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Crude oil prices could decline below $50 a barrel this year, according to analysts from outlets including S&P Global. This will give American drivers much needed relief at the pump after years of gas price inflation. One reason for the hypothetical decline is what is widely seen as weakening demand growth.
crude oil production from onshore federal lands hit a record 1.7 The driver? million barrels per day (bpd) in 2024, according to the EIA and the Department of the Interior. That’s a sixfold jump since 2008—far outpacing the broader rise in national crude output, which nearly tripled to 13.2 million bpd over the same period.
(BOE Report) – Giant shovels, driverless trucks and a dog-like robot have all helped Canada’s oil sands companies including Imperial Oil and Suncor become some of North America’s lowest-cost oil producers, driving down overheads even as the worst inflation in a generation pushed U.S. shale costs up. tariff threats.
(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 driver? The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure. million bpd over the same period.
(World Oil) – Citing the latest Current Employment Statistics (CES) report from the U.S. This represented an increase of 600 jobs in the services sector and 1,600 jobs in oil and gas extraction. In May, Texas energy producers paid $411 million in oil production taxes, according to the Texas comptroller’s office.
Global demand for energy is on a rapid upwards trajectory, and oil will remain the single largest part of the mix, says Opec as it revised up its long-term demand outlook by nearly 3mn b/d. In a notable shift, road transportation is now the single largest driver of growth.
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
Recovery Rate Revolution: ExxonMobil’s Ambition Despite the industry typically recovering only 5-10% of oil in place , ExxonMobil is targeting double the recovery rate. Operators that embrace next-gen tech and efficient completions are redefining margins, emissions, and recovery rates.
Logistics management in the oil and gas industry plays a critical role in ensuring safe, timely, and cost-effective movement of materials, equipment, and personnel across upstream, midstream, and downstream operations. Personnel Transport : Helicopters, crew boats, and ground transport.
July 21, 2025 Edition At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. Read more US drillers add oil/gas rigs for first time in 12 weeks, Baker Hughes says Summary : For the first time in 12 weeks, the U.S. Stay tuned for weekly updates to keep you well-informed.
In the statement, TIPRO noted that the June figure was a decline of 2,700 industry positions from May employment numbers, adding that this represented an increase of 200 jobs in oil and gas extraction and a decrease of 2,900 jobs in the services sector.
10 âCO 2 storage projects in Europe,â International Association of Oil and Gas Producers, March 2024. This mature technology has a long operational history in the oil and gas industry and is the most commonly used option for short to medium distances. In addition, most of Europeâs depleted oil and gas fields are located at sea.
In May, the company reported that Megrez-1 produced over 2,000 barrels per day of liquids—but no meaningful oil or gas. In addition to the primary Ahpun Topset target, Dubhe-1 will test three additional zones and may undergo a lateral completion and long-term flow test to confirm oil deliverability and gas quality.
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.
Crude oildrivers for Sunoco Logistics Partners (also known as Energy Transfer ) have successfully forced United Steelworkers (USW) union bosses out of their work unit, according to a statement issued on May 20 by the The National Right to Work Legal Defense Foundation.
Significant efforts are underway to mitigate these emissions: Electric Glycol Circulation Pumps : Replacing gas-driven pumps with electric alternatives eliminates the associated methane emissions from the pump driver.
Most Petroleum engineers would laugh at you if you suggested that you could learn about well production behavior in the Williston from historic production in the Eagleford however that’s exactly what we’re finding after building a “Giga Model” of all the Unconventional oil wells in the Lower 48. (OK The result?
Our Booth: The Power of Proprietary Data If there’s one universal truth in oil and gas, it’s that quality data wins every time. Quintero (Novi Labs) The Reliability of Public Water Production Data for Tight Oil Wells F. Male* 2 , I. Duncan 1 , K. Sathaye 3 (1. University of Texas at Austin; 2. Penn State University; 3.
Critical Production Driver Insights The study revealed significant insights regarding feature attribution and production driver identification across development scenarios.
Optimize Infrastructure Utilization The Wink to Webster crude oil pipeline—operated by ExxonMobil—continues running near full capacity (~1.35 Oil & Gas Operator Account Directory Saskatchewan Light Oil Operator List Western Canada Heavy Oil Operator List St. million bpd out of 1.5
Here are the top five things Permian Resources is concentrating on for the balance of the year: US Oil & Gas Operator Account Directory – $10 Buy Now Includes: Account Name, Location, Phone, Website, Wells Drilled 2025 1. adding ~13,320 net acres in Eddy County, NM. while maintaining production guidance at 360,000–380,000 boe/d.
The Selene discovery is a key driver for this Acquisition, which forms an important component of Viaro’s recently announced transaction with Shell and ExxonMobil, as well as within the broader basin context.
Besides economic growth in Asia, other drivers are emission reduction efforts in the heavy industry and transport, as well as demand in the AI sector, according to Shell. MORE FROM THIS AUTHOR Jov Onsat Editor OIL, GAS & ENERGY NEWS STRAIGHT TO YOUR INBOX! There’s a reason 700K+ energy professionals have subscribed.
(Oil Price) – Although the outlook on oil prices and demand has become increasingly uncertain in recent months, analysts continue to recommend the underperforming energy stocks as a good bet for investors. The Oil & Gas E&P subsector has underperformed even more, losing 6.52% year to date.
“Green power contracts have become a key driver in times of energy transition: they guarantee the supply of renewable energy, protect against price fluctuations, promote innovation, and ultimately reduce emissions”, Uniper said. MORE FROM THIS AUTHOR Paul Anderson Writer OIL, GAS & ENERGY NEWS STRAIGHT TO YOUR INBOX!
It appears that optimism is finally returning to oil markets due to a promising U.S. According to industry consultant Wood Mackenzie, the US Gulf of America (also known as the Gulf of Mexico before President Trump) will become the US’ main driver of oil supply growth this year.- jobs report and signs that the China-U.S.
Although the outlook on oil prices and demand has become increasingly uncertain in recent months, analysts continue to recommend the underperforming energy stocks as a good bet for investors. Moreover,…
Image by FroYo_92 via iStock Oil gained as technical support turbocharged a rally sparked by progress in international trade talks, undercutting a US move to restore Chevron Corp. ’s ability to pump oil in Venezuela. ” Oil Prices WTI for September delivery rose 1.2% West Texas Intermediate climbed 1.2%
We are standing up for our oil and gas sector and making sure our world-class resources reach the markets that need them. Data showed that provincial emissions from venting and flaring at upstream oil facilities fell by 71 percent compared to 2015 levels, and by 13 percent compared to 2023 levels, according to a separate statement.
Those are all things that we’ve seen to be significant drivers of end user, self directed traders in the gold market. We’re seeing retail growth in metals, and that’s almost exclusively in gold, not surprisingly, given goals at $3,400 inflation hedge, you know, flight to quality.
oil and gas producers are positioning themselves to fuel the AI era. Oil & Gas US Operator Account Directory – $10 Buy Now Includes: Account Name, Location, Phone, Website, Wells Drilled…. CEO Ryan Lance has highlighted AI as a major new demand driver. Here’s how leading U.S.
China trade barriers is the leading driver of economic optimism in the MENA region, with 76% of respondents expressing strong positivity, the highest global rating for this scenario. Additionally, political instability and security risks are having an increasing impact in shaping FDI decision-making.
The Ministry of Petroleum and Mineral Resources(MoPMR) has revealed a number of initiatives to support the family of Khaled Shawki, the oil truck driver who lost his life last week. Shawki opted to drive his burning truck away from a gas station, sacrificing his life to save those present at the scene.
In a market increasingly governed by geopolitical tremors and macroeconomic mismatches, crude oil dipping below $65 per barrel seems like a gift to global consumers. But while American drivers are beginning But behind that price tag lies a slow-moving crisis for U.S. But behind that price tag lies a slow-moving crisis for U.S.
It has been a volatile and unpredictable year in global oil markets, with price signals clouded by a growing list of competing drivers. oil production. Amid this complexity, one structural factor stands out: U.S. As we look toward the second half of 2025 and 2026, the trajectory of U.S.
is off to a strong start to the driving season as the slump in oil prices in recent weeks has led to the lowest gasoline prices for Memorial Day weekend in four years. Gasoline demand was strong over the holiday weekend, which ushers in the start of the period of peak demand in the United States and the rest of the northern hemisphere.
Chinas decades-long reign as the worlds top oil demand driver is nearing its end, according to new research published by Moodys Investors Service demonstrating that Chinas crude demand is expected to peak within the next 35 years, while India will continue to hold the lead in global oil demand growth through at least 2030.
India is overtaking China as the worlds biggest oil demand growth driver in a momentous shift in the oil market where China dominated growth in the past two and a half decades. While Indias growth rate is ahead of Chinas, Indian volumes arent anywhere near the Chinese boom in consumption that began in the early 2000s.
Merge Electric Fleet Solutions is initiating a new pilot program to deploy fully-electric Ford F-150 Lightning trucks in the Permian Basin area, enabling oil and gas operators and service companies to test fully-electric pickup trucks, determine how they will meet drivers’ needs and confidently build a fleet electrification plan.
million barrels, the lowest since early May 2008 when oil prices neared record highs (See Figure 5). Oil prices dipped slightly today but have risen since OPEC+ decided to boost production by 411,000 barrels per day in June. OPEC released its monthly oil report earlier today. US output remains a key driver.
Insights on WCSB Oil Production Pipeline Expansions, and AECO Hub Gas Pricing The Canadian oil and gas industry is at a pivotal moment, with significant potential on the horizon that could reshape the landscape. Explore the impact of increased oil sands production on the Canadian condensate and AECO gas markets.
Electric-vehicle penetration is the biggest driver of oil demand declines in the energy transition. However, emerging supply bottlenecks for key battery materials could be an unexpected barrier.
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