Remove Abandonment Remove Barrel Remove Basin
article thumbnail

Chevron wins Exxon case but loses time, oil and billions

Oil & Gas 360º

The offshore oilfield holds more than 11 billion barrels of oil and is one of the fastest-growing oil production regions in the world. He abandoned his takeover bid for Anadarko Petroleum in 2019 after being outmanoeuvred by Occidental Petroleum’s higher offer. oilfield, the Permian basin.

article thumbnail

U.S. shale producers unlikely to boost drilling despite Trump’s call

Oil & Gas 360º

a barrel, after an earlier rally faded. million barrels a day, more than Saudi Arabia and Iran combined, and companies in its shale basins have a unique ability to ramp up output quickly — within about 6 to 9 months — with the right oil-price incentive. Trump called to increase in U.S. in New York to $71.92 produces about 13.4

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Valor | Energy Connection – Feb. 24, 2025

Valor

per barrel, while WTI dropped 28 cents to $70.12 per barrel, following a $2 decline on Friday. Read more BP to abandon green energy target and ramp up oil Summary : BP will abandon its plan to expand renewable energy generation 20-fold by 2030, scrapping its target of reaching 50 gigawatts (GW) and maintaining its current 8.2

article thumbnail

BP and Chevron Hit Oil in Deepwater Gulf of America

Rextag

We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade. million barrels of oil equivalent per day globally by 2030, with approximately 1 million barrels expected from the U.S. BP is also targeting 2.32.5

Oil
article thumbnail

Taking Carbon Captive

Permian Basin Oil and Gas Magazine

This report will address some legal issues, a current CCUS project near Odessa, new technology to economically repurpose abandoned wells and formations, and a digital approach to unitizing and managing CCUS data, also with streamlining in mind. That being so, as Jones noted, it frequently has already beenplugged and abandoned.

article thumbnail

Oil and Gas 2025: How Will Companies Navigate a Year of Transformation—and Why It Affects Everyone?

Rextag

Limited access to core acreage in basins like the Permian has prompted landmark deals, including ExxonMobils acquisition of Pioneer Natural Resources and Chevrons purchase of Hess Corporation. PERMIAN BASIN: OPTIMIZING RECOVERY IN A MATURE PLAY The Permian Basin , a cornerstone of U.S. Currently, at $2.75/MMBtu,

IT
article thumbnail

Eighty-Ninth Texas Legislature: One Month Countdown

Permian Basin Oil and Gas Magazine

Industry-Related Issues From the start of the 140-day session, the overall goal of the Permian Basin Petroleum Association (PBPA) has been to support legislation that promotes the safe and responsible development of the natural resources found in the Permian Basin, said PBPA Executive Vice President Stephen Robertson.