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Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Oil Price
26-12-2024

Oil Prices up in Thin Pre-christmas Trade
Oil prices were up on Tuesday in thin trade ahead of the Christmas Day holiday, with prices supported by U.S. economic data and rising oil demand in India, the world's third-largest oil importer.Brent crude futures were up 33 cents, or 0.45%, to $
India
26-12-2024

Oil India to Launch Subsidiary for Green Energy Ventures
Oil India Ltd. (OIL) has announced plans to establish a wholly-owned subsidiary, OIL Green Energy, to oversee its green and alternative energy ventures. The state-run Maharatna company aims to invest ₹25,000 crore in these initiatives by 2040 as part of i
Oil&Gas Drilling
26-12-2024

UAE’s Adnoc Boosts Drilling Capabilities With 2 New Jack-up Rigs
The Abu Dhabi National Oil Co. has received two new jack-up rigs, reinforcing its position as one of the largest drillship fleet owners globally.ADNOC Drilling will launch the new rigs by the first quarter of next year, expanding its fleet to 142 platform
Oil&Gas Drilling
26-12-2024

Vermilion Energy Announces $1B Deal to Buy Westbrick, Bolstering Scale in Deep Basin
Oil and gas producer Vermilion Energy Inc. says it is acquiring privately held Westbrick Energy Ltd. for $1.075 billion.The Calgary-based company says the transaction marks a significant step forward in increasing operational scale in Alberta’s
Oil&Gas Drilling
26-12-2024

Zephyr Energy Secured a Rig for Drilling Operations at Paradox, Scheduled to Commence in January.
Zephyr Energy plc (AIM: ZPHR), a Rocky Mountain-based oil and gas company committed to responsible resource development and carbon-neutral operations, has provided an update on its flagship Paradox project located in the Paradox Basin, Utah, USA. The comp
Oil&Gas Drilling
26-12-2024

Equinor Comes up Dry Offshore Norway
Equinor and its partners have drilled two wells in the North Sea, both of which were proven dry.The wildcat wells Kvernbit and Mimung (35/10-14 A and 35/10-14 S) are the first to be drilled in production license 1185, which was awarded in 2023.Equinor is
Oil&Gas Drilling
26-12-2024

Dolphin Drilling Emerges as Winner in Arbitration Saga Over Rig Termination Deal
Norway-headquartered offshore drilling contractor Dolphin Drilling has disclosed a positive outcome of arbitration proceedings with Lagos-based General Hydrocarbons Limited (GHL), which has been made in the Norwegian player’s favor. This arbitra
Oil Field
25-12-2024

Iraq’s Artawi Oil Field Gets Ready for a Massive Boom
A gas processing facility in Artawi, near Iraq’s southern port city of Basra. Photo: AFP/Hussein FalehBaghdad (IraqiNews.com) – The Artawi oil field in southern Iraq, which has estimated reserves of 2.4 billion barrels of oil, is expec
Natural Gas
25-12-2024

Uzbekneftegaz Forecasts Gas Production Decline to 26.5 Billion Cubic Meters by 2025
Bakhodirjon Sidikov.Photo: President's press serviceUzbekistan’s largest gas producer Uzbekneftegaz predicts a further drop in production to 26.5 billion cubic meters by 2025, marking a decrease of 2.8 billion cubic meters from this year
Oil Field
25-12-2024

Petrobras Terminates Sale of Two Oil & Gas Fields Offshore Brazil
Brazilian oil and gas player Brava Energia has confirmed its acquisition of oil and gas fields and associated infrastructure off the coast of Brazil cannot be completed with the country’s state-owned energy giant Petrobras, as a precedent condit
Oil Field
25-12-2024

China’s CNOOC Brings Bohai Sea Oil Field on Stream
Illustration (Credit: CNOOC)China's state-owned oil and gas firm China National Offshore Oil Corporation (CNOOC) has started production at Suizhong 36-2 oilfield 36-2 block development project in Bohai Sea.The main production facility is a new unm
Crude Oil
25-12-2024

Crude Oil Futures Rise on Spot Demand - PTI
Crude oil futures climbed on Monday, driven by increased demand in the spot market. WTI and Brent crude also saw gains in global markets.Crude oil prices on Monday climbed Rs 26 to Rs 5,964 per barrel in futures trade as participants increased their posit
Crude Oil
25-12-2024

India to Overtake China in Crude Oil Consumption by 2024, 2025
Representation imageIndia is poised to overtake China as the leading source of growth in global crude oil consumption.In 2024 and 2025, India will account for one-fourth of the growth in global oil demand, according to the US Energy Information Administra
Natural Gas
24-12-2024

Uzbekistan Plans to Start Geological Exploration of 15 Promising Gas Deposits
President of Uzbekistan Shavkat Mirziyoyev chaired a meeting to discuss the state and measures to increase gas production in the country, Kazinform News Agency reports.The Chairman of JSC Uzbekneftegaz presented a report on the work done in 2024 and outli
Crude Oil
24-12-2024

KP Produces 30,000 Bpd of Crude Oil per Day
Similarly, the province produces 410 MMCFD of gas, which accounts for 13% of the national output. The province also produces 800 tons of LPG daily, representing 40% of the national LPG production.This was told during a meeting on oil and gas production in
LNG
24-12-2024

US LNG Exports Hit Record Highs in 2024 Despite Price Pressures
US liquefied natural gas exports are on track to climb to new highs in 2024, as record domestic natural gas production spurred the 10th straight year of volume growth in the lucrative LNG export sector.US LNG shipments for 2024 look set to hit 86.9 millio
Brazil
24-12-2024

Brazil Plans to Significantly Increase Oil Production by 2025
Brazil's oil production is expected to reach 3.6 million barrels per day (bpd) in 2025, up about 6 per cent from an accumulated average of 3.4 million bpd this year through October, according to the data from the Brazilian Petroleum Institute (IBP
Natural Gas
24-12-2024

Saipem Wins $900M EPCI Contract From Shell’s $5BN Offshore Project in Nigeria
Saipem, in a consortium with two Nigerian companies, has secured an offshore contract worth around $1 billion with Shell for a deepwater oil and gas project off the coast of Nigeria, Offshore Energy magazine has reported.As part of the contract with Shell
Natural Gas
24-12-2024

Severe Gas Shortage in Industrial Sectors Disrupting Production
Industrial sectors in Bangladesh are facing a severe gas shortage, disrupting production across factories. For several weeks, inadequate gas supply has caused output in key sectors like ceramics, steel, and textiles to drop by nearly half.Industrial entre
LNG
24-12-2024

Qatar Threatens Europe With Termination of Liquefied Natural Gas Supplies
Qatar has threatened to cut off liquefied natural gas (LNG) supplies to Europe. This will happen if QatarEnergy faces a fine due to the EU Directive on corporate sustainability due diligence, says Qatar energy minister Saad al-Kaabi.If the case is that I
Oil Price
24-12-2024

Oil Gains as Cooling US Inflation Points to Possible Easing
Oil prices rose on Monday as lower-than-expected US inflation data revived hopes for further policy easing, although the outlook for a supply surplus next year weighed on the market.Brent crude futures rose 36 cents, or 0.5 per cent, to $73.30 a barrel by
Natural Gas
24-12-2024

Russia’s Daily Pipeline Gas Flows to China Set New Record
Russia’s daily natural-gas flows to China via the Power of Siberia link set a new record on Dec. 20, according to energy giant Gazprom PJSC.While the producer didn’t specify the absolute figure for the daily gas supplies to the Asian n
Crude Oil
24-12-2024

Iraq Halts Oil Exports to Syria Amid Regional Instability
Iraq has suspended crude oil exports to Syria, citing regional instability, in a move that threatens to deepen Syria's fuel crisis, Iraqi officials said on December 22.The decision to halt shipments of approximately 120,000 tonnes of crude per mon
Oil&Gas Drilling
23-12-2024

Aker BP Gets Green Light for Drilling Ops in Norwegian Sea
The Norwegian Offshore Directorate has granted Aker BP two drilling permits for wildcat wells in the Norwegian Sea.The permits are for wellbore 6306/6-3 S in production license 886, and 6507/5-13 S in production license 212.Aker BP operates the license 88
Oil&Gas Drilling
23-12-2024

Contract With ‘Prominent’ Oil & Gas Company Takes US Subsea Firm to West Africa
Houston-based subsea energy equipment and services specialist KOIL Energy Solutions, formerly Deep Down, is set to deliver subsea distribution manifolds to what it says is a prominent oil and gas company, for a project in West Africa.The scope of work inc

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Oil Prices Post 3% Annual Decline