Exxon withdraws from talks with Guyana about shallow water oil blocks, says the government
Exxon Mobil, a U.S. oil company and its partners pulled out of negotiations on Thursday with Guyana’s government over terms for exploring and developing an oil block in shallow water. Exxon, Hess of the United States and CNOOC from China won the offshore block S8 during a bid round that was launched by President Irfaan Ali in late 2022 to diversify Guyana’s energy industry.
Coterra Energy will spend $3.95 billion to expand its Permian Basin footprint
Coterra Energy announced on Wednesday that it will buy certain assets from privately-held Avant Natural Resources, and Franklin Mountain Energy. The deal is worth $3.95 billion and includes cash and stock. The Permian Basin is a popular place for producers to expand their stock. The Permian Basin, located between Texas and New Mexico is a highly productive shale-oil basin with undeveloped reserves…
Methane emissions are a threat to climate goals
Scientists and policymakers are urging aggressive action to reduce the production of methane, a powerful greenhouse gas. Nearly 160 nations have committed to reducing methane emission levels by 30% from 2020 levels by the end this decade. The 2024 Global Methane Budget Report states that atmospheric methane has risen the fastest in the past five years since records began in 1970, largely due to natural sources.
Sources: Exxon will sell its older Permian assets for $1 billion to Hilcorp
Four sources with knowledge of the matter said that Exxon Mobil Corp, the top U.S. oil company, has agreed to sell its conventional oil drilling assets located in the Permian basins of Texas and New Mexico for a price around $1 billion to Hilcorp Energy. This deal is part of a growing trend among U.S. oil companies to sell off older properties after a wave of record-breaking acquisitions.
How methane threatens climate goals
Scientists and policymakers are urging aggressive action to reduce the production of methane, a powerful greenhouse gas. Nearly 160 nations have committed to reducing methane emission levels by 30% from 2020 levels by the end this decade. The 2024 Global Methane Budget Report states that atmospheric methane has risen the fastest in the past five years since records began in 1970, largely due to natural sources.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production, while rivals BP & Shell invested heavily in wind, solar & renewables. These investments have not yet paid off. The two U.S.
Woodside and Tokyo Gas discuss stake in US LNG Project
Tokyo Gas and Woodside Energy are in discussions about a possible stake in the multi-billion dollar Louisiana LNG export project. Two people familiar with these talks confirm this. Woodside, a major Australian oil and natural gas company, closed a deal this month to buy Tellurian Inc., a developer that had put itself up for sale after running out of money while building a U.S.
Cenovus Energy reports 56% drop in quarterly profits on lower production
Cenovus Energy, a Canadian oil and natural gas producer, reported a 56% drop in its third-quarter profits on Thursday. This was due to lower commodity prices and a decrease in production volumes and throughput. Global Brent crude averaged $78,3 per barrel during the quarter reported, a drop of nearly 9% from a year ago, while Canadian gas prices plummeted to their lowest levels in over two years.
Futures on the TSX fall before domestic GDP data
The futures linked to Canada's main index of stocks fell on Thursday, as disappointing earnings from U.S. technology giants dampened the market sentiment ahead of important domestic GDP and U.S. Economic data that will be released later in the day. At 6:00 a.m., December futures for the S&P/TSX Index were down by 0.3%. ET (10:00 GMT). Wall Street…
Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.
ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year. As part of the deal it will assume approximately…
After a tight win, the New Democratic Party (NDP) of British Columbia will form a government with ties to the left.
The New Democratic Party of Premier David Eby, who is currently in office, will form the next government for British Columbia. This comes after a final count of votes on Monday. It was more than a full week since the vote of October 19. The NDP won 47 seats, just enough for a majority in Canada's westmost province. John Rustad’s Conservative Party of British Columbia took 44 and the BC Green Party two.
The Globe and Mail reports that Canada is proposing to support the carbon-capture projects of oil-sands companies.
The Globe and Mail reported that Canada Growth Fund, the federal funding agency of Canada, has proposed to fund a multi-billion dollar carbon-capture project by Pathways Alliance. The Alliance represents Canada's largest oil sands producers. According to a report published on Sunday, which cited sources familiar with this matter, the CGF's offer is likely to start further negotiations.
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico is the second largest oil producer in the U.S. A leading economist released this week a study about potential drilling restrictions. The study showed that they could affect up to 5,4% of the future crude production and cost billions in revenue. The study evaluated the setback proposals that were made during the legislative session of 2024…
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico's chief economic officer said in a recent report that the state is currently studying new drilling restrictions. These could affect up to 5.4% its future crude production and cost the state billions in revenue. The study looked at proposed setbacks, or restrictions on how near operators can drill certain structures and areas of the environment. These are meant to protect people from oil and gas contamination. Ismael T.
Voters in British Columbia's provincial election are focused on affordability and healthcare.
British Columbia, Canada's most western province, is preparing to elect its provincial government on October 19. Polls indicate that the incumbent New Democratic Party holds a narrow lead over the main rival Conservative Party. The provincial elections will be closely watched for clues as to how Canadians might vote at the federal election that is due to occur within the next 12 months…
US Closes $861 Million Loan Guarantee for Solar, Energy Storage in Puerto Rico
The U.S. Energy Department announced on Tuesday that it had closed a $861 million loan to finance the construction in Puerto Rico of two photovoltaic solar farms and two batteries storage systems. Puerto Rico, an American territory, was hit by hurricanes over the past few years. People in remote mountain communities were left without electricity for almost a year following Hurricane Maria in 2017.
Exxon is looking for buyers of Bakken Shale assets in North Dakota
Exxon Mobil Corp, a major U.S. oil company, plans to sell some of its assets within North Dakota's Bakken Shale Formation. The company announced this on Tuesday. Oil producers are re-evaluating their portfolios after a wave megamergers occurred in the U.S. Shale Patches. They want to determine which assets will remain central to their strategy, and which ones they should divest.
Congo cancels the licensing round for 27 oil block
According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition.
Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu), which had been at a high for two years, dropped to 5 Canadian cents in late September.
Chevron sells assets worth $6.5 billion to Canadian Natural Resources
Chevron announced on Monday that it would sell its assets in the Athabasca Oilsands and Duvernay Shale fields to Canadian Natural Resources at a price of $6.5 billion. This is part of its divestment plan. The cash-only transaction is part of the company's strategy to sell assets worth $10 to $15 billion by 2028. Chevron will be able to produce 84,000 barrels equivalent per day (boepd), based on the assets located in Alberta Canada.
