Oil settled at nine-month highs as investors digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs until the end of the year. Riyadh and Moscow’s strategy is aimed at further draining stocks and was felt throughout the oil market complex. The December-to-December spread in West Texas Intermediate, a favored oil hedge fund trade, has strengthened to the highest since late 2022. The global benchmark, Brent, was above $90 on Thursday, the highest since November. Adding to the bullish sentiment, Saudi Arabia raised official selling prices for its flagship Arab Light crude in Asia to a…
Author: Automotivedealernews.com
The Electric Reliability Council of Texas (ERCOT) has issued a weather watch for September 6-8 “due to expected higher temperatures, higher electricity demand and the potential for lower reserves.” “Grid conditions are expected to be normal during a weather watch,” ERCOT said in a statement posted on its website. “ERCOT continues to monitor conditions closely and will deploy all available tools to manage the grid, continuing a reliability-first operations approach. There is currently sufficient capacity to meet anticipated demand,” ERCOT added. In the statement, ERCOT noted that a weather watch is an advance notification of significant weather expected with increased…
The group of 20 nations will aim to triple renewable energy capacity by 2030, although it also offered support for technology that can sustain fossil fuel use, allaying concerns from Russia and Arabia Saudi Arabia that had previously stalled a deal. Members will pledge to “pursue and encourage” efforts to meet the goal of increasing clean energy generation, according to people familiar with the negotiations. The bloc will also call for a similar push to deploy abatement technologies such as carbon capture that can reduce emissions from the use of gas, coal and oil, said some of the people, who…
Kingston Midstream Ltd.’s wholly-owned subsidiary, Kingston Midstream Alberta Ltd., is acquiring Rangeland Midstream Canada Ltd., owner of Alberta’s Marten Hills pipeline, from Rangeland Energy in an all-cash transaction. The transaction is expected to close by the end of the third quarter, subject to regulatory approvals, the two companies said in separate press releases on Tuesday. The value of the transaction was not disclosed. The Marten Hills pipeline is located in the Clearwater conventional heavy oil field in northern Alberta and includes a 12-inch-diameter, 51-mile (82-kilometer) long crude oil pipeline with a production capacity of 60,000 barrels per day (bpd). as…
OPEC+ is in a good position to keep oil around $85 a barrel, according to a new report from Skandinaviska Enskilda Banken AB (SEB), which was sent to Rigzone earlier this week. “We expect OPEC+ to have a firm grip on the global oil market over the next two years as US shale oil production slows to a trickle,” SEB analysts Bjarne Schieldrop noted , the company’s chief commodity analyst, and Ole R. Hvalbye, in the report. “An oil price of $85-90 per barrel should be a good break-even point for consumers and producers,” the analysts added. In the report,…
Labor output in the US oil patch has already significantly exceeded the pre-Covid level of January 2020, Macquarie strategists noted in a recent report sent to Rigzone. “Despite some softening in recent months, oilfield labor output has risen sharply year-on-year and is significantly above pre-Covid levels as of January 2020 on a seasonally adjusted basis,” they said the strategists in the report. “Meanwhile, despite concerns voiced about labor as a constraint on US supply, newly delivered oil and gas supplies in 2022 appear slightly below 2018/2019 highs,” the strategists added. According to a chart included in the report, which dated…
COSL Drilling Europe AS has won two contracts from Equinor ASA and will employ COSLPromoter and COSLInnovator for exploration and production drilling at Equinor’s projects on the Norwegian continental shelf, the two companies said in separate press releases. The total value of the two contracts is $369 million, Equinor said. The COSLPromoter is currently under contract with the company and will start the new contract in the first quarter of 2025, with a term of one year and options for a further four years. The COSLInnovator contract is for two years, starting in the second quarter of 2025, with options…
Considerable time and effort has gone into pursuing the federal government’s plan to spend billions of dollars to create several regional hydrogen hubs. News about the Department of Energy’s (DOE) center’s selection process has been hard to come by, particularly because potential applicants were not made public at the time of the agency’s informal cutback to late 2022 and many potential developers, for competitive reasons, have chosen to play their cards very close to the vest. In today’s RBN blog, we’ll publish for the first time the full list of DOE’s 33 animated proposals, examine some of the plans that…
Berkshire Hathaway Energy has closed on the purchase of Dominion Energy’s 50 percent interest in limited partnerships in Cove Point LNG LP, bringing its total ownership to 75 percent, the two companies said in separate press releases . The final purchase price was $3.3 billion and all customary closing conditions were met, Dominion Energy said. In addition, Dominion Energy will receive proceeds of $0.2 billion from the settlement of related interest rate derivatives, according to its statement. The deal was announced in July. The stake is held in BHE GT&S LLC, a business unit of Berkshire Hathaway Energy, the company…
Mosman Oil and Gas Ltd. chairman John Barr and non-executive director John Young will step down from the company’s board, it said in a news release. Barr is also stepping down as director effective September 30. Young’s resignation is effective immediately. Mosman technical director and chief executive Andy Carroll and non-executive director Nigel Harvey have begun a process to review and appoint new directors, the statement said. US production updates Meanwhile, Mosman issued an update announcing the completion of a hydraulic fracturing procedure on its G-2 production well at its Cinnabar project in Texas. Mosman was successful in connecting the…