Venezuela’s state-controlled oil company cannot use US sanctions as an excuse to not pay what it owes on $348 million in unpaid debt, a federal appeals court in New York has ruled. A three-judge panel in Manhattan court on Wednesday upheld lower court rulings that Petroleos de Venezuela SA had to comply with a set of promissory notes. The ruling is a victory for the debt holders, Houston-based Dresser-Rand Co., a unit of Siemens AG, and Contrarian Capital Management. PDVSA had argued that the payment was made impossible by sanctions against the government of Venezuelan President Nicolás Maduro, which the…
Author: Automotivedealernews.com
Drilling waste management specialist TWMA has been engaged by Equinor for global drilling waste management services. The 10-year agreement, including options, allows TWMA to extend its global drilling waste management services to Equinor’s operations, enabling the company to process its drilling waste safely and sustainably, it said. say TWMA in its press release. The contract includes five scopes of work, including bulk transfer, tailings treatment, tailings treatment, skip and shipping and TWMA’s award-winning offshore processing technology, the RotoMill said, TWMA said . “Our partnership with Equinor marks an important milestone for TWMA. This partnership is a testament to our expertise…
Israel has awarded Zion Oil and Gas Inc. another license covering about 75,000 acres, the US land exploration company recently announced. Megiddo Valleys License 434 allows Zion to begin recovery operations on the Megiddo-Jezreel 1 (MJ-01) well. “Zion is deploying new technologies, focusing on new stimulation methods for MJ-01 and aiming to unlock hydrocarbon flows in several key identified zones,” the company said in a press release that announced the license, adding that it has already secured contractors for services and ancillary elements and expects operations to begin in the fourth quarter. The license covers the same area as the…
Offshore Energies UK (OEUK) has announced its shortlist for the 2023 OEUK Awards. The platform which celebrates “the best and brightest people, teams and companies” in the UK’s offshore energy sector has chosen 31 finalists across seven categories. This year, OEUK’s panel of experts considered more than 100 nominations in the seven different award categories, OEUK said in a press release. These 31 finalists represent those who have made an exceptional impact on the industry over the past year, the organization noted. The finalists for Apprentice of the Year are: Austin McLennan, bp Lara Pitcaithly, bp Nicholas Taylor, OPITO/Harbour Energy …
Norway’s DNO ASA has made a gas condensate discovery at the Norma prospect in the Norwegian North Sea license PL984, in which the company has a 30 percent interest. A preliminary assessment of the discovery indicates recoverable gross resources in the range of 25 million to 130 million barrels of oil equivalent (MMboe) on a P90-P10 basis, averaging 70 MMboe, in a Jurassic reservoir zone with sandstones high quality , DNO said in a press release Tuesday. Located 12.43 miles (20 kilometers) northwest of Balder’s core and 18.64 miles (30 kilometers) south of central Alvheim, Norma is located in an…
Which country produced the most natural gas last year? According to the Energy Institute’s (EI) first annual statistical review of world energy, the answer to that question is the United States. The United States produced 978.6 billion cubic meters of natural gas last year, a 3.6 percent year-over-year increase and 24.2 percent of global natural gas production in 2022, the review found of IS. Between 2012 and 2022, US natural gas production has grown by 4.2 percent year-on-year, the review revealed. Russia ranked second in 2022 in terms of natural gas production, according to the IS review, which showed the…
How much crude will the US produce this year and next? Well, according to the U.S. Energy Information Administration’s (EIA) latest Short-Term Energy Outlook (STEO), which was released last week, U.S. crude oil production will average 12.78 million barrels per day in 2023 and 13.16 million barrels per day in 2024. Broken down quarterly, the EIA expects U.S. crude production to be 12.86 million barrels per day in the third quarter, 12.94 million barrels per day in the fourth quarter, 13.03 million barrels per day in the first quarter of next year, 13.09 million barrels per day. in the second…
The best way to reduce greenhouse gas emissions from the US oil industry is not by limiting oil production but by reducing demand, according to a US think tank. In a recent research paper, the Brookings Institution said the latter is more difficult than protesting specific projects or companies, as it would involve “changing the system through which we use energy.” In the case of oil, it mainly “involves changing how we power our transport system” from petrol and diesel to electricity for most of our road transport. “It could also involve redesigning our cities and lifestyles, making more efficient…
Is the glass half full or half empty? The answer to this age-old question usually indicates whether a particular situation is cause for optimism or pessimism. This question is particularly appropriate when trying to put into perspective the cyclical movement of earnings and cash flows for US exploration and production (E&P) companies, including returns that have steadily declined with commodity prices first during the last year. In today’s RBN blog, we analyze Q2 2023 E&P earnings and cash flows and provide perspective on the past and future profitability of US oil and gas producers. In the second quarter, earnings and…
Treasury Secretary Janet Yellen said the recent rise in oil prices is unwanted but should stabilize over time, with the US economy still on track for a soft landing. Market expectations indicate that oil prices will “stabilize and come down” over time, Yellen said in an interview with MSNBC on Tuesday, adding that this was her own hope and expectation as well. Benchmark Brent crude oil topped $95 a barrel for the first time since November on Tuesday. Yellen said the increase partly reflected an earlier decision by Saudi Arabia to maintain oil production cuts, and also the economic recovery,…