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Crude oil prices could rise by between 15% and 20% from pre-war levels in case of disruption of 1.1 million barrels daily in production, Citi analysts have said, putting Brent crude’s wartime price at between $75 and $78 per barrel. If the supply disruption is larger, above 3 million barrels daily, Brent crude could hit $90, the bank also said. Earlier today, Brent topped $77 per barrel, with ING the latest to say it could top $120 per barrel in the case of a supply disruption.
Three months after coming on stream, Equinor has announced that the FPSO Johan Castberg is producing at peak capacity of 220 000 bpd of oil. This increases energy deliveries from the Barents Sea by 150%.
Whitecap Resources and Veren have completed a CA$15 billion (US$10.43 billion) all-share merger, officially announced on May 12, 2025. The merger creates a new heavyweight in Canadian energy, ranking as the seventh-largest oil and gas producer and the fifth-largest natural gas producer in the country by output. The merged company will operate under the Whitecap Resources name and will be headquartered in Calgary, Alberta.
Norwegian renewables firm Scatec is progressing both wind and solar projects across Egypt. On 15 June it announced plans to build a 900MW onshore wind project at Ras Shukeir on the Gulf of Suez and also said it has reached financial close of the 1.1GW ‘Obelisk’ solar project in southern Egypt, where it began construction in May (MEES, 9 May).
Commonwealth LNG received major news this week from two different government agencies. The first bit of news was a final authorization from the Federal Energy Regulatory Commission (FERC) to proceed with building the $11 billion project in Cameron, Louisiana. The second bit of news was a final authorization to export to countries without a free.
Ontario has always been a clean-energy giant, deriving half of its electricity from nuclear power and 25 percent from hydroelectricity. Now, the central Canadian province is preparing to expand its nuclear energy capacity to meet rising electricity demand. Under a strategy released June 12 called ‘Energy for Generations’, "nuclear power will continue to serve as the backbone of the province's electricity system providing the 24/7 baseload power the province's economy requires.
Saudi is on track to overtake the UAE as the GCC’s leading renewables player this year, having come within 2.5TWh of its neighbor in 2024. By the end of the year, renewables could be displacing more than 150,000 b/d of oil from Saudi Arabia’s power sector.
Canada’s Strathcona Resources supports MEG Energy in its process to explore potential mergers after MEG recommended that shareholders reject a $4.4 billion (C$6 billion) takeover offer from Strathcona. Last month, Strathcona, MEG’s second-largest shareholder with about 9%, made an offer to acquire MEG Energy for the equivalent of some $4.4 billion in cash and stock.
Canada’s Strathcona Resources supports MEG Energy in its process to explore potential mergers after MEG recommended that shareholders reject a $4.4 billion (C$6 billion) takeover offer from Strathcona. Last month, Strathcona, MEG’s second-largest shareholder with about 9%, made an offer to acquire MEG Energy for the equivalent of some $4.4 billion in cash and stock.
The government of Mozambique is ready to lift the force majeure imposed on TotalEnergy’s LNG project in the country as soon as the company applies for this, the country’s energy minister said. Noting that the security environment in the area had improved considerably, Estevao Pale said that “We, as government, are doing everything that we can to be able to resume the project,” adding that “We are working together with all partners on the project to create the security conditions favourable to re
Recent actions taken by the Federal Energy Regulatory Commission (FERC) appear to be quite significant, yet it has not received any media attention. On June 18, FERC took several actions to remove regulatory obstacles and therefore speed up the construction of needed natural gas infrastructure projects in the United States. FERC issued a blanket waiver.
Fuel producers just scored a green light from the nation’s highest court to go after California’s aggressive emissions standards. In a 7-2 decision Friday, the U.S. Supreme Court ruled that energy companies like Valero’s Diamond Alternative Energy do, in fact, have standing to challenge the EPA’s 2022 decision that allowed California to impose tougher emissions and electric vehicle mandates than the federal baseline.
TotalEnergies, as a shareholder of North Sea OFW One, obtained an offshore concession that could enable one GW of wind power capacity offshore Germany.
Crude oil prices climbed sharply last week as the conflict between Israel and Iran worsened, raising fears that global oil supplies could be affected. The situation quickly became one of the most closely watched issues in the oil market, pushing prices to their highest levels since January. West Texas Intermediate (WTI) and Brent crude both rose nearly 7% over the week, as investors responded to the growing threat of disruptions in the Middle East.
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SEARCH JOBS >> CREATE ACCOUNT SIGN IN Oil & Gas Jobs ▼ Search Jobs Jobs By Category Featured Employers Ideal Employer Rankings Oil & Gas News ▼ Headlines Most Popular Oil Prices Events Training Equipment SOCIAL Rigzone AI ▼ RigzoneGPT Chatbot Recruitment Job Postings & Talent Database Packages Search CV/Resumes Recruitment Dashboard Post Job FAQ | Advertise WTI Crude $75.96 +1.09% Brent Crude $77.33 +0.82% Natural Gas $4.08 +2.33% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEW
Only three months after coming on stream, Equinor’s Johan Castberg field in Barents Sea has started producing at peak capacity of 220,000 barrels of oil per day…
The future of energy is rapidly evolving. The explosion of artificial intelligence (AI) and the enormous energy infrastructure it demands will continue to drive unprecedented electricity needs. Goldman Sachs projects that U.S. power demand could grow by as much as 20% by the decade’s end, in large part due to the construction of data centers. These […] The post Powering the Future Without Paralyzing It appeared first on POWER Magazine.
A new milestone has been reached in the development of Belgium’s offshore energy hub, Princess Elisabeth, with the first steel cut for the construction of the high…
En dos reuniones por separado con el Banco Nacional de Obras y Servicios Públicos y la Secretaría de Energía, el Gobierno de Yucatán sigue apostando por mejores proyectos de infraestructura y energía renovable para seguir detonando las inversiones privadas y públicas El Gobierno de Yucatán , encabezado por Joaquín Díaz Mena sostuvo una reunión con la titular de la Secretaría de Energía , Luz Elena González Escobar, para revisar avances en proyectos de energía sustentable y de inversión.
Canada’s Woodfibre liquefied natural gas project looks to be operational by 2028, Erin O’Brien, assistant deputy minister at Canada’s department of natural resources, said at an energy conference in Tokyo on Friday. O’Brien added that the project is poised to be the world’s first net-zero LNG facility.
The remarkable decline of Kuwait’s power generation sector hit a new and unwanted milestone last month; peak load exceeded available generation capacity. Recently released statistics from the Ministry of Electricity (MEWRE) show that peak load reached a June record of 16.98GW (up 5.5% year-on-year), exceeding available capacity of 16.275GW. Worse still, when demand hit 16.98GW on 22 May, available capacity was lower still at just 15.46GW due to ongoing maintenance work.
(World Oil) – A week since Israel and Iran started to exchange missile barrages, oil tanker transits through the critical Strait of Hormuz have remained largely steady. A seven-day rolling average for oil tankers above 10,000 deadweight tons that sailed through the Strait — the passageway for the Persian Gulf’s energy supplies to the world — was approximately 42-to-45, according to vessel-tracking data compiled by Bloomberg.
The UK government is mulling over a change to the law to oil and gas projects in the North Sea in a drive to lower energy bills. Michael Shanks, a minister working under energy secretary Ed Miliband, will be visiting Scotland on Thursday with a decision set to be made on the government’s intervention on legal cases won by environmentalists last year over an oil project by Equinor at Rosebank and a gas field by Shell in Jackdaw.
SEARCH JOBS >> CREATE ACCOUNT SIGN IN Oil & Gas Jobs ▼ Search Jobs Jobs By Category Featured Employers Ideal Employer Rankings Oil & Gas News ▼ Headlines Most Popular Oil Prices Events Training Equipment SOCIAL Rigzone AI ▼ RigzoneGPT Chatbot Recruitment Job Postings & Talent Database Packages Search CV/Resumes Recruitment Dashboard Post Job FAQ | Advertise WTI Crude $74.93 -0.28% Brent Crude $77.01 +0.4% Natural Gas $3.85 -3.56% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEWS
The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 4-rig decrease in each of the two weeks prior. The total rig count in the US fell by 1 to 554 rigs, according to Baker Hughes, down 34 from this same time last year. The number of oil rigs fell by 1 to 438 after falling by 3 during the previous week—and down by 47 compared to this time last year.
(BOE Report) – Brent crude oil is up around 20% so far in June, and set for its biggest monthly jump since 2020 as Israel/Iran tensions flare-up. Although relatively contained, the rise has not gone unnoticed just three years after Russia’s invasion of Ukraine triggered a surge in energy prices that ramped up global inflation and sparked aggressive interest rate hikes.
European diesel prices rallied for a fifth straight session, driven by mounting anxiety that critical Middle East shipping lanes could be choked off. The conflict between Israel and Iran has raised alarm bells across the EU, which has become increasingly dependent on fuel shipments transiting the Strait of Hormuz since losing access to Russian supplies.
GATINEAU, QC, June 20, 2025 /CNW/ – The Competition Bureau has reached a consent agreement with Canadian Natural Resources Limited to address competition concerns related to its proposed acquisition of Schlumberger N.V.’s (SLB) interest in the Palliser Block joint venture. These assets include SLB’s 87.5% interest in 16 natural gas processing plants in southeastern Alberta.
A new jobs report released last week by Houston-based Energy Workforce and Technology Council noted the “continued resilience in the energy services sector amid signs of a broader national labor market slowdown.” The report cites data from the Bureau of Land Management and analysis by the council. Total jobs in the energy services sector reached 638,876 in May, including 311,324 in Texas.
Adnoc’s international subsidiary XRG is leading a bid to buy Australian LNG player Santos for $18.7bn. If successful, the move will give XRG stakes in 20mn t/y of integrated LNG projects, boosting its ambitions to be a major LNG portfolio player.
Offshore seismic services firm Shearwater Geoservices has signed a contract with Equinor to perform a 4D towed streamer seismic survey over the Tyrihans field in Norway…
Ask any oilfield operations manager what slows down invoicing and you’ll hear it every time: submitting field tickets from the job site to the office. These tickets are the handshake confirming work was done, but when they’re trapped on paper, buried in emails or scattered across spreadsheets; mistakes and delays pile up fast. And when invoicing stalls, so does your cash flow.
(Oil Price) – Canada’s Strathcona Resources supports MEG Energy in its process to explore potential mergers after MEG recommended that shareholders reject a $4.4 billion (C$6 billion) takeover offer from Strathcona. Last month, Strathcona, MEG’s second-largest shareholder with about 9%, made an offer to acquire MEG Energy for the equivalent of some $4.4 billion in cash and stock.
Israel’s surprise attack on Iran last week had oil prices spiking which sent U.S. producers scrambling to lock in the price gain, driving record hedging volumes that will help shield them from future price swings. West Texas Intermediate crude futures rose further this week, closing on Friday at around $75 a barrel. This prompted U.S.
(Investing) – Fears over possible supply constraints from the Israel-Iran conflict have driven oil prices higher in recent days, although past disruptions do not suggest that crude will stay elevated for a long time, according to analysts at Citigroup (NYSE: C ). Brent crude futures slumped on Friday following the White House’s comments, although the contract is on course to rise for a third consecutive week.
Britain on Thursday published long-awaited environmental guidance which is expected to impact the future development of two vast North Sea oil and gas fields by companies including Shell and Equinor…
It’s not often this happens. Last week, for the week of Jun 9 – 15, only Pennsylvania issued new permits to drill shale wells. Neither Ohio nor West Virginia issued any new shale permits. Bummer. PA issued 18 new permits last week. Eight of the permits went to Pennsylvania General Energy for a single pad.
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