Vermilion's Westbrick deal worth $745 million strengthens Canada’s Deep Basin position
Vermilion Energy, a Canadian company, announced on Monday that it would acquire Westbrick Energy, a privately-held oil and gas company. The deal will be for C$1.075 Billion ($746.53 M), mostly in cash. This acquisition will strengthen Vermilion Energy's position in Alberta's Deep Basin. In premarket trading, U.S. listed shares rose 1.8% to $9.03 per share. This acquisition will likely add 50,000 barrels per day of equivalent oil, consisting 75% of gas and 25% of liquid, to the existing production. Vermilion, based in Calgary…
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.
Nigeria approves Shell’s $2.4 billion asset sales to Renaissance
Shell received approval from Nigeria’s oil minister to sell $2.4 billion worth of onshore and shallow water assets to Renaissance Group. Renaissance Group said this in a Wednesday statement. Shell has been operating in Nigerian oil and gas for nearly a hundred years. The Shell approval is part of an overall retreat of western energy companies, such as Exxon Mobil and Eni of Italy, and Equinor of Norway. The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, blocked Shell's sale of Renaissance, which comprises five companies, in October.
Oil Climbs After US Crude Stocks Fall
Oil edged up on Wednesday after a drop in U.S. crude inventories, and as investors eyed a potential interest rate cut by the U.S. Federal Reserve while weighing its projections for 2025.Brent futures were up 62 cents, or 0.85%, to $73.81 a barrel at 10:40 a.m. ET, while U.S. West Texas Intermediate crude was up 86 cents, or 1.23%, to $70.94.U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13, the Energy Information Administration (EIA) said on Wednesday.Crude inventories fell by 934…
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.
Talos Energy will terminate the poison pill following an agreement with Carlos Slim’s firm
Talos Energy announced on Tuesday that it will terminate its "poison pill" after reaching an agreement with the investment firm of Mexican billionaire Carlos Slim, which stipulates that it won't exceed a 25% threshold in the oil company. The company adopted the Shareholder Rights Plan in October after Slim's Control Empresarial De Capitales had accumulated 24 percent of Talos common stock. Corporates often use the poison pill or shareholder rights plan to deter hostile takeover bids. Talos announced on Tuesday that…
Oil Falls as Chinese Demand Sags, Fed Ponders Rate Cut
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, which is the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.Brent crude futures fell 39 cents to $74.10 a barrel by 1:10 p.m EST, after settling on Friday at their highest since Nov. 22.U.S. West Texas Intermediate crude shed 35 cents to $70.94 after registering its highest close since Nov. 7 in the previous session.Last week, oil benefited from the expectation that supply would tighten with additional sanctions on crude producers Russia and Iran…
Shell to Add Two Wells at GoM Perdido Platform
Shell said on Thursday its unit has made a final investment decision to add two wells at the Perdido platform in the U.S. Gulf of Mexico to boost production.The Shell unit, which operates the Perdido platform, said the two wells are expected to produce up to 6,000 barrels of oil equivalent per day at peak rates.The wells will be located in the Silvertip Frio reservoir, where Shell is the operator with a 40% stake and Chevron holds the remaining 60%. First production from the wells is expected in 2026.
Cenovus Energy predicts increased production by 2025 for new projects
Cenovus Energy, a Canadian energy company, forecasted higher oil and natural gas production in 2025. It expects to benefit from the new projects that will be coming online. According to LSEG, the company expects upstream production of between 805,000 and 845,000 boepd by 2025. The midpoint is higher than analyst estimates of 820140 boepd. The company anticipates between 770,000 and 810,000 boepd this year. The U.S. Energy Information Administration has predicted that power consumption in the U.S. will increase in 2025, with data centers, manufacturing and other operations driving the demand. This could help gas producers like Cenovus.
EIA: US Crude Imports to fall to lowest level since 1971
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand.The EIA expects the United States to produce 13.52 million bpd in 2025, up from 13.24 million bpd in 2024, it said in its December Short-Term Energy Outlook (STEO). Meanwhile refiners are set to process 16 million bpd of crude oil in 2025, down by 200,000 bpd compared with 2024…
Equinor delays start of Arctic Castberg Oilfield until early 2025
Equinor, a Norwegian oil company, announced on Tuesday that it had postponed the start-up of its Arctic Johan Castberg field to January or Febraury 2024 from the end due to bad weather conditions in Barents Sea. Oilfields in the Norwegian Barents Sea sector are expected to continue producing for 30 years. They will also serve as hubs to connect nearby discoveries. Equinor announced that so far 14 wells had been drilled in the field. Twelve of them are now ready to be produced, which will allow the company to reach its plateau production capacity of 220,000 barrels a day.
TWMA Appoints Group Commercial Director
Drilling waste management specialist, TWMA, has announced the appointment of Jonathan Parkes as its new Group Commercial Director. This strategic hire comes as the Aberdeen-based company continues to build on a period of rapid international growth and expansion.Joining the company in October 2024, Jonathan brings 20 years of commercial and strategic expertise across the energy market. His new role follows seven years at an energy, maritime and defence company where he held the position of Divisional Director.His…
Oil Rises as Syria's Assad Departs, China eases Monetary Policy
Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.Brent crude futures were up $1.34, or 1.9%, to $72.46 per barrel at 11:25 a.m. ET (1625 GMT). U.S. West Texas Intermediate (WTI) crude futures CLc1 were up $1.5, or 2.23%, to $68.70."Events in Syria over the weekend could impact the crude market and increase the geopolitical risk premium on oil prices in the weeks and months to come amid yet more instability in the Middle East region…
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel. He plans to offer investors dozens of new oil blocks and gas blocks in the coming years. KUFPEC has already started operations in the Natuna Sea. It holds a participation interest in Natuna Block B, which supplies natural gas to Singapore.
OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"
It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output.The soft state of global demand is by itself sufficient reason to justify the decision at this week's meeting of the group to defer winding back some of its production cuts until at least April.But weak demand growth may be the least of OPEC+'s worries as the oil market is about to be hit with the return of Donald Trump and all the uncertainty and contradictory policies that may bring.Trump's return to the U.S. presidency is likely to change the market dynamics for crude…
Petrobras Slashes Platform Decommissioning Budget
Brazil's state-run oil firm Petrobras PETR4.SA cut $1.1 billion in planned investments in decommissioning oil and gas platforms in its strategic plan for the 2025-2029 period, compared to what was earmarked in its 2024-2028 plan, the company told Reuters.Petrobras expects to invest $9.9 billion in platform decommissioning through 2029, compared with more than $11 billion previously estimated for the 2024-2028 period.The plan now is to decommission 10 floating platforms, down from 23 originally. Seven of the platforms are located in Brazil's Campos basin…
NOIA Reacts as BOEM Announces Next Steps for GoM Oil & Gas
National Ocean Industries Association (NOIA) President Erik Milito issued the following statement after the Bureau of Ocean Energy Management (BOEM) released the Draft Programmatic Environmental Impact Statement (EIS) for oil and gas leasing in the Gulf of Mexico:"We are pleased to see BOEM finally moving forward with the next step toward the first Gulf of Mexico oil and gas lease sale of the 2024-2029 offshore leasing program. This is not just about securing a lease sale in 2025; it's about affirming the Gulf’s pivotal role in bolstering our energy security…
Oil Slips, Weekly Loss Looms
Oil prices fell 1% on Friday and were headed for a weekly loss as analysts projected a supply surplus next year despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.Brent crude futures were down 85 cents, or 1%, to $71.24 per barrel at 11:04 a.m. EST. U.S. West Texas Intermediate crude futures CLc1 were down 92 cents, or 1%, to $67.38 per barrel.For the week, Brent was on track to fall by more than 2%, while WTI was on course for a nearly 1% drop.On Thursday, the Organization…
Russia, Pakistan Mull Energy Exploration JV
Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report."Yesterday we received a rather interesting proposal from Pakistan in the area of offshore oil and gas exploration, increasing oil recovery at mature fields, and in oil refining," the deputy minister said."We export food and agricultural products, (and) expect the resumption of grain supplies.
Oil Rises on Lebanon Fears, possible OPEC cuts
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel. U.S. West Texas Intermediate crude futures also rose the most since Nov. 18, gaining $1.84, or 2.7%, to close at $69.94 per barrel.Israeli forces have continued strikes against what they say are Hezbollah fighters ignoring last week's truce agreement in Lebanon.
