North America continued its rig losing streak, dropping four rigs week-on-week, showed Baker Hughes’ latest rotating rig count, which was released on September 8. The region now has 814 rigs, including 632 from the US and 182 from Canada, according to the count, which revealed the US added one rig week-on-week, while Canada dropped five rigs over the same period of time The total US rig count of 632 is made up of 610 land rigs, 19 offshore rigs and three inland water rigs, the count noted. Of the total of 632 platforms, 513 are classified as oil platforms, 113…
Author: Automotivedealernews.com
Ukraine’s military intelligence service said its forces regained control of several drilling rigs in the Black Sea that were used by Russia for parking helicopters and radar activities. Special forces units seized a cache of helicopter ammunition and a Neva radar system used to track naval movements from platforms off the coast of Crimea, the GUR spy agency said on Monday. Ministry of Defense in a statement. A Russian Su-30 fighter jet that engaged Ukrainian forces on ships was damaged and withdrawn, GUR said. The agency said intelligence units carried out a “one-time operation” to recover him Petro Godovenets i…
Oil settled near year highs after rallying around 10% in recent weeks, with technical indicators suggesting its gains may be overplayed to offset the benefit of risk-on sentiment in broader markets . West Texas Intermediate fell to near $87 a barrel after advancing 2.3% last week. Oil has risen nearly $20 a barrel since mid-June due to supply curbs from Saudi Arabia and Russia, which have now been extended until the end of the year. Traders are bracing for a possible pullback as technical indicators, including the Relative Strength Index, show futures remain near overbought territory after a renewed rally…
Perenco Mexico said it has seen positive results from its recent drilling campaign at Santuario Noreste, onshore Mexico. The latest drilling campaign, which follows successful operations since Perenco entered Mexico in 2018, saw the drilling of six new wells, including three producing wells and three dedicated water injection wells as part of of a secondary recovery project, the company said in its press release. . Of the three producing wells, the first began in April 2023 and is currently producing about 2,300 barrels of oil per day (bpd), Perenco noted, adding that the second well, in addition to providing crucial…
The US Department of Justice (DOJ) has confirmed the seizure in April of a tanker carrying what it said was “contraband crude” from Iran. Suez Rajan Ltd. by Empire Navigation Inc. was transporting a “multi-billion dollar shipment” of 980,000 barrels from the Islamic Revolutionary Guard Corps (IRGC), a security force designated by Washington as a terrorist organization, the DOJ said in a press release. opens on Friday The operator is based in Athens, Greece. “This is the first criminal resolution involving a company that violated sanctions by facilitating the illicit sale and transport of Iranian oil,” the media release said.…
A record number of clean energy projects have been awarded funding from the UK government’s flagship renewable energy scheme, according to the country’s Department of Energy Security and Net Zero. Since the first annual Contracts for Difference (CfD) round, 95 clean energy projects have been successful with their bids, with a total budget funding of $284.5 million (GBP 227 million), according to a statement UK government press release on Friday. However, no offshore and floating wind projects were successful in the auction, prompting Labour’s energy security and net zero secretary Ed Miliband to say that the auction, in a post…
Commonwealth LNG has signed a Heads of Agreement (HOA) with the MET Group, a European integrated energy company based in Switzerland, for the sale and purchase of one million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) for 20 years from the developing Commonwealth LNG facility in Cameron, Louisiana, located on the Calcasieu River in the Gulf of Mexico. The final terms remain subject to the negotiation of a definitive purchase and sale agreement between the two companies, Commonwealth LNG and MET Group said in separate press releases. The terms under the non-binding HOA will begin in 2027…
Workers at Chevron Corp.’s liquefied natural gas (LNG) facilities. in Australia began their planned strike of at least three weeks on Friday, which could threaten supplies to Asian markets. Most of the production from Chevron Australia Pty.’s Gorgon and Wheatstone projects. Ltd, as well as the North West Shelf facility in which it has a non-operating interest, is destined for Asian countries, with which it has long-term contracts, according to the company. “Within 24 hours of the start of protected industrial action at Chevron’s Gorgon and Wheatstone facilities, Chevron has begun evacuating its contractor workforce,” the Offshore Alliance said in…
The Middle East and North Africa region increased renewable energy capacity by 50 percent last year and a similar boost is likely in 2024, but still needs a 20-fold increase to replace the cheap natural gas and avoid costly economic losses in the energy transition. , according to a clean energy think tank. The region has started 6.9 gigawatts of solar and wind projects since May 2022, and another 9 gigawatts are likely to be completed by the end of next year, according to Global Energy Monitor. However, more than 500 gigawatts of additional clean energy is needed to replace…
After being relegated to the background during the shale boom, the natural gas storage market is showing signs of a comeback. Market participants are demanding storage solutions, storage values are increasing, and storage offerings and expansions are increasing. However, this will not necessarily lead to a widespread expansion of new storage capacity as happened in the pre-shale storage heyday of the mid-to-late 2000s. This is because the world has changed and what is driving storage values today is very different from what drove the last big capacity development. In today’s RBN blog, we look at emerging developments in the storage…