Tamboran Resources Ltd. has increased its risk-free best estimate scenario of contingent resources (2C) in Australia’s Beetaloo Basin by billions of cubic feet (bcf) to two trillion cubic feet (Tcf) after revising the results of the drilling The change, based on the drilling of the Maverick 1V well, represents an overall 2C increase of 32 percent that includes exploration permits (Eps) 76, 98, 117, 136 and 161, the local company said in a filing with the Australian Securities Exchange. Estimates made by independent third-party resource certifier Netherland, Sewell & Associates Inc. they raised EP 136 (1C) unrisked low contingent resources…
Author: Automotivedealernews.com
Russia plans to cut diesel exports from its main western ports to almost nothing next month after the government banned sales abroad to control rising prices at home. The loss of Russian supply threatens to further tighten a global diesel market that has rarely been tighter, further jeopardizing supplies of a fuel used by industry and cars. Russia, among the world’s top exporters, plans to ship only diesel that was exempted from a ban imposed last month, according to industry data seen by Bloomberg. Even so, total shipments will be down dramatically compared to September. There has been skepticism among…
NG Energy International Corp. expects an eightfold increase in its natural gas production in Colombia after a new field begins production next year. The Toronto-based company sees its gas production rising to 60 million cubic feet per day in the third quarter of 2024 as its Sinu-9 block comes online in the Lower Magdalena Basin, according to the director financier, Jorge Fonseca. NG Energy currently produces 7 million cubic feet per day from its Maria Conchita field in northern La Guajira province. “This is just the beginning,” Fonseca said in a phone interview. “We have great potential in both blocks.”…
The Biden administration is drawing up plans to sell offshore oil drilling rights in the Gulf of Mexico over the next five years, while cutting the program to its smallest level ever. The oil leasing plan being released by the Interior Department on Friday will contain only a small number of sales, according to people familiar with the deliberations who declined to be named because the project is not yet public. That’s far from the 11 sales the agency proposed last year, and would be the lowest on record. Still, even a single auction is a blow to environmentalists who…
Azule Energy Angola BV has awarded a contract to subsidiaries of Sapura Energy Berhad for offshore transportation and installation services in Angola. The wholly owned subsidiaries are Sapura Offshore Sdn. Bhd, Sapura Energy DMCC and Sapura Energy Engineering & Construction, LDA, according to a Sapura Energy company announcement on Bursa Malaysia on Wednesday. The value of the contract is approximately USD 300 million, or MYR 1.4 billion. The scope of work, which is expected to be completed in the fourth quarter of 2026, includes engineering services, transportation, installation and related activities on the Quiluma and Maboqueiro platforms for the Angola…
$87.91 per barrel. That was the average response of executives at 146 oil and gas companies when asked where they expected the price of West Texas Intermediate (WTI) crude oil to be by the end of the year, as part of the latest survey by ‘energy from the Dallas Fed, which was published. this week. The low forecast was $70 per barrel, the high forecast was $120 per barrel and the WTI price during the survey was $90.29 per barrel, the survey noted. In the Dallas Fed’s third-quarter Energy Survey, about 27 percent of respondents expected the WTI price to…
Crestwood Equity Partners LP has submitted to a shareholder vote a proposal to increase the redemption price of preferred units under a pending merger with Energy Transfer LP. Midstream gas operator Crestwood signed an agreement on August 16 to be absorbed by Energy Transfer as a subsidiary. In addition to Energy Transfer, the pact was entered into with Energy Transfer’s wholly-owned subsidiary Pachyderm Merger Sub LLC and Energy Transfer’s sole general partner, LE GP LLC, according to a filing with the Securities and Exchange Commission and US Securities (SEC). Subject to investor vote, the deal provides for 2.07 limited partner…
Alberta-based Gear Energy Ltd said it has begun a formal process to explore, review and evaluate “strategic repositioning alternatives” to enhance shareholder value. Gear’s board intends to “undertake a comprehensive review to identify and consider a broad range of alternatives to enhance shareholder value, including but not limited to a merger, corporate sale, corporate restructuring, sale of selected assets, purchasing assets, the potential spin-off of selected assets, optimizing future capital allocation and capital return strategies, or any combination of these alternatives,” the company said in a statement Wednesday. Gear said it has been “approached by several parties interested in transactions,”…
Oil posted its biggest quarterly rally since the initial jolt of the war in Ukraine, as low Russian fuel exports threaten to further tighten a market struggling with OPEC+ production cuts. Industry data released on Friday showed Moscow plans to export almost no diesel next month in a bid to lower domestic prices. The move pushed European diesel futures back above the psychologically key $1,000 a tonne level. Benchmark US crude futures consolidated their biggest quarterly gain since the period ended in March 2022 on OPEC+ supply cuts led by Saudi Arabia and very low inventories at the Cushing center…
Milestone Carbon has submitted a plan to develop a carbon dioxide (CO2) sequestration center in the South West Midland Basin. Milestone Carbon said in a news release that the site will span parts of Midland and Upton counties. The site has the potential to support multiple wells that would allow permanent geological storage of carbon dioxide, the company said. As part of the development of this hub, Milestone Carbon said it has acquired rights to more than 10,000 acres of land and pore space in Upton and Midland. Milestone Carbon also said it had recently received a Class II injection…