Brent crude rose above $90 a barrel for the first time since November as major OPEC+ producers extended their supply cuts until the end of the year. In a move that risks a further inflationary boost to the global economy, Saudi Arabia will continue its unilateral production cut of 1 million barrels a day until December, according to a statement in state press agency. The move will keep output around 9 million barrels a day, the lowest level in several years, for a total of six months. Russian Deputy Prime Minister Alexander Novak announced in a separate statement that his…
Author: Automotivedealernews.com
The Electric Reliability Council of Texas (ERCOT) has announced a “strategic leadership reorganization.” As part of the reorganization, Woody Rickerson, formerly the company’s vice president of System Planning and Climate Control, has been promoted to the newly created position of senior vice president and chief operating officer, and Kristi Hobbs, formerly vice president of corporate strategy and the company. PUC Relations, has been appointed Vice President of Systems Planning and Air Conditioning. In his new role, Rickerson will oversee grid operations, HVAC, planning and business operations, ERCOT disclosed. Hobbs will report to Rickerson and oversee transmission planning, generator interconnection activities,…
Peak 10 Energy Holdings LP has been announced as a new investment platform for the acquisition of long-lived oil and gas development assets in the continental United States. The newcomer from Houston, Texas is backed by Browning Oil and Gas Co. Inc., Legacy Star Capital Partners and several private family organizations, according to its website. “Peak 10’s asset base consists of non-operated oil and gas properties in Reeves, Fisher, Scurry, Gaines, Dawson and Andrews counties, which include more than 100 producing wells and a multi-year drilling program of undeveloped level 1 drilling,” he said. in a press release last week.…
Saudi Arabia and Russia extended unilateral oil supply curbs for another three months, a more aggressive move than traders expected, as OPEC+ members seek to shore up a fragile global market. The leader of the Organization of the Petroleum Exporting Countries will continue its production reduction of 1 million barrels per day until December, according to a statement published on Tuesday by the Saudi Press Agency. The move will keep output around 9 million barrels a day, the lowest level in several years, for a total of six months. Russia’s export cut of 300,000 barrels a day will be extended…
Oman’s energy firm OQ SAOC plans to sell a 49% stake in its pipeline unit in a domestic initial public offering that could be the largest ever recorded in the Gulf country. OQ will offer the stake in OQ Gas Networks SAOG through Oman Energy Trading Company Limited and Oman Oil Services Limited, according to a statement released on Monday. The share sale could raise up to $800 million, Bloomberg News has reported, making it a candidate for Oman’s biggest ever listing. Trading in OQGN shares is expected to begin in October. OQGN will be the second IPO in Oman’s…
Carnarvon Energy Ltd. has identified five prospects on its Bedout exploration permits in Western Australia for future drilling campaigns. Based on the latest 3D seismic data, the Ara, Wallace, Wendolene, Starbuck and Pavo South prospects located in the Dorado Phase 2 development are estimated to contain gross and unrisked reserves of 623 million barrels of oil equivalent, 352 million barrels of liquids. , and 1.52 trillion cubic feet of gas, Carnarvon said in a recent press release. The five prospects were chosen for their “potential to generate resource scale, de-risk significant prospectivity within nearby clusters and strengthen a range of…
North America again dropped rigs week-on-week, Baker Hughes’ latest rotating rig count, released on September 1, revealed. The region cut four rigs week-over-week, bringing its total count to 818, according to Baker Hughes, which showed the U.S. dropped one rig week-over-week while Canada cut three rigs over the same time period . The total U.S. rig count now stands at 631, including 611 onshore rigs, 17 offshore rigs and three inland water rigs, the Baker Hughes count showed. Of the total of 631 rigs, 512 are classified as oil rigs, 114 as gas rigs and five as miscellaneous rigs. The…
North America will continue to dominate global LNG liquefaction capacity additions through 2027. That’s what GlobalData stated in a statement recently sent to Rigzone, noting that the region will contribute about 59 percent of total capacity additions between this year and 2027. In its statement, GlobalData noted that one of its recent LNG reports revealed that North America “is expected to witness the highest capacity additions globally, gaining a total capacity of 272.1 million of annual tons from new construction and expansion projects during the forecast period.”. “The United States will primarily drive North American LNG liquefaction additions through 2027,…
The Australian Santos Ltd. has entered into a binding agreement to sell a 2.6 percent stake in PNG LNG to Kumul Petroleum Holdings Ltd. of Papua New Guinea for $576 million in cash and the assumption of approximately $160 million in project finance debt, the two companies said. . Completion of the deal is not subject to funding and is subject to approval by PNG’s competition regulator on or before December 31, Santos said in a press release. Kumul has paid $80 million in escrow as partial payment and made further prepayments of the escrow consideration throughout the period until…
For many years, the United States has been buying – and installing pipelines or rails – virtually all the crude oil that Canada has been exporting, in part because Canadian producers have only very limited access to coastal ports. More recently, increased pipeline access from Alberta’s oil sands to the US Gulf Coast (USGC) has created an attractive path, a “carefree highway,” if you will, for Canadian crude oil to be ” re-exported” to foreign customers. This year, much stronger international demand has driven re-export volumes to record highs, providing Alberta producers with very attractive price spreads for their oil…