ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block.
Facing economic collapse and painful sanctions, the socialist government of Venezuelan President Nicolas Maduro has proposed giving majority shares and control of its oil industry to big international corporations, a move that would forsake decades of state monopoly.
The 23rd World Petroleum Congress will provide the platform for open dialogue between consumers and producers, governments and industry, academia and financiers, leaders and society, in order to address these issues and present debates, developments and solutions for sustainable production and use of the world’s energy resources.
Texas Pacific Land Trust, a land bank that doesn’t produce oil, is one of the best ways for investors to gain exposure to the world’s largest shale field, according to Stifel Financial Corp.
Five new oil pipelines are set to open in the Permian Basin through 2021, expanding a gap between production and takeaway capacity that’s already spurring midstream rate cuts and could mean cutthroat competition ahead.
America’s top shale field is becoming increasingly gassy as drilling slows down, undercutting profits for explorers at a time when investors are demanding better returns.
The slowdown in Permian Basin oil drilling and fracking is spreading to the lenders as austerity takes hold.
Even as growth is set to slow next year in the Permian and elsewhere as drillers respond to investor demands for capital restraint, U.S. Energy Secretary Dan Brouillette said the shale boom has further to run.
An election held in the U.S. in 2020 could do a lot to shape global climate outcomes in the immediate future. It won’t feature Joe Biden, Bernie Sanders, or Elizabeth Warren, and the winner won’t live in the White House.
Canada’s oil patch will start feeling the full force of Canadian National Railway Co.’s worker strike by as early as Sunday, with two crude-by-rail terminal operators unable to receive any more oil deliveries.
Cenovus Energy Inc. joined some of its oil-sands peers in setting a goal of reaching net-zero emissions from its operations, part of a push to improve the industry’s reputation and win over environmentally minded investors.
Temperatures of -30 degrees Celsius (-22 Fahrenheit) and lower have descended on Alberta and Saskatchewan — cold enough to render the region’s viscous oil rock solid.
If the rally in oil prices persists, or if Middle Eastern supplies are cut off, deeply indebted producers could lock in hedges above $60 a barrel.
This is the year when shale drillers are finally going to deliver solid returns to investors that have grown weary of the industry’s decade-long cash burn, the head of Parsley Energy said.
U.S. oil output growth could decelerate by more than 50% next year as greater capital discipline cuts drilling rigs in America’s largest shale patch.
Prices briefly dipped below $2 /MMbtu on Friday for the first time since 2016, yet the industry is powerless to stop a wave of additional gas hitting the market as a byproduct of rising shale oil output.
U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production, thanks to the increasing productivity of new wells that were brought online during 2019.
As the U.S. shale boom unfolded, the number of oil wells that were drilled but never opened for production steadily rose. Now, that figure has plunged by a surprising 10% in the newest sign yet of tough times for drillers.
The U.S. Energy Information Administration forecasts that U.S. natural gas exports will exceed natural gas imports by an average 7.3 Bcfd in 2020 (2.0 Bcfd higher than in 2019) and 8.9 Bcfd in 2021.
EIA forecasts production will continue to grow as rig efficiency and well-level productivity rise, offsetting the decline in the number of rigs until drilling activity accelerates in 2021.
Total SA will take 10% stake in a multi-billion-dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC.
Total announces that it has signed the definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2, a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia.
Russia’s biggest liquefied natural gas producer expects to be able to mitigate any impact should U.S. sanctions on China prevent it from using a third of its fleet.
Last weekend, Russia launched the last of a new crew of atomic icebreakers meant to consolidate the country’s dominance of commercial traffic in the Arctic. As much of the rest of the world recognizes climate change as an emergency, Russia is working hard to capitalize on it — and the U.S. appears to be far behind.
CNOOC Limited has announced that the company has signed a heads of agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.
The Eastern Mediterranean Gas Conference (EMGC) is gearing up for another must-attend event in Cyprus.
Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, has announced that it has commenced its 2019 drilling program in Israel.
Exxon Mobil is in discussions to build a platform that would expand the export reach of Israel’s biggest natural gas field.
Israel is willing to enter U.S.-mediated talks with Lebanon on setting a maritime border, the Energy Ministry said today.
The parties to a $15 billion deal to export Israeli natural gas to Egypt are changing the agreement to reduce the risk of disruptions.
Egypt began receiving natural gas from Israel, enacting a deal initially worth $15 billion that’s part of the North African country’s plan to become an energy re-export hub on Europe’s doorstep. Israeli gas stocks rose.
Jerusalem’s district court ruled late Tuesday that the firms developing Leviathan are barred from pollutive activity until further notice, in effect halting operations.
Egypt expects to begin receiving natural gas from Israel by the end of 2019, the oil minister said, fulfilling a $15 billion deal that will position the North African country as an energy re-export hub on Europe’s doorstep.
The Israeli Ministry of Energy has awarded 12 new offshore blocks in Israel’s Exclusive Economic Zone in its second license round, adding British companies Cairn and Soco to an international roster of oil and gas companies operating in the country’s waters.
The U.S. sanctioned four companies that it says have traded hundreds of millions of dollars worth of Iranian petroleum and petrochemicals in its latest effort to clamp down on the Islamic Republic’s revenue sources.
The strike killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force, according to two people familiar with the matter. U.S. Defense Secretary Mark Esper said Thursday that America was ready to deploy more force in Iraq after an attack on its embassy in Baghdad this week.
Qassem Soleimani, who led proxy militias that extended the Islamic Republic’s power across the Middle East, was killed in a strike in Baghdad authorized by Trump, the Defense Department said in a statement late Thursday night.
Brent futures surged by more than 4% in busy trading on Friday to levels not seen since the attacks on Saudi Arabia’s oil facilities in September.
Oil supplies from Iraq, the Middle East’s second-biggest producer, are “potentially vulnerable” amid rising political risks in the country and the broader region, the International Energy Agency warned.
Reports of the attacks reignited fears that Iran’s promised retaliation against the U.S. killing of a top general last week will spark a wider conflict in the Middle East that could disrupt global oil supplies.
Oil buyers in Asia are increasingly wary that Iraq’s entanglement in the worsening dispute between the U.S. and Iran could disrupt shipments from one of their key Middle East suppliers.
“We should all be bracing for a ferocious response,” said Helima Croft, chief commodities strategist at RBC Capital Markets. “The stage is set for a retaliatory spiral that could keep markets on edge well into 2020.”
EIA says unplanned crude oil production outages for OPEC averaged 2.5 MMbpd in the first half of 2019, the highest six-month average since the end of 2015.
Australia is on track to surpass Qatar as the world’s largest LNG exporter, according to Australia’s Department of Industry, Innovation, and Science (DIIS). Australia already surpasses Qatar in LNG export capacity and exported more LNG than Qatar in November 2018 and April 2019.
Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows.
Qatar, the world’s biggest supplier of liquefied natural gas, plans to boost output capacity by almost two thirds after it adds production facilities to exploit recently discovered reserves.
Shrugging off a global supply glut that’s left liquefied natural gas prices struggling to recover from a three-year low, the world’s biggest producer of the fuel said it’s on track to expand production.
Qatar has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to help expand its part of the world’s largest natural gas field, Energy Minister Saad Sherida Al-Kaabi said.
Murban is typically prized for its light and middle distillate yield but the grade’s price has dropped as Asian refiners focus on purchasing oil that produces more low-sulfur, high-viscosity marine fuels due to IMO 2020.
OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia.
“The program is a pivotal enabler of our plans to substantially increase drilling for conventional oil and gas as well as considerably ramp up the number of unconventional wells,” said Abdulmunim Saif Al Kindy, ADNOC’s upstream executive director.
Qatar Petroleum is set to join most of its Persian Gulf counterparts and price its crude before loading instead of afterward from next year, according to people familiar with the plans. That
The investment will re-energize ADNOC’s first field producing Murban grade crude to sustain long-term crude oil production capacity and reinforces ADNOC’s commitment to maximizing value from Abu Dhabi’s vast hydrocarbon resources as it delivers its 2030 smart growth strategy.
The lowest seasonal price on record going back to 1990 has been driven by the continued absence of a cold U.S. winter and an oversupplied global market.
For the first time in Russia’s alliance with OPEC, the country is changing the way it makes oil-production cuts.
Oil fell as global markets remain comfortably supplied despite the suspension of exports from Libya, and as equities faltered on political and economic worries in Asia.
EIA expects that crude oil prices will remain elevated in the first few months of 2020, reflecting a price premium on crude oil from recent geopolitical events. However, this price premium will diminish in the first half of 2020, and market fundamentals will drive the crude oil price forecast in the second half of 2020 and in 2021.
Oil declined on concerns that a coronavirus outbreak in Asia could spread and curtail demand in a market that’s already contending with plentiful supplies.
U.S. efforts to rein in OPEC’s influence over global oil markets are losing momentum as the Trump administration takes a wait-and-see approach to energy prices.
Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply.
The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market.
Once the gold-standard of Big Oil, the stock closed Monday at its lowest since October 2010, amid a slump in oil prices due to concerns about weak demand coupled with a glut.
Saudi Arabia is reviewing its plan to cut domestic energy subsidies as it tries to balance its budget without hurting businesses that have relied on cheap power for a competitive edge.
Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output.
Kuwait plans to restart oil production by March at the Wafra field that it shares with Saudi Arabia, more than four years after the neighbors halted output.
Saudi Arabia is seeking companies to build four solar power plants as the Persian Gulf oil giant resumes its renewable energy push.
Futures jumped by another 1.4% on Monday as the U.S. State Department warned of a “heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia.
Halliburton Landmark presented a multimillion dollar educational software grant to King Abdulaziz University in Saudi Arabia to train and prepare the next generation of Saudi oil and gas engineers and geoscientists.
Natural gas production has recently grown in China largely because of increased development in low-permeability formations in the form of tight gas, shale gas, and to a lesser extent, coalbed methane.
Adding up China’s numbers
South China Sea military tension escalates, risks to EandP heightened
Energy stocks have quickly reverted to being among 2020’s worst performers as fears increase that China’s deadly coronavirus will hit oil demand.
The U.S.-China trade agreement is set to intensify the battle for the world’s most prized oil market.
While trade pacts traditionally set the rules and leave the details of actual commerce to markets, the one that Trump’s team has negotiated includes a classified annex that details $200 billion in Chinese purchasing categories.
The world’s biggest oil import market could see demand growth in 2020 of just half of last year’s levels as the trade war’s ripple effects continue to be felt, according to researchers at China National Petroleum Corp.
China said it will open up oil and gas exploration to private and foreign firms, offering further details of a policy that will help assuage concerns over access to the industry ahead of next week’s signing of an interim trade deal with the U.S.
One of China’s top liquefied natural gas buyers offered to sell a cargo on the cheap – and in the throes of winter – a fresh sign of the massive oversupply that has weighed on the market.
Libyan oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt.
Libya’s oil production dropped to about 950,000 bpd, its lowest in five months, after the unauthorized closing of a valve on a pipeline linking the country’s largest oil field to an export terminal on the Mediterranean Sea.
Turkey and Libya officially approved a contentious maritime deal that may fuel an energy showdown in the gas-rich waters of the eastern Mediterranean, where both countries are at odds with Greece.
Libya’s oil output could be days from coming to a complete halt as conflict in the OPEC nation puts the country’s most vital industry at risk, the nation’s top oil official said.
Libya’s Central Bank Governor Sadiq Al-Kabir called on the international community to help end a week-long shutdown of oil ports by eastern military commander Khalifa Haftar, likening the closures to a “bullet in the head.”
The U.S. embassy in Libya called Tuesday for an immediate resumption of oil production, increasing pressure on eastern strongman Khalifa Haftar, who has disrupted output in a show of defiance to world leaders pushing to end the North African country’s civil conflict.
The European Union’s foreign policy chief said member states will need to take a more active role in Libya if yesterday’s peace conference in Berlin is to bring stability to the country and help get its oil flowing again.
Libya’s output has plunged by about 800,000 barrels a day from 1.174 million since an eastern military commander, Khalifa Haftar, blocked exports at ports under his control, according to a statement on Saturday from the state-run National Oil Corp.
Libya’s state energy company approved French oil giant Total SA’s acquisition of Marathon Oil Corp.’s assets in the North African country in a deal that could boost the OPEC nation’s production capacity.
Well, it has finally happened. A perfect combination of overly aggressive environmental activism, combined with fumbling by governmental authorities, has incapacitated the Canadian oil industry. (World Oil Editorial)
Shell’s future in the country is largely as a natural gas producer and exporter focused on the $30 billion LNG Canada project, though the company is also committed to its local chemicals and retail businesses, Shell Canada head Michael Crothers said in an interview.
After big wins shorting U.S. shale, a hedge fund is turning its sights on the beaten-down Canadian oil sector.
Alberta’s government has loosened output limits imposed at the start of 2019 to counter a glut caused by a lack of pipeline capacity and too much oil production. Before the cuts, Western Canadian Select’s discount to WTI has grown as wide as $50 a barrel.
Canadian energy firms have quietly outperformed their U.S. counterparts this year and, even after the run, a chorus of positive outlooks on the sector to the north continues.
Encana’s announcement of the planned U.S. move last month ratcheted up the gloom enveloping the Canadian oil industry and heightened anxieties about losing major domestic companies.
The price of Canadian heavy crude weakened Tuesday as a worker strike at the nation’s largest railway curbed oil shipments, exacerbating a supply glut that’s crippled Canada’s oil industry.
Capital keeps marching out of Canada’s oil industry, with Kinder Morgan’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.
Hong Kong billionaire Li Ka-shing’s oil sands investment is hurting — and some analysts are calling on him to stop the bleeding.
A week-long rail strike that halted shipments of oil and other goods across Canada, threatening to take a multibillion-dollar bite out of the economy, is over.
Capital spending in Canada’s oil-sands reserves look set to continue to dwindle as pipeline bottlenecks persist and the Alberta government’s production limits remain in place.
The U.S. oil giant called time on its Kitimat LNG plant on Wednesday, saying it plans to sell its 50% stake and that the project “will not be funded by Chevron and may be of higher value to another company.”
Crude-by-rail capacity in Alberta is expected to grow by 100,000 bpd in December after the provincial government eased production limits for oil transported by train, the Energy Ministry said Wednesday.
Canadian natural gas is trading at the highest price relative to U.S. benchmarks in about 10 months after producers cut back on drilling and a rule change on a key Alberta pipeline system last year helped better manage flows of the fuel.
Hope for the Canadian oil industry?
Regular Gasoline Retail Price
(Dollars per Gallon)
2.506 .. U.S.
2.450 … East Coast
2.515 …. New England
2.589 …. Central Atlantic
2.344 …. Lower Atlantic
2.371 … Midwest
2.195 … Gulf Coast
2.551 … Rocky Mountain
3.170 … West Coast
2.907 … West Coast less California
3.388 …. California
2.528 …. Colorado
2.398 …. Florida
2.542 …. Massachusetts
2.364 …. Minnesota
2.599 …. New York
2.401 …. Ohio
2.168 …. Texas
2.919 …. Washington
2.519 …. Boston
2.634 …. Chicago
2.434 …. Cleveland
2.492 …. Denver
2.174 …. Houston
3.393 …. Los Angeles
2.442 …. Miami
2.526 …. New York City
3.445 …. San Francisco
3.107 …. Seattle
On-Highway Diesel Fuel Retail Price
(Dollars per Gallon)
3.010 .. U.S.
3.047 … East Coast
3.119 …. New England
3.224 …. Central Atlantic
2.914 …. Lower Atlantic
2.901 … Midwest
2.773 … Gulf Coast
2.984 … Rocky Mountain
3.565 … West Coast
3.198 … West Coast less California
3.857 …. California
In the January 2020 update of its Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil production will average 13.3 million barrels per day (b/d) in 2020, a 9% increase from 2019 production levels, and 13.7 million b/d in 2021, a 3% increase from 2020.
EnCap Investments LP plans to use a $6 billion war chest to drill oil and natural gas wells, now that dwindling investor interest has made it tougher for private equity players to offload shale assets.
Brazil, which became a net oil exporter last year, wants to expand its footprint in global energy markets without joining OPEC.
Offshore aviation transportation companies Bristow Group and Era Group announced that they entered into a definitive agreement to combine the two companies in an all-stock transaction, creating a financially stronger company with enhanced size and diversification.
Exxon Mobil plans to start gauging buyer interest in its UK and German upstream operations in the coming weeks as the oil major continues to divest overseas assets, people with knowledge of the matter said.
Tullow Oil and Total have started the process to sell part of their stakes in oil discoveries in Kenya, said people familiar with the matter.
Andres Manuel Lopez Obrador, who swept into power in Mexico after promising big changes in the country’s energy markets, has been careful not to spook investors by canceling past reforms outright.
Oil hits a two-month low as the Asian virus threatens demand, one of the best-known shale bankers tells Houston to embrace the energy transition, and continued Mediterranean tension has tankers piled up off Libya’s coast.
Liquefied natural gas prices are poised to test record lows this year thanks to an onslaught of new supply and warmer winter temperatures curbing consumption.
The bosses of some of the world’s biggest oil companies discussed adopting much more ambitious carbon targets at a closed-door meeting in Davos on Wednesday, a sign of how much pressure they’re under from activists and investors to address climate change.
Western Europe’s biggest oil and gas producer just witnessed its final investment boom, according to Norway’s largest bank.
At Davos, energy chiefs tout CO2 capture technologies while Greta Thunberg slams progress; the U.S. shale industry has already peaked for service companies; and oil claws back some recent losses following prolonged unrest in Libya.