Oil posted its second straight weekly decline as signs of additional crude supplies and a deteriorating outlook for global demand loomed large in a series of thinly traded sessions. The narrative of tight supplies that has fueled crude oil’s recovery since June has faded amid prospects that the US will ease sanctions on Iran and Venezuela. Meanwhile, faltering growth in China and abysmal economic data in Europe have clouded the outlook for demand. In the physical market, Marathon Petroleum Corp. third-largest US oil refinery closes after fire. Crude oil has had a volatile week, with prices often struggling for direction…
Author: Automotivedealernews.com
Crescent Point Energy Corp. is selling its North Dakota assets for $500 million to an undisclosed private operator. In the second quarter of 2023, the assets had gross production of approximately 23,500 barrels of oil equivalent per day (boepd), 89 percent of which was oil and liquids, with annualized net operating income of approximately 375 million dollars at a West Texas Intermediate price. of approximately $75 per barrel, Crescent Point said in a press release on Thursday. With the limited drilling inventory associated with the assets, Crescent Point said it expects production in North Dakota to decline to 18,000 boepd…
TechnipFMC has revealed that it has built up more work on Block 17 offshore Angola. The company said in a press release that TotalEnergies EP Angola and its Block 17 partners have awarded a contract for the installation of flexible pipelines and associated subsea structures for the Girassol life extension project ( GIR LIFEX). TechnipFMC noted that it is a major contract, placing its value between $75 million and $250 million. In February, the company announced another “significant” contract from TotalEnergies EP Angola for the GIR LIFEX project. This contract covers the engineering, procurement and supply of flowlines and connectors…
In a statement posted on its website this week, the US Department of the Interior’s (DOI) Bureau of Ocean Energy Management (BOEM) announced that it will issue the Final Notice of Sale (FNOS) and the Record of Decision (ROD) for the Gulf of Mexico Oil and Gas Lease Sale 261 in the Federal Register on August 25, “as required by the Inflation Reduction Act (IRA) of 2022.” BOEM indicated in the statement that it plans to carry out the lease sale on September 27. Lease Sale 261 will offer approximately 12,395 blocks on approximately 67 million acres on the US…
Ocean services provider DeepOcean has won a contract from Equinor ASA to support the Troll B-Increased Gas Export project, located in the northern part of the North Sea. The Troll B-Increased Gas Export project involves replacing the current 15-inch gas export riser with a new 13-inch gas export riser on the Troll B platform, DeepOcean said in a press release Wednesday. The scope of DeepOcean’s contract includes the engineering, transport and installation of the gas export riser, subsea links and pre-commissioning support. The value of the contract was not disclosed. Troll B is a floating processing and accommodation platform with…
The Czech Republic has received approval from the European Commission for $850.9 million (CZK 19 billion) in state aid for gas and electricity companies, aimed at easing the high costs caused by the war between Russia and Ukraine “The scheme was approved under the temporary state aid crisis and transition framework, adopted by the Commission on 9 March 2023 to support measures in sectors that are key to accelerating the green transition and reducing dependence of fuels,” the commission said in a statement. week The aid “will be made in the form of direct subsidies to cover the additional costs…
In the past 12 months, U.S. natural gas prices have hit highs not seen since the start of the shale revolution, as well as depths from which they briefly dipped during downturns in 2012, 2016 and 2020. Where will prices go next? Well, if we knew, we wouldn’t be blogging. As we’ve seen in the last couple of years, there’s too much going on in global markets to think you can know where gas prices will be 10 years from now, five years from now, or even a year from now. But that never stopped us from trying. As we…
Neptune Energy has commenced drilling operations at the Yakoot exploration well located in the North West El Amal concession in the southern Gulf of Suez in Egypt. The company said in its press release that it is the first well operated by Neptune in Egypt. The operation is being carried out with the ADM-8 platform, operated by ADES, and has a final target depth of about 11,800 feet. Neptune received the exploration license for the North West El Amal concession in February 2019. The company notes on its site that it acquired 3D seismic data on the North West El…
Drilling Systems has worked closely with Clausthal University of Technology (TUC) in Germany to develop a next-generation DrillSIM Downhole model to support realistic formation for geothermal applications. The company, part of 3t Energy Group, said in a press release that the simulator has been implemented for the first time at the Drilling Simulator Celle (DSC), a TUC research facility. The company added that this next-generation downhole model will further enhance the research and development capabilities of new and existing DrillSIM simulators to enable delegates to practice complex operations such as directional drilling, kick tracking and stuck pipe, in a very…
OPEC’s main members will have to consider further production cuts as some of the group’s most troubled nations get unexpected supply growth, according to Citigroup Inc. The “fragile five” of Iran, Iraq, Libya, Nigeria and Venezuela, which have struggled with output losses and disruptions in recent years, will add roughly 900,000 barrels per day to output this year and at least the same in 2024, the bank estimates. That is enough to meet the next growth in oil demand, he said. “Suddenly they are sources of growth, and they will be sources of growth for five, four years, or maybe…