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naturalgas prices fell by 6% on Friday morning amid the overall panic market selling, but the benchmark Henry Hub price was declining less than the WTI Crude prices, which sank by more than 8% to hit a low of $61 per barrel. This WTI price is now below the average $65 per barrel price U.S. The benchmark price for U.S.
ExxonMobils eighth oil project offshore Guyana will also be the biggest naturalgas development of the Exxon-led consortium in the prolific Stabroek Block. Exxon and its partners in Guyanas oil projects, U.S. Hess Corp and CNOOC of China, expect to produce up to 1.5
Russia expects its naturalgas exports, including via pipeline and LNG, to jump twofold by 2030 and threefold to 2050 under its new long-term energy strategy approved by the government on Monday. million barrels per day (bpd), in 2023 to 540 million tons, or 10.8 million bpd, by 2050.
million barrels on June 27, the EIA's latest weekly petroleum status report showed. million barrels from the week ending June 20 to the week ending June 27, the U.S. million barrels on June 27, 415.1 million barrels on June 20, and 448.5 million barrels on June 28, 2024. million barrels on June 27, 415.1
The Kingdom, the world’s top crude oil exporter, wants to develop all forms of energy, diversify its economy from oil, and replace oil in power generation with renewables and naturalgas. The Saudis are not abandoning their primary role in global oil production and supply. In one of the latest…
Geological Survey (USGS) has discovered large oil and gas deposits in the Mowry Composite Total Petroleum System that spans parts of Wyoming, Colorado and Utah. The report estimates large hydrocarbon resources, including 473 million barrels of oil and 27 trillion cubic feet (tcf) of naturalgas. This new USGS
has signed a deal to buy Plains’ Canadian naturalgas liquids business, as well as select U.S. The assets under the deal include 193,000 barrels per day of fractionation capacity, 23 million barrels of storage capacity and over 2,400 kilometres of pipeline infrastructure. CALGARY – Keyera Corp. assets, for $5.15
(Oil Price) – Azule Energy, a joint venture of international majors BP and Eni, has discovered a major naturalgas reservoir offshore Angola in the first gas-targeting exploration well in the oil-producing country. Adriano Mongini, CEO of Azule Energy, commented: “This is a landmark moment for gas exploration in Angola.
Canadian energy producers are focusing more on naturalgas as oil prices suffer the combined effects of the U.S. The Western Canadian Select benchmark dived from about $59 per barrel at the start of April to just $50 per barrel now.
naturalgas production and 750 barrels per day of U.S. naturalgas liquids output during the second quarter due to weak prices. oil and gas producer also completed the sale of its New Mexico assets [Read more] APA Corp said on Wednesday it curtailed about 10 million of cubic feet per day (MMcfpd) of U.S.
has transformed from energy junkie to pusher, with liquefied naturalgas (LNG) as its hottest commodity. was staring down the barrel of energy scarcity. Naturalgas production was declining, and Thanks to the shale revolution and a penchant for hydraulic fracturing (fracking), the U.S.
and allow it to reduce debt and focus on naturalgas assets in Canada and Europe. Calgary-based Vermilion Energy Inc. will sell its assets in the United States for $88 million (C$120 million), which will complete its exit from the U.S.
Chinas state energy company CNOOC said today it had discovered a new oil field in the South China Sea that could contain over 100 million tons of crude oil, equal to around 733 million barrels. Test drilling produced 413 barrels of crude oil and 68,000 cu m of naturalgas daily, state news agency Xinhua reported.
million barrels on June 20, the EIA's latest weekly petroleum status report showed. million barrels on June 20, the EIA's latest weekly petroleum status report showed. million barrels from the week ending June 13 to the week ending June 20, the U.S. million barrels on June 20, 420.9 million barrels, U.S.
Image by McFranki via iStock In a statement posted on its site recently, the Texas Railroad Commission (RRC) revealed its latest preliminary crude oil and naturalgas production figures. The RRC noted in the statement that crude oil and naturalgas production for March came from 157,192 oil wells and 83,898 gas wells.
Pakistan has recorded the first substantial increase in its domestic oil reserves since 2020, with new discoveries and higher production leading to a 23% annual increase in reserves to 238 million barrels as of December 2024. Naturalgas reserves in Pakistan remained relatively flat last year compared to the gas reserve estimate for 2023.
(Oil Price) –ExxonMobils eighth oil project offshore Guyana will also be the biggest naturalgas development of the Exxon-led consortium in the prolific Stabroek Block. The supermajor and its partners have several oil projects on stream, collectively producing more than 650,000 barrels per day (bpd) of crude oil.
per barrel in the second quarter compared to $75.73 a barrel in the first quarter 2025, the company said. BP’s gas and low carbon energy segment is seen posting realizations up to $300 million lower versus the prior quarter, including changes in non-Henry Hub naturalgas marker prices.
Both benchmarks built on Mondays nearly 3% rally after OPEC+ confirmed it would raise output by just 411,000 barrels per day in Julybelow what some market watchers feared. naturalgas As of late morning, WTI crude was trading at $63.76 (+1.98%), and Brent at $65.74 (+1.72%). Murban crude also rose to $65.51 (+1.13%), while U.S.
TIPRO’s new workforce data indicated strong job postings for the Texas oil and naturalgas industry, although May data showed a decline in overall unique postings compared to the previous month. The leading three cities by total unique oil and naturalgas job postings were Houston (2,064), Midland (546) and Odessa (398), said TIPRO.
Image by Yarphoto via iStock The world’s biggest oil product market is hungry for barrels as traders grapple with a summer supply squeeze. ” Diesel markets spiked last month when the fighting between Israel and Iran threatened millions of barrels of fuel exports from the Persian Gulf.
Saudi Aramco, the Kingdoms giant national oil company, on Wednesday, announced the discovery of 14 new oil and naturalgas that could add over 80 million cubic feet of gas per day and over 8,000 barrels of oil per day to Saudi Arabias fossil fuels expansion efforts, Arab News reports.
produced 20.135 million barrels of oil per day in 2024. Saudi Arabia was shown in the report to be second biggest oil producer in the world last year, with 10.856 million barrels per day. Russia was ranked third for oil production in the EI report, with 10.752 million barrels per day. The report showed that the U.S.
(Oil & Gas 360) – While prices show bearishness high, activity continues showing UP is the d irection we head needing more oil & naturalgas, and a drilling boom. and the NaturalGas Index (XNG, line) is up 2.5%. YTD confirms pursuit of oil and naturalgas actions and expectations are extra low.
has reached an agreement to double the volume of liquefied petroleum gas it plans to export through a West Coast export facility being built by AltaGas Ltd. AltaGas said in February that Keyera had contracted 12,500 barrels per day of capacity to ship the gas to Asia via the Ridley Island [Read more]
Earlier in June, Smith said that Alberta is working to engage private backers for a new pipeline to ship about 1 million barrels per day (bpd) of crude to British Columbia’s northwest coast. The expanded Trans Mountain route is currently the only pipeline shipping Alberta’s landlocked crude for exports on tankers from the West Coast.
naturalgas futures climbed about 3% on Friday, tracking gains in oil prices after Israel launched strikes against Iran, raising worries the conflict could disrupt Middle Eastern oil and gas supplies. a barrel, their highest close since February. Gas futures for July delivery [Read more]
Demand in the country hit 18.995 million barrels per day last year, the report revealed, highlighting that this represented a 0.1 China was shown in the report to be the second biggest oil consumer last year, with 16.373 million barrels per day. Total oil liquids consumption came in at 20.307 million barrels per day for the U.S.
million barrels for the week ending June 27, an oil and gas report sent to Rigzone by the Macquarie team late Monday revealed. million barrels per day),” the Macquarie strategists added in the report. million barrels per day) and imports modestly higher (+0.2 million barrels) this week,” they added.
Anschutz produces around 60,000 barrels of oil equivalent per day and adds about 65 new wells a year, Hart Energy reports. million barrels of oil that are technically recoverable resources underlying federal lands. The full estimate shows Wyoming’s federal lands could produce nearly 1 billion barrels of oil.
Targeted Strikes Rattle Oil Markets Recent attacks on Iranian energy facilities caused a spike in oil prices, with Brent crude rising about $10 per barrel in the past month. Current market conditions suggest oil should be trading in the high $70s to low $80s per barrel based strictly on current OECD crude and product stock levels.
Image by yamonstro via iStock In an oil and gas report sent to Rigzone by the Macquarie team on Tuesday, Macquarie strategists revealed that they are forecasting that U.S. million barrels for the week ending July 4. million barrels per day) and imports down (-0.6 million barrels per day) on a nominal basis,” they added.
(Oil& Gas 360) – Headlines Continuing To Paint A Bearish Oil & NaturalGas Picture During The Month Of May Are Keeping Steadily-Tightening, Temporarily Hidden. million barrels (mmb) last week to 443.2 Wednesdays main oil market headline was that U.S. inventory increased again. mmb increase the week before.
per barrel, with West Texas Intermediate at $61.63 per barrel, both down from opening. crude oil and naturalgas, OPEC+ is also keeping oil traders awake at night. At the time of writing, Brent crude was trading at $65.41
(BOE Report) – Oil and gas firm APA said on Wednesday it curtailed about 8 million cubic feet per day of U.S. naturalgas production and 500 barrels per day of U.S. naturalgas liquids production in the first quarter in response to weak prices. to be $2 per thousand cubic feet (Mcf) and $4.15
The majority state-owned energy major put preliminary estimates for well 7720/7-DD-1H, or Drivis Tubaen, at 9-15 million barrels of oil. Image by Tatyana Ponomareva via iStock Equinor ASA on Monday announced another discovery in the recently started-up Johan Castberg field on Norway’s side of the Barents Sea. percent stake.
Goldman Sachs flagged risks to global energy supply amid concerns over a potential disruption in the Strait of Hormuz that would lead to significant spikes in oil and naturalgas prices, the bank said in a note dated Sunday. The bank estimated Brent crude could briefly peak at $110 per barrel if oil flows through [Read more]
a midstream company focused on naturalgas processing, fractionation, storage, transportation and marketing, says it is utilizing Topsoe’s H2bridge technology to produce approximately 3,000 barrels per day of renewable diesel from its proposed renewable diesel facility. Tidewater Midstream and Infrastructure Ltd.,
to settle at $67 a barrel, while Brent settled below $69 after the news service said US Middle East envoy Steven Witkoff plans to meet with Iranian Foreign Minister Abbas Araghchi in Oslo next week. a barrel in New York. West Texas Intermediate crude slumped 0.7% Oil Prices WTI for August delivery fell 0.7% to settle at $67.00
Oil and gas firm APA said on Wednesday it curtailed about 8 million cubic feet per day of U.S. naturalgas production and 500 barrels per day of U.S. naturalgas liquids production in the first quarter in response to weak prices.
Q&A with Mike Verney, executive vice-president, McDaniel & Associates ByDeborah Jaremko New analysiscommissioned by the Alberta Energy Regulator has increased the provinces naturalgas reserves by 440 per cent, bumping Canada into the global top 10. The report was [Read more]
Geological Survey that shows significant increases in undiscovered crude oil and naturalgas under federally managed U.S. The report shows federal lands in Permian Basin with 8.936 billion barrels of oil and 58,468.4 billion cubic feet of gas. billion barrels of oil and 391.6 billion barrels of oil and 201.1
The project, a subsea tieback to the existing Troll C platform, holds estimated recoverable volumes of 116 million barrels of oil equivalent. Oil comprises 75 percent and gas 25 percent, according to Equinor. kilograms of carbon dioxide per barrel of oil equivalent. It expects the project to start production 2029.
million net acres and more than two billion barrels of oil equivalent in undeveloped net resource. At our recent EVOLVE “ The Next Act for Energy M&A ” panel, experts highlighted that while oil deals have slowed due to price volatility, naturalgas is gaining momentum. Key takeaways: EOG re-enters M&A with a $5.6B
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