Interior secretary: US wants to strengthen energy ties with Greece
Interior Secretary Doug Burgum told reporters in Athens that the U.S. is looking to strengthen its energy relations with Greece. This comes as the Trump Administration works to reduce Russia's gas and oil supplies to Europe. Burgum was in Europe this past week to sign energy deals that the U.S. believes will increase its influence in Europe while reducing Russia's. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
Interior secretary: US wants to strengthen energy ties with Greece
U.S. officials say that the United States is looking to strengthen its energy relations with Greece. While visiting Athens, Interior Secretary Doug Burgum stated that the Trump administration is working to further reduce Russia’s oil and natural gas supplies into Europe. Burgum was in Europe to sign energy deals that the U.S. hopes can strengthen their influence in the area while weakening Russia’s. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
Crescent Energy acquires Vital Energy for $3.1 billion in a shale gas deal
Crescent Energy, a U.S. shale oil producer, announced on Monday that it will acquire Vital Energy for $3.1 billion in stock and debt. The deal shows how some U.S. firms are seeking scale in a period when mergers and purchases in the shale sector slowed down in the second quarter because of volatility in energy and equity markets. Vital shareholders receive 1,9062 Crescent common shares for every share they hold. This represents an offer valued at 18.95 dollars per share, and a 20% premium based on last day's close.
OPEC raises its 2026 oil supply forecast and reduces the growth of rivals' supplies
OPEC raised its forecast of global oil demand for next year, and trimmed their estimate for the growth in supply coming from the United States and producers outside the larger OPEC+ Group. This indicates a tighter marketplace. The prospect of higher demand and a decline in supply growth outside OPEC+ (which groups OPEC, Russia, and other allies) would make it easier to proceed with OPEC+'s plan to pump additional barrels to regain the market share lost after years spent cutting back to support the market.
TotalEnergies sold 45% of its oil and gas blocks in Argentina to YPF at $500 million
TotalEnergies announced on Wednesday that Total Austral, its affiliate company, had agreed to sell 45% of its interest in two unconventional gas and oil blocks to YPF Argentina. TotalEnergies announced that the deal was valued at $500m. It represents 20% of TotalEnergies' acreage within Argentina's Vaca Muerta shale, which is the second largest unconventional gas reserve in the world. TotalEnergies, Argentina's biggest private operator, is responsible for about one-quarter of the gas produced in the country.
Diamondback claims it is the 'consolidator' of choice in Permian as oil outlooks dim.
Diamondback Energy, a shale driller, said Tuesday that it should be the "consolidator" of choice in the Permian Basin as shale activities slow and the company concentrates on shareholder returns after its $26 billion merger. Diamondback shares dropped 3.6% in the morning to $142.67 after it reported a second-quarter loss below analyst's estimates. The company was hit by a 20% drop in Brent crude oil prices year-on-year amid weak global economic growth, OPEC+ production increases, and geopolitical tensions.
China certifies 147,000,000 barrels of oil in Sinopec's shale fields
Sinopec Corp., a Chinese company, announced on Thursday that the Chinese government had certified geological reserves of 20.1 millions metric tons (147 million barrels) in a new shale-play the company operates in Southwest China. Sinopec announced that the Ministry of Natural Resources has also certified 12,35 billion cubic meters of geological reserves at Fuxing Field, located in Chongqing's municipality. Fuxing, located on the southern rim of Sichuan Basin and with its first successful exploration well being drilled in 2021…
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices…
Vitol CEO predicts slight decline in US oil production this year due lower prices
He said that the lower oil prices will lead to a slight decrease in U.S. production of oil this year. "We're starting to see an impact on production and investment with slightly lower prices." Russell Hardy, speaking at the Energy Asia Conference, said that the U.S. shale oil industry is the most obvious example. He added that the lower investment and production are not a major concern, as OPEC, and other countries have a large amount of extra capacity.
OPEC trims supply for 2026, despite a strong second half of the world economy in 2025
OPEC stated on Monday that it expects the global economy to be resilient in the second part of this year despite trade conflict concerns. It also lowered its forecasts for the growth in oil production from producers outside the broader OPEC+ in 2026. The Organization of Petroleum Exporting Countries (OPEC) in a report released monthly left unchanged its forecasts of global oil demand growth in 2025 and in 2026 after reducing them in April. They said the outlook for the economy was strong despite concerns about trade.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin."Turkey's current annual (crude) oil import amounts to 365 million barrels.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S. shale firms to cut costs, lower prices, and take market share away from the 12-member groups in the years that followed. The U.S. is more susceptible to price wars now.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "The current (crude oil) imports by Turkey amount to 365,000,000 barrels. "A 6.1 billion-barrel reserve is an impressive figure…
WGC-QatarEnergy CEO: Chemical industry is growing rapidly, says WGC
QatarEnergy, according to its chief executive Saad Al-Kaabi, plans to double its global capacity for plastics and raw materials as the company sees a big growth in chemical industries. He told the World Gas Conference that the state-owned company anticipates starting production on its U.S. Ethane Cracker Project in the first quarter 2027. According to the website of the U.S. firm, this joint venture project with Chevron Phillips Chemical was expected to start operations in 2026.
Texas oil drilling applications at 4-year low as producers consider OPEC+ increase, trade war
Enverus, a consultancy, said that oil and gas drilling permits in Texas, which is the leading U.S. state for oil production, dropped to their lowest level since February 2021. This was due to concerns about rising OPEC+ supply and a trade conflict continuing to impact crude prices. Enverus reports that operators in Texas filed 570 new drilling permits in April, down from the 795 applications submitted in March, and the lowest number of new permits since February 2021.
Baker Hughes reports that US drillers added oil and gas rigs in the US for a second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the second consecutive week for the first since February. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending April 25. Baker Hughes reported that despite this week's increase in rigs, the total count is still 26 or 4% lower than this time last year. Baker Hughes reported that oil rigs grew by two this week to 483 while gas rigs grew by one to 98.
Local media report that Argentina's YPF has ruled out building a land-based LNG facility
YPF, Argentina's state-run energy company, has ruled out the construction of an onshore liquefaction facility for natural gas. Instead, it will rely on floating vessels to carry out this process. Horacio Marina, CEO of Rio Negro LNG, said in an interview that there will be no onshore plants and the three phases of its plan to export LNG will be done by ship. Marin explained that the timeframes are shorter than for a land-based facility, and all projects are turnkey so you will know exactly how much they cost.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since four weeks. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending April 17 to 585. Baker Hughes published the rig counts report one day earlier on Thursday, due to Good Friday. Baker Hughes reported that despite this week's increase in rigs the total count is still 34 rigs or 5% lower than this time last year.
Enverus: Weak oil prices and limited shale acres will impact energy M&A by 2025
Enverus, an analytics firm, said that the U.S. Upstream Oil and Gas M&A Market is bracing itself for the most challenging conditions in the past decade, as oil prices plummet and prime acreage disappears, despite the fact that dealmaking surged last quarter, making it the second best start to the year ever, despite the fact that the number of deals jumped to the highest level since 2018. After a string of record-breaking takeovers of oil and gas companies in recent years that culminated with a $192 billion deal in 2023…