Industry News

Matador to Acquire Delaware O&G, Midstream Assets for $1.9B

14 June 2024, 2:00pm
'This acquisition also positions Matador for continued success and growth throughout 2024, 2025 and into the future as one of the top ten producers in the Delaware Basin'.
Read more... (source: www.rigzone.com)


G7 to Step Up Action on Russia Fleet, Energy, Metals

14 June 2024, 1:40pm
G7 leaders meeting in Italy this week will pledge to tighten enforcement of their price cap on Russian oil, according to a statement seen by Bloomberg.
Read more... (source: www.rigzone.com)


Wood Creating 100 New Positions with New TotalEnergies Deal

14 June 2024, 1:38pm
Wood announced that it has been awarded a new $46 million, three-year contract by TotalEnergies in Iraq.
Read more... (source: www.rigzone.com)


NNPC Denies Inflating Subsidy Claims by $2 Billion

14 June 2024, 12:05pm
The Nigerian national oil and gas company denied inflating fuel subsidy claims, after the Tinubu government ended the subsidy last year.
Read more... (source: www.rigzone.com)


New Mountain Valley Pipeline to begin operations

14 June 2024, 12:00pm
On June 11, the Federal Energy Regulatory Commission (FERC) authorized the Mountain Valley Pipeline (MVP) to begin operations. MVP, 303 miles long, can move up to 2.0 billion cubic feet per day (Bcf/d) of natural gas from Wetzel County, West Virginia, to an interconnection with Transcontinental Gas Pipeline’s (Transco) compressor station 165 in Pittsylvania County, Virginia. Transco delivers natural gas through a 10,000-mile interstate transmission pipeline system extending from South Texas to New York.
Read more... (source: www.eia.gov)


Woodmac Has Been Predicting Offshore Rig Market Consolidation for a While

14 June 2024, 11:40am
'With little appetite from owners to add new rigs as rig demand is flattening out, we believed growth would be inorganic', Wood Mackenzie's Principal Analyst of Upstream Supply Chain said.
Read more... (source: www.rigzone.com)


Petrobras, Shearwater Ink MoU for R&D on Seismic Tech

14 June 2024, 11:26am
The joint effort will focus on data quality, value, and efficiency.
Read more... (source: www.rigzone.com)


Aramco Inks 20-Year HoA for Rio Grande LNG Supply

14 June 2024, 10:32am
Under the terms of the HoA, Aramco expects to purchase 1.2 million metric tons per annum (mtpa) of LNG for 20 years on a free on board basis, at a price indexed to Henry Hub.
Read more... (source: www.rigzone.com)


ADNOC Makes FID on Ruwais LNG, Taps Technip for EPC

14 June 2024, 9:15am
The project will procure highly specialized equipment and materials and will see 55 percent of the EPC award value flow back into the UAE's economy.
Read more... (source: www.rigzone.com)


Morningstar Says Oil Prices Look Weak

14 June 2024, 8:31am
'On a quarterly basis, oil prices look weak', Morningstar analysts said.
Read more... (source: www.rigzone.com)


Eni Sells 10 Percent of Stake in Saipem

14 June 2024, 7:08am
Eni received $421.9 million from institutional investors in the transaction.
Read more... (source: www.rigzone.com)


TotalEnergies Sells Upstream Business in Brunei

14 June 2024, 6:57am
Hibiscus Petroleum agreed to buy TotalEnergies EP (Brunei) for $259.4 million.
Read more... (source: www.rigzone.com)


Oil Refining in China Expected to Falter This Year after Decades of Growth

14 June 2024, 6:52am
China's decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of OPEC+ producers seeking to return supply to the market.
Read more... (source: www.rigzone.com)


Standard Bank Set to Help Fund $5B African Oil Pipeline

13 June 2024, 9:00pm
Standard Bank, Africa's biggest lender, in 2021 hired an independent adviser to help it decide on involvement in the project.
Read more... (source: www.rigzone.com)


Phillips 66 Launches Blue Line Auction for Liquid Shippers

13 June 2024, 7:30pm
Phillips 66 launched an open season for its Blue Line System, offering shipping services for liquid products from Wichita, Kansas, to Jefferson, Missouri, and East St. Louis, Illinois.
Read more... (source: www.rigzone.com)


Oil Steadies as Russia Plans Production Cuts

13 June 2024, 7:23pm
Oil steadied after strong gains to start the week, with US economic data signaling inflation is cooling while Russia agreed to dial back output.
Read more... (source: www.rigzone.com)


Pilot Project Targets Production of Zero-Emission Hydrogen

13 June 2024, 5:30pm
Peoples, an essential utilities company, is spearheading a demonstration project to produce zero-emission hydrogen energy at scale.
Read more... (source: www.rigzone.com)


Advantage Energy to Acquire BC Assets for $327MM

13 June 2024, 4:00pm
Advantage outlined that the acquisition is expected to add approximately 14,100 barrels of oil equivalent per day (boepd).
Read more... (source: www.rigzone.com)


USA Crude Oil Inventories Rise 3.7MM Barrels WoW

13 June 2024, 2:50pm
U.S. crude oil stocks, not including the SPR, stood at 459.7 million barrels on June 7.
Read more... (source: www.rigzone.com)


AER Orders Tallahassee Exploration to Decommission Sites

13 June 2024, 2:02pm
The Alberta Energy Regulator has issued a corporate abandonment order to Tallahassee Exploration Inc.
Read more... (source: www.rigzone.com)


Longtime Oil and Corn Foes Unite to Battle Biden Car Standards

13 June 2024, 2:00pm
Advocates of rival petroleum- and plant-based fuels are joining forces to challenge new Biden administration pollution limits.
Read more... (source: www.rigzone.com)


Typical residential electricity bills could be slightly higher this summer

13 June 2024, 12:00pm
This summer —June through August —we expect that residential customers' monthly electricity bills will average $173 in the United States, slightly higher than last summer's average of $168. We expect that more electricity consumption, resulting from our assumption that summer temperatures will be warmer this year, will be partially offset by lower residential electricity prices in most areas of the country.
Read more... (source: www.eia.gov)


EIA expands coverage of crude oil and natural gas production with regional forecast

12 June 2024, 12:00pm
Beginning with this month's Short-Term Energy Outlook (STEO), we are including new regional crude oil and natural gas production forecasts to provide a more complete breakout of U.S. Lower 48 (L48) states production data.
Read more... (source: www.eia.gov)


Red Sea disruptions increase oil flows around Cape of Good Hope

11 June 2024, 12:00pm
The amount of crude oil and oil products flowing around the Cape of Good Hope, located at the southern tip of Africa, increased nearly 50% in the first five months of 2024 compared with the 2023 average as commercial vessels avoided chokepoints in the Middle East.
Read more... (source: www.eia.gov)


NERC reports some U.S. regions at risk for energy shortfalls in extreme summer conditions

10 June 2024, 12:00pm
Parts of the United States could be at risk for electricity supply shortages if electricity demand peaks are higher than anticipated or if less electricity is generated than expected, according to the North American Electric Reliability Corporation's (NERC) 2024 Summer Reliability Assessment. Under normal summer demand conditions, NERC expects the continental United States to have adequate power resources this year.
Read more... (source: www.eia.gov)


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