Petrobras Strike-Hit P-40 Platform Shut Down After Gas Leak
According to the workers' union Sindipetro NF, a gas leak at Petrobras P-40 oil platform located in Brazil's 'Campos basin' on Thursday led to a preventive shut down of all activities. According to the Sindipetro-NF union, the platform in the Marlim Sul oil field was managed by a contingency team due to a workers' strike which has…
Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already a hub of M&A and may see even more deals in the near future. The United States has become the largest oil producer in the world as a result of extensive drilling on shale deposits over the past 15 years.
Dallas Fed energy survey shows little change in oil and gas production during Q4
According to a Federal Reserve Bank of Dallas survey, oil and?gas production in Texas, Louisiana, and New Mexico?edged down in the fourth quarter as executives expressed concerns about low oil prices, which are rendering some wells uneconomical, and the ongoing geopolitical uncertainties. The oil and gas industry's production was essentially unchanged over the quarter…
Action Energy will begin trading on the Boursa Kuwait Premier Market on Wednesday
The exchange announced that the shares of oilfield services provider Action Energy Company would begin trading on Boursa Kuwait Premier Market on Wednesday under a ticker symbol ALF?TAQA. Kuwaiti company AEC was founded in 2015. It provides services such as drilling, exploration, production, gas injection, and maintenance for oil and gas installations, wells, refineries, and petrochemical facilities.
Harbour Energy acquires North Sea assets worth $170 million; shares increase 6%
Harbour Energy announced on Friday that it had agreed to purchase all of the subsidiaries of Waldorf Energy Partners and Waldorf Production, which are currently under administration in the UK North Sea, for $170 millions, sending its share price up by nearly 6%. The deal will see Harbour increase its interest in 'its operated Catcher oil field to 90%, and add a non-operated '29.5% interest in the Kraken field.
Fridson: Wall Street's 'beats'are more show and less science
Investors are preoccupied by the question of whether or not companies beat their "Street Estimates" each quarter. But perhaps the whole concept of "beats", should be debated. Consider a recent example. The Fly, a financial news publication, reported on November 5 that USA Compression (an oilfield equipment and services company) had met the consensus expectations of earnings per share for the third quarter…
Suncor trims budget and projects increased oil and gas production in 2026
Suncor Energy forecast lower spending for 2026, despite increased oil and gas production. The company will tighten?costs, and increase shareholder returns through an expanded buyback plan. Suncor's outlook is similar to that of Canadian Natural Resources, Cenovus Energy and other oil sands producers in Canada. After years of investment…
Oil Prices Steady with Ukraine Peace Talks, US Interest Rate Decision Looms
Oil prices steadied on Tuesday after falling 2% in the previous session, with investors keeping a close eye on peace talks to end Russia's war in Ukraine, concerns about ample supply and a looming decision on U.S. interest rates.Brent crude futures edged 3 cents higher to $62.52 a barrel at 1317 GMT. U.S. West Texas Intermediate crude…
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same spending targets of $28 billion - $30 billion annually through 2030.
Oil Prices Fall as Iraqi Production is Restored, Ukraine Talks Continue
Oil prices slipped more than $1 on Monday after Iraq restored production at one of its oilfields which accounts for 0.5% of world oil supply, while investors weighed ongoing talks to end the war in Ukraine.Brent crude futures were down $1.07, or 1.68%, at $62.68 a barrel by 11:05 p.m. EDT, while U.S. West Texas Intermediate crude was at $59.07…
Kurdish Prime Minister says Iraq's Khor Mor gas field will restart production in hours
Masrour barzani, the Iraqi Kurdish prime minister, said that the region of Kurdistan in Iraq had agreed to restart production at the Khor Mor field within hours, to restore electricity. This was announced on Saturday after the field suffered an attack. Khor Mor, the largest gas field in Kurdistan, supplies power to the region. Dana Gas…
Venezuela extends oil joint ventures with Russia for 15 years
According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia. The two oilfields are located in Venezuela's western region. Before approving the extension, lawmakers…
Sources say that Total and Chevron are leading the race to purchase Galp's Namibian oil discovery.
LISBON/PARIS/CAPE TOWN - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane's Namibian discovery. After a series of high-profile oil discoveries, oil companies are flocking to Namibia. The country has no hydrocarbons and could be a top-15 producer in the next decade. Mopane's estimated resources are at least 10 billion bbls.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S.
Officials say Iraq is discussing a six-month waiver for US Lukoil sanctions.
Three Iraqi energy officials said on Monday that the Iraqi government was considering a request for a six-month waiver of sanctions from the U.S. Treasury Department to allow Lukoil more time to dispose of its stake in West Qurna-2, a giant oilfield. Lukoil declared force majeure in the field last week. This is the most significant fallout of the sanctions imposed by the U.S.
Wall St hedge funds reduced megacaps in the third quarter
According to the most recent quarterly disclosures, Wall Street's biggest hedge funds have reduced their exposure to certain Magnificent Seven companies, such as Nvidia and Alphabet, and placed new bets on sectors like application software, ecommerce, and payments. The following are some key positions changes made by the funds. Bridgewater…
Norway loses an appeal over oilfield development
The Norwegian Court of Appeal ruled against the government and in favor of environmentalists on Friday, confirming the lower court's ruling that the approval by the Energy Ministry of three offshore oil-and-gas fields was invalid. The court said that production from the oilfields affected would not stop, but the government could correct any deficiencies in the original approvals.
Lukoil's drilling plans in the Black Sea of Romania are stymied by sanctions
Vantage Drilling, a company listed in Oslo, has cancelled a contract for drilling next year. Two industry sources said on Wednesday that the contract was with Russian oil major Lukoil to explore its Romanian Black Sea Trident discovery. This cancellation comes just days after the company declared force majeure on its Iraqi oilfield, the company's prized asset abroad.
Chevron expects to see an increase in the current estimate of oil resources in Guyana
Chevron announced on Wednesday that it anticipates that an oilfield in Guyana, which is prolific and has a large amount of recoverable resources, could contain more than its current estimate of 11 Billion barrels of oil. Mark Nelson, Chevron's Vice Chairman, said that although the company has not forecasted it, he expects upside. Chevron acquired a 30% stake of the Stabroek Block…
Oil Prices Rise Amidst Latest US Sanctions
Oil prices rose on Tuesday on the impact of the latest U.S. sanctions on Russian oil and optimism that the U.S. government shutdown could end soon, although oversupply concerns limited gains.Brent crude futures were up $1.14, or 1.78%, to $65.2 a barrel at 11:50 a.m. ET (1650 GMT). U.S. West Texas Intermediate crude was at $61.16 a barrel…