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Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in line with analyst predictions and relatively healthy oil prices.
Treasury Department on Thursday unveiled fresh sanctions targeting Iran’s covert oil trade and Hezbollah-linked financial activity, ratcheting up pressure on Tehran even as Chinese refiners continue importing Iranian crude at high volumes.
(Investing) – VIENNA -The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand. The IEA, which advises industrialised countries, expects global supply to rise by 2.1
(Oil Price) – Energy investments this year are set to hit $3.3 What’s more, the IEA believes that spending on non-hydrocarbon energy, including, besides wind and solar, also nuclear, grid upgrades, energy storage, new fuels, and efficiency, will be twice the amount spent on oil and gas this year.
(Oil Price) – U.S. crude oil production from onshore federal lands hit a record 1.7 The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure. Federal offshore oil, by contrast, hasn’t kept pace.
energy firms this week cut the number of oil and natural gas rigs operating for an 11th week in a row for the first time since July 2020 when the COVID-19 pandemic cut demand for the fuel, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas [Read more]
million barrels of oil equivalent. million barrels of oil equivalent. Image by Ole Arnesen via iStock The Norwegian Offshore Directorate said ConocoPhillips Skandinavia AS, operator of production license 891, had confirmed the Slagugle oil discovery. million standard cubic meters of oil equivalent (approximately 30.8
(World Oil) – Companies hired by TotalEnergies SE to build a $20 billion gas project in northern Mozambique have started preparing to resume work on the venture, four years after it was suspended because of a militant insurgency, according to people familiar with the matter. A Total representative declined to comment.
(World Oil) – BP Plc has agreed to sell its U.S. onshore wind business to LS Power, as the company continues efforts to pivot back toward its core oil and gas business and reverse years of share underperformance. bp spun off its global offshore wind portfolio late last year.
(World Oil) – Nigerian energy company Green Energy International (GEIL) has completed the development of the Otakikpo onshore terminal, situated in OML 11 near Port Harcourt. The government has long-sought to revive crude production through the development of marginal fields.
With this step, we significantly enhance our scale and gain strategic multibasin positioning.” Permian Basin Deal – Sabinal Energy To enter the Permian Basin, Mach has agreed to acquire Sabinal’s oil-weighted assets for an unadjusted purchase price of $500 million , subject to customary terms, conditions, and closing adjustments.
These approaches typically dig deeper and through harder rock than where most oil and gas drilling occurs, so drilling for next-generation geothermal is currently more expensive than for traditional oil and gas. Applying best practices from the oil and gas sector will be instrumental to achieving these improvements.
energy firms this week cut the number of oil and natural gas rigs operating for a 10th week in a row for the first time since July 2020, energy services firm Baker Hughes said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future output, fell [Read more]
COG Operating announced June 27 resolves a contentious dispute between surface estate owners and mineral estate holders “with far reaching implications for the water midstream sector and upstream oil and gas industry.” COG said it owned the produced water and sued, the trial court agreed with COG, and the court of appeals affirmed.
Onshore crude oil production in U.S. Energy Information Administration, driven by growth in tight oil production in Permian Basin. Onshore production includes both legacy oil production primarily from vertically drilled wells and newer tight oil production primarily from horizontally drilled wells. million b/d in 2024.
Together, upstream oil and gas investment for 2025 is forecast at less than US$570bn, a decline of around 4%. Global spending on upstream oil and gas is gravitating to the Middle East , the report finds, which is set to invest around US$130bn in oil and gas supply in 2025, around 15% of the global total. Around US$2.2
Working gas in underground storage, Lower 48 states Historical Comparisons Stocks billion cubic feet (Bcf) Year ago (06/27/24) 5-year average (2020-24) Region 06/27 /25 06/20/ 25 net change implied flow Bcf % change Bcf % change East 602 589 13 13 658 -8.5 At 2,953 Bcf, total working gas is within the five-year historical range.
Working gas in underground storage, Lower 48 states Historical Comparisons Stocks billion cubic feet (Bcf) Year ago (07/18/24) 5-year average (2020-24) Region 07/18 /25 07/11/ 25 net change implied flow Bcf % change Bcf % change East 634 628 6 6 695 -8.8 At 3,075 Bcf, total working gas is within the five-year historical range.
The Slagugle oil discovery was initially proven in 2020, with preliminary estimates suggesting resources in the range of 30.8 - 61.6 million bbl of oil equivalent in Triassic reservoir rocks. The Slagugle oil discovery was initially proven in 2020, with preliminary estimates suggesting resources in the range of 30.8 - 61.6
Andrew McMurray, CEO of ShearFRAC, said, “Enverus was the obvious choice for us as a technology service business in the oil field services space. Collectively, these organizations represent: 60% of North American crude oil production 56% of natural gas production $12.1 Learn more at Enverus.com.
That compares with an eight-year high of around 3.938 tcf at the end of the summer injection season in 2024 and a five-year (2020-2024) average of 3.782 tcf. (BOE Report) – U.S.
Working gas in underground storage, Lower 48 states Historical Comparisons Stocks billion cubic feet (Bcf) Year ago (07/04/24) 5-year average (2020-24) Region 07/04 /25 06/27/ 25 net change implied flow Bcf % change Bcf % change East 616 602 14 14 679 -9.3 At 3,006 Bcf, total working gas is within the five-year historical range.
Image by BrianAJackson via iStock Petronas, Malaysia’s state-owned oil and gas company, will cut about 10% of its workforce in a firm-wide restructuring as it looks to reduce costs due to falling crude prices. “It will be challenging to meet dividend targets” with current oil prices, he said.
“The joint venture will capitalize on TotalEnergies’ established logistics infrastructure in the ARA region, where the 18,600-cubic-meter LNG bunker vessel Gas Agility has been in operation since 2020. MORE FROM THIS AUTHOR Jov Onsat Editor OIL, GAS & ENERGY NEWS STRAIGHT TO YOUR INBOX! 700K Industry Pros can’t be wrong.
Working gas in underground storage, Lower 48 states Historical Comparisons Stocks billion cubic feet (Bcf) Year ago (06/20/24) 5-year average (2020-24) Region 06/20 /25 06/13/ 25 net change implied flow Bcf % change Bcf % change East 589 563 26 26 644 -8.5 At 2,898 Bcf, total working gas is within the five-year historical range.
oil majors such as Exxon Mobil or Chevron. Abu Dhabi National Oil Company considered a takeover in 2024, but did not proceed, Reuters reported. SHARES UNDERPERFORM BP’s stock has underperformed its peers since 2020 when its pivot to renewable energy left it lagging behind when global and gas prices surged.
The Bass Strait project consists of conventional oil and gas fields in Gippsland basin off the south east coast of Victoria, Australia. 30, 2020 General Interest BHP confirms planned Bass Strait exit Aug. 22, 2021 About the Author Email Alex Procyk Upstream Editor Alex Procyk is Upstream Editor at Oil & Gas Journal.
oil and gas drilling sector continues its downward trend as the Baker Hughes rig count fell for the ninth consecutive week , marking the longest streak of declines since mid-2020. Oil rigs at their lowest since October 2021. June 30, 2025 The U.S. Here is a concise summary of the latest U.S.
2 Total 2020 emissions are based on the EU Emissions Trading System (ETS) 2020, considering only industry emissions. Since 2020, EU ETS allowance prices have increased from â¬25/ton CO 2 to approximately â¬60 to â¬80/ton today. Power generation is not included. âETS database v51,â European Environment Agency, May 2023.
shale oil production, is experiencing a significant pullback in drilling activity. drilling activity has been on a steady decline throughout 2025, with the Baker Hughes rig count falling for the 11th consecutive week — the longest losing streak since the early pandemic-era collapse in 2020. West Texas, the heart of U.S.
June 30, 2025 Edition At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. Oil prices fall on easing Middle East risks Summary : Oil prices held steady on June 30, with Brent crude at $67.64 Stay tuned for weekly updates to keep you well-informed. per gallon versus the $3.20
In June 2020, Sewak sued SEC, claiming breach of the Agreement by (1) failing to pay the three final invoices; and (2) failing to provide Sewak the option to invest in SEC's drilling opportunities. ." " Whether in the oil patch or elsewhere, careful attention should be given to contract language.
billion since launching its seven-year plan in 2020. Since its 2020 peak share count, CNX has retired 89 million shares—about 40% of its float—at a remarkably efficient average price of $18.01. Sustained Free Cash Flow and Shareholder Returns In Q2, CNX delivered $188 million in FCF, bringing its cumulative total to approximately $2.5
During the winter of 2024–2025, heating a home with oil cost roughly twice as much as with natural gas. homes relying on heating oil are located in the Northeast—making affordable gas access an urgent issue. Both faced years-long fights over water permits before being canceled in 2020 and 2024, respectively. Over 80% of the 4.6
Our manufacturing base cannot thrive without long-term energy cost reform, backed by secure domestic supplies. That means accelerating the build out of our renewable energy alongside the responsible production of our domestic oil and gas. It’s not an either/or. It’s a both/and. In the early 2000’s the UK was a net exporter of energy.
Image by Moussa81 via iStock New data from the Texas Workforce Commission indicate that upstream oil and gas employment climbed by 2,200 in May compared to April, and by 7,300 jobs through the first five months of 2025. percent increase and an average growth of 875 jobs per month.
MORE FROM THIS AUTHOR Rocky Teodoro Editor OIL, GAS & ENERGY NEWS STRAIGHT TO YOUR INBOX! We believe there are transformational opportunities in both the RNG and medgas spaces using Hydron's technology," Philip Amyotte, Modern Niagara's Senior Vice President of Manufacturing and VDC, said. 700K Industry Pros can’t be wrong.
Por lo tanto, México capitalizaría plenamente un incremento de precios : la cobertura actuó en 2020 cuando el precio cayó, pero en un 2025 alcista solo sirve de respaldo sin costo mayor. Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint.” Oil Market Report, junio 2025. Euronews (2025).
The lack of breadth in deal markets was reflected in the count of transactions over $100 million with just eight deals topping that benchmark, a tie for the lowest total since 2020. EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries.
According to data collected by the US Department of the Interior’s Office of Natural Resources Revenue, onshore crude oil production from federal lands reached 1.7 Most of this growth was in New Mexico from crude oil produced from federal lands in the Permian Basin. Total US crude oil production has nearly tripled, from 5.0
Vodafone recently achieved CO2 neutrality for its direct and indirect emissions (Scope 1 and 2), thanks to its shift to renewable power starting 2020, Iberdrola noted. MORE FROM THIS AUTHOR Paul Anderson Writer OIL, GAS & ENERGY NEWS STRAIGHT TO YOUR INBOX! There’s a reason 700K+ energy professionals have subscribed.
The Wink to Webster Pipeline , operated by ExxonMobil , is one of the most critical crude oil transportation systems in North America, linking the prolific Permian Basin to key Gulf Coast refining and export hubs. Oil & Gas Operator Account Directory Saskatchewan Light Oil Operator List Western Canada Heavy Oil Operator List St.
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