Guyana invites companies to apply for NGL facilities
According to an announcement published on Sunday by the South American Government, Guyana is seeking a company that will build a facility to produce natural gas liquids as part of its efforts to monetize offshore gas reserves. Storage and offloading facilities would receive liquids at a rate of 4,200 barrels a day from presently under construction separation plants. This plant, once operational, will remove liquids from natural gases piped from offshore fields operated a consortium led Exxon Mobil.
Egypt's EGAS awards six blocks to international companies in the Mediterranean, Nile delta and N. Sinai
According to a statement released by the petroleum ministry on Wednesday, Egypt's EGAS awarded four blocks to international companies in the Mediterranean Sea, one in Nile Delta, and one in North Sinai. During the exploration period, companies will invest $245 million in order to drill at minimum 13 new exploratory holes. A consortium consisting of Chevron Egypt? Shell's BG?Group won the North Samian and Northwest Atoll blocks, in which it will drill at least two exploratory oil wells.
Trump Administration moves to expand oil leasing in Alaska reserve
The Trump administration proposed opening 82% of Alaska's 23-million-acre (9.3-million-hectare) National Petroleum Reserve for oil and gas leasing, a move that would reverse Biden-era efforts to limit drilling in the area, the Interior Department said on Tuesday. The move is in line with President Donald Trump’s energy dominance plan, which aims to increase domestic oil and natural gas production to stimulate economic growth and create jobs.
South Carolina's Republican Governor asks that Trump's offshore drilling plan exclude South Carolina
The Republican Governor of South Carolina appealed Monday to the Trump Administration to exclude his state from an impending plan for offshore oil and natural gas production. The letter was sent as the Administration wrapped up a 45 day request for public input on a federal offshore leasing program. This could include new zones, such as in the Arctic or elsewhere, to maximize domestic energy production. The current plan for five years…
China's refinery output in May is at a 9-month low due to plant overhauls
Official data released on Monday showed that China's crude throughput fell by 1.8% from the previous year to its lowest level since August. This was due to maintenance being carried out at state-owned refineries and independent refineries. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 13,92 million barrels of crude per day in May. In May, the daily processing rate dropped from 14.12 million bpd in April.
Trump's budget cuts threaten U.S. jobs in renewable energy
By Carey L. Labor leaders claim that federal tax credits under the former president Joe Biden for green energy production and construction have created an influx of new jobs - inspiring young workers to participate in the U.S. transition towards energy in a rapidly aging sector. "We were slammed, pretty much full employment. Everyone was making plenty money," said Kilton webb, an electrician from Maine who saw his job opportunities skyrocket following a 2022 legislation that created the incentives.
EIA: US crude oil production hit a record high in March while demand fell
The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year. The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13,45 million bpd, which was set in October 2024. EIA data show that crude oil production in Texas…
US adopts emergency procedures to speed up geothermal energy development
The U.S. Department of the Interior announced on Friday that it would implement emergency permitting procedures in order to expedite the review of geothermal development projects. Three projects in Nevada, led by Ormat and funded in 2020 under the first Trump administration as part of research and development, will be expedited. Interior Secretary Doug Burgum stated that geothermal energy can be a reliable source of energy to power critical infrastructures for national security, and also help to advance energy independence.
Norway's oil & gas production higher than expected in April
Norwegian Offshore Directorate said that Norway's combined gas and oil production in April exceeded the official forecast by 1,2%, despite a slight decline year-on-year. In April, the total oil, gas liquids, natural condensate and gas production was 0.663 standard cubic metres per a day, which is equivalent to 4,17 million barrels. This represents a 2.4% decrease year-on-year. Norway is Europe's biggest supplier of natural gases and oil.
Continental Resources, a US oil company, claims that Hess has defrauded them of $69 Million
Continental Resources, a U.S. producer of shale gas, has filed a suit against Hess Corp. The lawsuit alleges that the company was defrauded of up to $69,000,000 through a series deals conducted by Hess Corp. with its subsidiaries. Continental claimed that Hess - which operates hundreds wells in North Dakota - artificially inflated its midstream service fee by entering into agreements between itself and its subsidiaries. The lawsuit claimed…
China's refinery production in April fell by 1.4% on an annual basis
China's crude throughput in April fell from a year ago, according to official data released on Monday. This was due to maintenance carried out at state-owned refining plants and because independent plants reduced production amid low margins. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 14,12 million barrels of crude per day in April. The daily processing rate for April was lower by 4.9% than in March and 1.3% below the previous year.
Texas Pacific Land misses its core profit forecast for the first quarter due to lower oil prices
Texas Pacific Land, a land and royalty company focused on the Permian region, missed Wall Street's expectations for its first-quarter core profits on Wednesday as lower oil prices offset increased production. Brent crude futures dropped on average by a year in the first quarter on fears that President Donald Trump’s trade policy will slow economies worldwide and slash demand for energy, while OPEC+ increases supply. The Trump administration's tariffs have led to macroeconomic insecurity…
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession.
EOG Resources exceeds profit expectations, reduces capital expenditure plan due to tariff uncertainty
EOG Resources posted a first-quarter profit that was higher than expected on Thursday. The company enjoyed higher natural gas production and prices, but cut its capital spending plan due to tariff uncertainty. The company reported that the benchmark price of natural gas for the third quarter increased by 63.4% over the previous year to $3.66/Mcf, while the total quarterly production increased 4.8% to reach 98.1 million barrels equivalent oil (MMBoe). The average natural gas price has been rising over the last few quarters.
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February. The data revealed that Texas, the top oil producing state, increased its output by 41,000 barrels per day (bpd) in February, bringing it to 5.62 millions bpd.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high of two years…
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago. Revenue dropped 7.3% to 753.1 billion Yuan. Comparatively, local competitors reported lower profits, due to lower oil prices.
Occidental Petroleum announces higher oil and gas prices in Q1
Occidental Petroleum, a U.S. shale company, said that the prices received by the firm for its oil and gas production in the first quarter of this year were higher than the previous three months. Benchmark Brent crude averaged $74.98 per barrel in the first quarter of 2018, up 1.3% compared to the previous quarter. Meanwhile, U.S. Natural Gas prices increased 30% due to a higher demand because of a cold winter. Exxon Mobil, the industry leader…
Canadian oil and Gas CEOs avoid rash decisions during the price crash
Two Canadian oil and natural gas producers have said that they want to avoid taking rash decisions as the global oil price hovers around a four-year low and fears of a recession grow. Doug Bartole said that his Calgary-based company, InPlay Oil, does not anticipate reducing its production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision. Bartole stated in an interview that it was best to take a long-term view and wait for the outcome.
