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Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Crude Oil
23-12-2024

Venezuela Sends Crude to India in New Deal
A high-seas oil tango is back on between Venezuela's state oil company PDVSA and India’s Reliance Industries, rekindling a swap arrangement paused by U.S. sanctions. This revival, greenlit by a U.S. license in July, signals a cautious st
Oil Exploration
23-12-2024

Exploration Well Encounters 4 Oil Rich Reservoirs
Arrow Exploration Corp. (AXL:TSX.V; AXL:LSE) made a material discovery with its Alberta Llanos AB-1 exploration well on the Tapir block in Colombia's Llanos basin, reported Auctus Advisors Analyst Stephane Foucaud in a Dec. 17 research note. On th
Oil Exploration
23-12-2024

Pakistan Spent Rs. 430 Billion on Oil and Gas Exploration in Last 3 Years
The Senate Standing Committee on Petroleum, chaired by Senator Umar Farooq, held a meeting where petroleum officials provided a detailed briefing on oil and gas exploration activities, drilling operations, and associated costs over the past three years.Of
Crude Oil
23-12-2024

North Dakota Crude Output Cut by 520,000 B/D After October Wildfires
North Dakota, the third-largest producing state in the U.S., saw its crude production fall by 520,000 barrels per day in October after operators shut in wells to protect against wildfire damage. October production declined to 1.178 million barrels per day
Natural Gas
23-12-2024

OGDC Commences Production From Kunnar West Well-3
Oil and Gas Development Company (OGDC) on Thursday announced the start of production from its Kunnar West Well-3, situated in the Hyderabad district of Sindh.According to a company statement, the well was brought into production at a wellhead flowing pres
Oil Field
23-12-2024

Weather Issues Slowing North Sea Tyra II Gas Ramp-up
TotalEnergies has restored gas production from three of six fields tied back to the Tyra field center in the North Sea.TotalEnergies, on behalf of the Danish Underground Consortium, has restored gas production from three of six fields tied back to the Tyr
China
23-12-2024

India to Surpass China as Leading Contributor to Global Oil Consumption Growth in 2024, 2025
India has become the primary driver of growth in global oil consumption for 2024 and 2025, surpassing China, which consistently led global oil consumption growth from 1998 to 2023, according to the US Energy Information Administration (EIA).India has beco
Natural Gas
23-12-2024

US Natural Gas Prices Jump
US natural gas futures jumped about 5% to a 23-month high on Friday on early forecasts for much colder weather in mid-January that could freeze oil and gas wells and lift spot prices by reducing output as in past years.Also supporting prices was an increa
Natural Gas
20-12-2024

OGRA Approves Major Increase in Gas Prices Across Pakistan
The Oil and Gas Regulatory Authority (OGRA) has approved significant hikes in gas prices, affecting consumers nationwide, ARY News reported.According to reports, the decision, sent to the federal government for final approval, will see an average increase
Natural Gas
20-12-2024

Germany’s Natural Gas Consumption Rose by 3.3% in 2024
Germany’s natural gas demand rose by 3.3% in 2024, due to lower prices compared to last year, preliminary estimates by the association of the German utilities, BDEW, showed on Wednesday.Despite subdued economic growth, the German industry raised
Oil Price
20-12-2024

Qatar Raises Oil Price for February Loadings
QatarEnergy has reportedly raised the price of its al-Shaheen crude oil blend for February loadings, suggesting robust demand for the grade.Reuters cited unnamed sources familiar with the company’s pricing decisions as saying a barrel of al-Shah
Crude Oil
20-12-2024

Saudi Crude Oil Exports Jumped to Three-Month High in October
Saudi Arabia’s crude oil exports rose to a three-month high in October, the latest data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.Saudi Arabia, the world’s largest crude oil exporter, shipped 5.92 million
Oil Price
22-12-2024

Oil Prices Mixed; Traders Digest Differing Central Bank Signals
Oil prices traded in a mixed fashion Thursday, with the WTI contract pressured by the strong dollar in the wake of the hawkish note emanating from the Federal Reserve while monetay policy easing in Europe supported Brent.At 09:00 ET (14:00 GMT), Brent oil
Oil&Gas Drilling
22-12-2024

Borr Drilling Selects Zentech for Engineering Support
Houston-headquartered engineering consulting, project and construction management and software development firm Zentech Incorporated (Zentech) has signed a Master Service Agreement for Engineering Services with Borr Drilling Limited, a premier offshore sh
Oil&Gas Drilling
22-12-2024

Salunda Installing Drillfloor Alerts Service on Transocean Rig
Salunda has won a contract to install its HaloGuard zone monitoring system on the Transocean Endurance semisubmersible drilling rig in Australia.Salunda has won a contract to install its HaloGuard zone monitoring system on the Transocean Endurance semisub
Oil&Gas Drilling
22-12-2024

Seadrill’s Drillship Picks up 1,095-Day Drilling Job Offshore Brazil
Bermuda-headquartered offshore drilling contractor Seadrill has won a multimillion-dollar assignment off the coast of Brazil for one of its drillships, which will work for the South American country’s state-owned energy giant Petrobras.Following
Crude Oil
22-12-2024

Hanwha Ocean’s Fixed Platfrom Achieves Early Oil Production
Hanwha Ocean, a shipbuilding unit of Korea’s Hanwha Group, announced Wednesday that its offshore oil platform began to produce crude oil two weeks before the expected date in Qatar.The fixed platform first saw oil spring out on Sunday in the Al-
Oil&Gas Drilling
21-12-2024

Helix Vessel Getting Ready for Brazilian Decom Job With Shell at Namibia’s Port
U.S.-headquartered offshore energy services provider Helix Energy Solutions has confirmed the arrival of its purpose-built DP3 semi-submersible vessel to Namibia’s Port of Walvis Bay to prepare for its decommissioning assignment off the coast of
Natural Gas
21-12-2024

NUPRC to Launch New Oil Licensing Round in 2025
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed plans to hold another oil licensing bid round in 2025.NUPRC Chief Executive Officer Gbenga Komolafe made this known at the 2024 Licensing Round Commercial Bid Conference in Lagos
Oil & Gas Trade
21-12-2024

Oil Prices up With Fed Rate Cut Hopes, Us Demand Surge
Oil prices increased on Wednesday ahead of a possible rate cut decision from the US Federal Reserve (Fed) and data indicating a rise in oil demand in the US, the world's largest crude consumer.The international oil benchmark of Brent crude rose by
Oil&Gas Drilling
21-12-2024

Transocean Drillship Gets $111 Million to Stay Longer at Drilling Gig Offshore India
Switzerland-based offshore drilling contractor Transocean has secured a multi-well contract extension for one of its drillships off the coast of India.Reliance Industries hired Transocean’s Dhirubhai Deepwater KG1 drillship on a 300-day assignme
Oil & Gas Supply
19-12-2024

OPEC+ Wary of Rise in US Oil Output Under Trump
Opec+ members are contemplating a renewed rise in US oil output when Donald Trump returns to the White House, delegates from the group said.More US oil would further erode Opec+ market share and hamper the producer group’s efforts to support pri
Natural Gas
19-12-2024

Iran Boosts Oil, Gas Output Amid US Crackdown on Sales
Iran’s oil and gas output has ramped up over the past three months, Deputy Oil Minister Hamid Bovard said on December 18, as the country is poised to face heightened pressure under a second Trump administration.In the past three months, we have
Natural Gas
19-12-2024

EnQuest Gets Nod to Boost Gas Production at Field Offshore Malaysia
EnQuest Petroleum Production Malaysia, a subsidiary of London Stock Exchange-listed energy player EnQuest, and its partners in a production sharing contract (PSC) offshore Malaysia have signed a letter of agreement with Petronas enabling them to develop a
Natural Gas
19-12-2024

PTTEP Appraising ‘Remarkable’ Offshore Oil and Gas
Thailand’s national upstream company PTTEP is appraising its Chenda discovery on Block SK 405B offshore Sarawak, East Malaysia, for which it expects to complete a development plan in 2025.The Chenda-2 appraisal well is being drilled by Velesto E

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Oil Prices Post 3% Annual Decline