Norway's oil and gas production fell in November but exceeded forecast
Norwegian Offshore Directorate said Friday that although the combined oil and natural gas production in Norway decreased from November of last year, it was still 2,6% higher than the official forecast. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields. The total oil, gas liquids, natural condensate and gas production stood at 0.674 standard cubic metres each day. This is equivalent to 4,24 million barrels equivalent oil. The regulator reported on its website that natural gas production fell in November to 360 million cubic meters (mcm) a day…
Shell submits offshore drilling plan for Suriname to environmental approval
BG International, a Shell unit operating in Suriname plans to submit a proposal to the country's environment agency to drill up to four explorations wells offshore Block 65. This was revealed by a document from the company on Tuesday. Suriname has begun its journey to offshore oil and gas production. An $10.5 billion project between TotalEnergies APA Corp. was approved earlier this year with a goal of starting production in 2028. BG International, Qatar Energy and the state energy company Staatsolie won the rights to explore this area. The bidding…
Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'
Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers, the market, and other economic factors. Some Russians are cautiously optimistic about Trump's return on Jan. 20, while others believe that another U.S. President will not make much of a difference. Under the Joe Biden Administration, Russia's relations with the United States plummeted to a post Cold War low on a number issues, including conflict in Ukraine.
Chevron will take on up to $1.5 Billion in charges for the fourth quarter
Chevron, the U.S. oil company, announced Thursday that it would take charges of up to $1.5billion in the fourth quarter for restructuring costs, asset impairments and sales costs. The company stated in a press release that the majority of the charges were for job reductions and relocations scheduled for the next two-years. Chevron has not disclosed how many of its 45,000 employees will lose their jobs. Cost cutting and asset sales are part of a yearlong profit decline that forced the company to borrow money to pay dividends. The No. The No. Oil companies are turning to acquisitions in order to boost reserves and production, which requires less spending on new fields.
Oil Slips as U.S. Gasoline Stocks Surprise
Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude CLc1 eased 15 cents, or 0.2%, to $68.64.U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 46,000-barrel draw.Crude stocks fell by 1.8 million barrels in the week ended Nov.
Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode
LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division. He told the Energy Intelligence Forum in London that "we're not going see anyone in a 'drill baby, drill'" mode. He said that a radical change in production is unlikely, because most, if no one else, are focused on the economics. The growth rate will be naturally limited if you maintain the discipline and drive the quality.
Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd). Hess said at the Wolfe Research Oil and Gas Conference that Yellowtail is "the exciting thing for 2025". He said that the FPSO for Yellowtail should be sailing to Guyana by the first quarter of the year, with startup later in the same year.
Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.Rivals Shell and Norway's state-controlled Equinor are also scaling back energy transition plans set out earlier this decade. Their change of direction reflects two major developments - the energy shock from Russia's invasion of Ukraine and a drop in profitability for many renewables projects…
Chris Wright, CEO of the oil industry, is appointed Energy Secretary by Trump
Donald Trump, the President-elect, announced on Saturday that Chris Wright, an oil and gas executive who is a staunch supporter of fossil fuels, will be his choice to lead the Department of Energy. Wright is the founder of Liberty Energy in Denver, a firm that provides oilfield services. He will likely support Trump's plans to increase oil and gas production and seek ways to increase electricity generation, which is on the rise for the first decade. He will also probably share Trump's opposition against global cooperation in fighting climate change.
Trump selects Burgum as Interior Secretary
Donald Trump, the president-elect, announced on Thursday that North Dakota governor Doug Burgum will be his choice for Interior Secretary. Burgum is a former wealthy software executive. Trump, dressed in a tuxedo, said that the Department of Interior would be headed by him. He added that an announcement would be made on Friday. Burgum has presented himself as a conservative businessman who is traditional. He was a candidate for the Republican nomination for president before quitting. Now he is a Trump loyalist, attending fundraisers and promoting Trump on TV.
Norway's oil and gas sector invests record amounts due to inflation
A survey by the Norwegian National Statistics Office (SSB) showed that investment in oil and gas projects in Norway will reach a new record in 2018. It may even increase in 2025, as inflation increases costs for development. Norway has sanctioned new fields in recent years as companies have taken advantage of tax breaks during the pandemic to accelerate projects. This is part of a strategy to increase oil and gas production over decades. The largest business sector in the country forecasts a record-breaking investment of $22.9 billion in 2024. This is in line with their estimate of 257.0 billion crowns made in August, and surpasses a previous record of 224 million crowns in 2014.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies implemented by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles. It also urged Trump to lift the pause on liquefied gas export permits and work with Congress on repealing a fee for methane emissions during drilling operations.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies proposed by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles. It also urged Trump to lift the pause on export licenses for liquefied gas facilities, and to work with Congress to eliminate a fee on drilling methane emissions.
US federal energy revenues to fall 10% by 2024 but remain among the highest ever
The U.S. Interior Department reported that federal revenue from energy production in public lands and water fell 10% to $16.4 billion during the last fiscal year. Interior Department announced on Friday. This was the fourth-highest year since 1982, and the lowest total since 2021. Biden's administration has implemented policies that will help the transition from fossil fuels to renewable energy sources, while reducing new leasing of federal lands. Donald Trump, the President-elect Donald Trump, has pledged to increase oil and gas production through a relaxation of regulations. In the fiscal year that ended September, the U.S.
California will vote on stricter regulations for low-carbon fuels policy
California regulators are voting on Friday whether to tighten up a policy that aims to boost low-carbon fuels in order to reduce greenhouse gas emissions and achieve the state's ambitious goals for climate change. California's Low Carbon Fuel Standard, which has been around since 2011, is being changed to require a greater reduction in carbon intensity in transportation fuels. This would be required by 2030 for fuel producers in order to receive the tradable credits of the program. Transport accounts for approximately 50% of the greenhouse gas emissions in the state.
Who would be the best person to run Trump's energy policy?
Donald Trump, the president-elect of the United States, has pledged to overhaul U.S. Energy Policy. He aims to maximize oil and gas production in this country which is already at record levels by rolling back regulations and accelerating permits. Who will he select to lead the departments and agencies that are critical to completing this task? These are some names that have been considered. Two sources with knowledge of the matter say that Trump's second Energy secretary Dan Brouillette, and North Dakota Governor Doug Burgum, are both candidates to lead the U.S. Department of Energy during the next administration.
Diamondback Energy misses Q3 profit estimates, raises annual production forecast
Diamondback Energy missed Monday's estimates for the third quarter profit as it was hit by lower prices. However, its forecast for production for this year got a boost thanks to its acquisition of Endeavor Energy for $26 billion. Oil prices dropped in the third quarter, after an interest rate reduction by the Federal Reserve that was larger than expected sparked concern about the U.S. economic situation as well as global demand. The company has been announcing its results for the month of September. Lower prices for its third quarter oil and gas production. This makes it the third U.S. shale producers to do this in just a few weeks after Occidental Petroleum, and Exxon Mobil.
Canada proposes a sharp reduction in emissions from the oil and gas industry by 2030
On Monday, the Canadian government released draft regulations which would cap greenhouse gas emissions from the oil and natural gas sector. Producers will be required to reduce emissions by 35% from 2019 levels and 2030. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance. It will also provide an incentive for polluting firms to improve their production processes. Ottawa stated that oil and gas production would still grow by 16% in 2030-2032 compared to 2019 levels, but without a cap. The Canadian GDP will only decrease by 0.1%.
Canada wants the energy sector to reduce emissions up to 35% from 2019 levels
The Canadian government released on Monday a draft regulation that would limit emissions of greenhouse gasses from the oil and natural gas sector to 35% below 2019 levels. This is a little less than originally anticipated. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance. It will also provide an incentive for polluting firms to improve their production processes. The Liberal government originally said that it wanted to reduce emissions from the energy sector, Canada's most polluting industry, by 38% by 2030. The news release on Monday did not mention 2030.
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. firms have both benefited from the acquisition of smaller oil companies. Despite their surging production, they could face a challenge in the near future from an uncertain demand…
