ADX Energy Ltd has received a permit to drill the Welchau-1 well on license ADX-AT-II in Upper Austria from the Ministry of Finance of the Republic of Austria, or Bundesministerium fur Finanzen (BMF). The permit allows ADX to drill and test the Welchau-1 well and conduct long-term production test production if necessary, the company said in a news release Wednesday. The permit is linked to two specific types of rigs, including a drilling rig and a work platform provided by the drilling contractor RED Drilling & Services GmbH. Under the terms of the permit, the Welchau-1 well can be drilled…
Author: Automotivedealernews.com
Rockhopper Exploration has made a pair of staff additions with Simon Thomson and Paul Mayland joining the company. From 1 October 2023, Simon Thomson will become non-executive chairman, while Paul Mayland will take up the role of independent non-executive director. Simon is a highly experienced oil and gas executive, the company said in its press release. He served as CEO of Cairn Energy from 2011 to 2023, having joined Cairn in 1995. During his tenure as CEO, Thomson participated in and led multiple international corporate transactions, and deliver substantial cash returns to shareholders generated from organic growth opportunities. , Rockhopper…
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 6.0 million barrels from the week ended Aug. 4 to the week ended August 11, according to the latest weekly report on the state of oil from the US Energy Information Administration (EIA). revealed Crude oil inventories, excluding the SPR, were 439.7 million barrels on August 11, 445.6 million barrels on August 4 and 425.0 million barrels on August 12. 2022, the EIA report showed. Crude oil in the SPR stood at 348.4 million barrels on August 11, 347.8 million barrels on August 4 and…
Scotland’s net tax balance has improved since last year, boosted by record North Sea revenues, as well as strong growth in income tax, national insurance contributions and VAT , the Scottish government said in a statement posted on its site this week. The net fiscal balance is the difference between total revenue and total public sector spending, including capital investment, the government said in the statement. This balance stood at a deficit of 9.0% of GDP (GBP 19.1 billion [$24.35 billion]) in 2022/2023, the statement outlined. Excluding the North Sea, there was a deficit of 15.1 per cent of GPD…
The Bureau of Ocean Energy Management (BOEM) has identified two draft Wind Energy Areas (WEAs) off the coast of Oregon as part of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind capacity by 2030 and 15 GW. of floating offshore wind by 2035. The draft WEA, which would tap up to 2.6 GW of Oregon’s wind energy potential, covers approximately 219,568 acres on the southern Oregon coast, with its closest points ranging from approximately 18 and 32 miles offshore, the BOEM said in a news release Tuesday. According to the BOEM, Oregon has “significant opportunities for…
Global engineering and consulting firm John Wood Group plc has extended its brownfield engineering, procurement and construction management contract supporting Woodside Energy’s North West Shelf (NWS) project in Australia. The contract has been extended through October 2025, Wood said in a news release Tuesday. Woodside operates the NWS project on behalf of the NWS Joint Venture participants and has a 33.33 percent interest in the project, while BP Developments Australia Pty Ltd, Chevron Australia Pty Ltd, Japan Australia LNG (MIMI) Pty Ltd and Shell Australia Pty Ltd each. they have 16.67 percent, according to Woodside’s website. The NWS project assets…
The world consumes about 100 Mb/d of liquid fuels, which are vitally important to all segments of the global economy and to almost every aspect of our daily lives. The size and scope of this market means that it is affected by all sorts of short-term forces: economic ups and downs, geopolitics, national developments and major weather events, just to name a few, some of which are difficult , if not impossible, to foresee. But while these events can sometimes come out of nowhere, there are some long-term forces on the horizon that will shape markets for decades to come,…
Earthstone Energy, Inc. and Northern Oil and Gas, Inc. have closed the acquisition of the Northern Delaware Basin assets from private equity firm Novo Oil & Gas Holdings LLC, according to press releases from both companies. Earthstone will become the operator of virtually all assets. In connection with the transaction, NOG and Earthstone entered into cooperation and joint operations agreements, which include a multi-year development plan for Novo’s assets, NOG said. At closing, NOG paid $468.4 million in cash, funded in part by a $37.5 million deposit paid at signing in June. The closing agreement is net of preliminary and…
Chemical solutions provider CES Energy Solutions Corp. reported net income of $25.05 million (CAD 33.9 million) in the second quarter, a 69 percent increase from net income of $14.85 million (CAD 20.1 million) in the year-ago quarter, driven by “significantly higher levels of industry activity,” the company said in a recent earnings release. In the second quarter, CES generated revenue of $381.1 million (CAD 515.8 million), a decrease of $30.96 million (CAD 41.9 million) or eight percent compared to the previous quarter, at seasonally lower activity levels in Canada. The second quarter was up 19% year over year, CES noted,…
Oil rallied from three-week lows as tightening supplies took center stage, at least temporarily sidelining concerns about the Chinese economy and US monetary policy that had fueled a three-day slide . West Texas Intermediate settled above $80 a barrel after falling 4.6% this week through Wednesday. Physical markets around the world have shown signs of robust demand, U.S. commercial oil inventories are the lowest since January and importers in Asia have been on a crude buying spree. The pullback in the WTI forward curve widened, indicating tightness for near-term deliveries. Overhanging the rally, however, are worries about the post-pandemic recovery…