterun oil business Petrobras near the mouth of the Amazon river, have required that Ibama react within 3 days, a document seen shows. The federal prosecutors office (MPF), an independent agency, filed a July 22 notice that appeared on Ibama's system on Monday, cautioning that an unjustified hold-up in responding could have civil, administrative and chastening consequences. The deadline of three working days will start from the minute Ibama confirms it was informed, the MPF said in a. declaration to Reuters, including that the existing notice was. sent...

Mexico's stateowned oil business Pemex swung to a 256 billion peso ($ 14 billion). secondquarter bottom line on Friday, red ink the energy giant. chalked up to lower sales, a greater expense of sales and large. currency exchange losses. The quarterly loss compared to a net revenue of more than. $ 25.4 billion in the same period of in 2015. Pemex stated the loss would have been even higher if not for a. lower tax expense and a slower rate of wear and tear of fixed. possessions, according to a filing with the Mexican stock market. Revenue for among the...

U.S. energy firms today included oil and gas rigs for a 2nd week in a row, enhancing the monthly count by the most given that November 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early sign of future output, increased by 3 to 589 in the week to July 26. > <Despite today's rig increase, Baker Hughes said the total count was still down by 75, or 11% below this time last year. Baker Hughes stated oil well rose 5 to 482 this week, while gas rigs...

Oilfield services firm Baker Hughes beat experts' estimates for secondquarter earnings on Thursday, powered by greater demand for its drilling services and equipment in international markets. The outcomes echo those from SLB and Halliburton , as strong global need assists the world's largest oilfield firms counter weakness in The United States and Canada due to mega mergers amongst oil majors and uninspired natural gas prices. International rig count, a sign of future production, was partially up at 963 on an average in the second quarter, from a year earlier, according to Baker Hughes information. Total earnings from Baker Hughes' worldwide...

U.S. oil manufacturer Occidental Petroleum is nearing a deal to offer its possessions in the Barilla Draw region of Texas to Permian Resources for about $1 billion, people acquainted with the matter informed on Thursday. The 2 companies remain in the procedure of settling the deal that might be revealed in the coming weeks if the talks don't. break down, the sources stated, cautioning that a deal is not. ensured which a competing suitor for the Permian basin assets. might emerge. The sources asked for privacy as the conversations are. private. Occidental and Permian Resources did not. instantly reply to...

Mexico's inbound President Claudia Sheinbaum will likely face a new challenge fulfilling the imagine energy independence that led her predecessor to invest $17 billion on a new refinery: a shortfall in domestic unrefined supply. The nation is a major crude manufacturer however output from the nation's older oil fields, mostly in the Gulf of Mexico, has plunged to more than a four-decade low. Without considerable spending on exploration and production, Mexico might find itself importing crude to feed its broadened refinery capacity in the next decade, an as soon as unheard-of modification of direction for the key worldwide exporter. For...

The quantity of electrical energy produced by wind farms in the U.S. fell to a 33month short on Monday, requiring power generators to crank up naturalgas fired plants to keep a/c humming throughout a hot summertime day. Over the past few years, much of the cash energy firms have purchased new generation has gone into renewable power sources like wind and solar. But when the wind stops blowing and the sun does not shine, gas is still required to keep the lights on. Wind power in the Lower 48 states produced about 335,753 megawatt hours (MWh) on July 22, the...

The U.S. Environmental Defense Company will examine Texas' oversight of wells used for injecting oil drilling wastewater and co2 into the ground after substantial concerns from ecological groups that the operations lag a wave of well blowouts, sinkholes and seismic activity. The EPA announced the evaluation in a May 23 letter to the environmental groups that was seen on Friday. A spokesperson for the EPA did not immediately respond to a. ask for comment. 9 Texas-based ecological and guard dog groups led by. Commission Shift and Tidy Water Action asked for the evaluation in. March. Texas has authority to allow...

U.S. energy companies this week cut the number of oil and gas rigs running to the lowest given that January 2022 for a third week in a row, energy services firm Baker Hughes stated in its carefully followed report on Friday. The oil and gas rig count, an early sign of future output, fell by two to 588 in the week to June 21. . the total rig count down 94, or. 14% listed below this time last year. Baker Hughes said oil rigs fell 3 to 485 today,. their least expensive because January 2022, while gas rigs were unchanged....

U.S. company Fulcrum LNG was picked to help Guyana establish a strategy to design, finance, construct and run a gas processing center in the South American country, President Irfaan Ali stated on Thursday. The company's proposition was picked from among 17 sent to Guyana for the gas job. Fulcrum will deal with Guyana and energy giant Exxon Mobil, which leads a consortium accountable for all the nation's oil production, President Ali said at a media instruction. We have actually identified a technical group to deal with the stakeholders in developing the design and to work out a. heads of agreement...

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...