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…
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. As part of an agreement that allowed for the acquisition, the FTC banned John Hess's appointment to Chevron’s board.
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September.
Mexico will extend $6.7 billion in debt to Pemex to pay for its debts by 2025
A budget proposal released on Friday showed that the Mexican government plans to transfer 136 billion Pesos (6.69 billion dollars) to Pemex, the state-owned oil company. This will help Pemex to pay its debts and repay loans. Pemex's financial liabilities of $97.3 billion include debt payments on bonds of almost $9 billion.
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.
EIA increases US and global oil production estimates by a small amount
The U.S. Energy Information Administration announced on Wednesday that both U.S. oil production and global oil output are expected to reach record highs in this year, slightly higher than previous forecasts. Oil prices have fallen to their lowest level since 2021 despite the Organization…
Occidental Petroleum exceeds profit expectations for the third quarter on higher production
Occidental Petroleum, a U.S. oil-and-gas firm, beat Wall Street expectations for the third quarter profit on Tuesday. However, overall earnings dropped 14% due to losses on asset sales and a decline in chemical results. The third quarter results of oil companies were lower than the previous year due to lower prices for oil and gas.
Rosneft denies reports that 'evil Sechin’ plans to takeover Russian oil giants
Rosneft is Russia's largest oil company. It denied any reports that it was planning to take over a large chunk of the Russian Oil Sector. They said these reports were an attempt to portray its CEO, Igor Sechin as a bad influence. The Wall Street Journal reported on Russia's plans to merge Rosneft with Gazprom, Lukoil and Lukoil.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after…
Oil Dips 2% as Hurricane Fears Ease
Oil prices fell more than 2% on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures CLc1 led the decline, down 2.8%, or $2.01, at 70.35 per barrel by 1:32 p.m.
YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.
The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation.
VEGOILS - Palm oil has the highest weekly gain since June 2022, with a gain of more than 4%.
Malaysian palm futures rose for the third week in a row on Friday, as an industry conference held in Bali released projections for production and palm oil prices for 2024-2025. This week the contract increased by 4.77%, which is the highest gain since June 20, 2022. On the closing…
Biodiesel production will tighten the supply of palm oil in Indonesia, but it is expected to recover by 2025.
Analysts predict that Indonesia's palm-oil production will recover next year after a drop expected this year. However, prices are likely to remain high due to a planned increase in the country's mandate for biodiesel, they said. This year, the benchmark palm oil price in Malaysia increased by more than 35%.
Palm oil mirrors Dalian competitors; set to gain third week
The price of palm oil in Malaysia rose for the third week running on Friday, as Dalian vegetable oils grew. Early trade saw the benchmark contract for palm oil for January delivery at Bursa Derivatives Exchange rise 51 ringgit, or 1.03% to 5,003 Ringgit per metric ton, a rise for a third consecutive session. This week, the contract has gained 2.7%.
Argentina's Pampa Energia will pump $1.5 bln into a key shale-oil project by 2027
Pampa Energia, a natural gas producer in Argentina, announced on Thursday that it plans to invest $1.5billion between 2025-2027 in order to increase production in a major oil field in the massive Vaca Muerta shale deposit. Pampa Energia announced its intention to invest $700 millions…
Ghana's oil production increases for the first time in five years
Ghana's crude output increased 10.7% on an annual basis in the first half of 2024. This reversed a five-year-old decline in production. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields.
Hurricane Rafael has caused a shutdown of 17% of the U.S. Gulf of Mexico Oil Production
The U.S. Bureau of Safety and Environmental Enforcement announced on Wednesday that Hurricane Rafael had shut down approximately 17% of crude production and 7% of gas output in the U.S. Gulf of Mexico. The Bureau reported that energy producers have shut down 304,418 barrels of oil per day and 131…
Texas voters elect conservative Craddick as oil regulator
Texas reelected Christi Craddick, a conservative incumbent in her third term as the state's chief oil regulator. This is a victory for the industry which has seen its production increase during her tenure. According to the most recent government statistics, Texas, which is home to the Permian basin…
Faced with a tariff threat, Europe looks for ways to appease Trump
The European Union considers options to appease Donald Trump upon his return to the White House. It is bracing for a resumption in U.S. trade threats and tariffs, as well as a tough exchange on how to deal with China. Trump warned the 27-nation group shortly before he won the U.S.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening…
