Oil rose amid signs that Russian crude output is falling, indicating that the market’s oversupply may be coming to an end. Average Russian crude shipments fell below their February averages, according to new data, a key development in a market that has been held back this year by stronger-than-expected crude exports from the Kremlin. Adding to the bullish sentiment is news that China will take further steps to revive its economy with additional stimulus. West Texas Intermediate rose above $74 a barrel, breaking above its 100-day moving average, which has been a key resistance level in recent months. Crude oil’s…
Author: Automotivedealernews.com
Libya’s oil revenue, excluding royalties and fuel sales, fell to around $7 billion (LYD 33.4 billion) in the first half of 2023 year-on-year, according to official data. The North African country, whose oil reserves are among the continent’s largest, collected nearly $8 billion (LYD 37.3 billion) in oil revenue excluding royalties and fuel sales during the same period last year. In May, the National Oil Corp. (NOC) briefly shut down the Mellitah oil and gas complex. The facility has a daily capacity of 695 million standard cubic feet of gas and 31,000 barrels of liquids. It can also produce up…
DNO ASA has announced a “significant” discovery of gas and condensates at the Carmen prospect in the Norwegian North Sea license PL1148. Preliminary evaluation of the complete data, including core and fluid samples, acquired from the discovery well and extended follow-up indicates gross recoverable resources in the range of 120 million to 230 million barrels of oil equivalent on a P90-P10, DNO said in a statement posted on its site. At 175 million barrels of oil equivalent, the midpoint of that range, Carmen ranks as the largest discovery on the Norwegian continental shelf since 2013, the company said in the…
A Danish energy trader analyzes about 30 million data points each day in an effort to predict how cloud cover in Spain and rising temperatures in Germany could affect energy prices in France and elsewhere of Europe In the region’s €1.3 trillion electricity market, MFT Energy A/S and more than a dozen other trading companies are increasingly embracing artificial intelligence and machine learning to make money , and in the process help set the prices that households and businesses ultimately pay. Almost half of MFT’s electricity trades last year were done via algorithms, and the trend is upward. On Epex…
Texas has been hot lately. Temperatures reached a high of 103 F (39.44 C) in the Midland-Odessa area of Texas on July 9, according to online weather data from the US National Oceanic and Atmospheric Association, which showed the maximum temperature in the area was 98 F (36.66 C). ) on July 8th, 96F (35.55C) on July 7th, 97F (36.11C) on July 6th, and 98F on July 5th. When Rigzone asked the Texas Association of Producers and Royalty Owners (TIPRO) if the recent heat in Texas has been affecting oil and gas operations, the organization’s president, Ed Longanecker, said :…
North America has added several rigs week-over-week, according to Baker Hughes’ latest rotating rig count, which was released on July 7. The count showed the region increased its rig count by 14 weeks on week, with the US adding six rigs and Canada eight rigs during that time period. The total number of devices in North America is now 855, which includes 680 teams from the US and 175 from Canada, according to the count. The total U.S. rig count is made up of 540 oil rigs, 135 gas rigs and five miscellaneous rigs, according to the count, which classified…
The U.S. Department of Energy (DOE) on Monday announced more than $23 million in technology transfer and knowledge sharing funding to advance the deployment of carbon capture and storage (CCS) solutions. , increasing total grants to nearly $800 million by 2021. The funding, called the Regional Initiative to Accelerate the Deployment of Carbon Management, is intended to help ensure the country maintains “secure, affordable and environmentally sound fossil energy supplies,” according to the DOE. It was launched in 2019 under the department’s Office of Fossil Energy and Carbon Management (FECM). “With the selections announced today, FECM has invested more than…
McDermott International Ltd. has won a construction contract for a Malaysian gas pipeline project from Shell PLC on the island of Borneo. The offshore pipeline will serve the F22, F27 and Selasih fields in the state of Sarawak. “As part of the contract, McDermott will perform transportation and installation services for two pipeline segments and one section of flexible pipe,” the Texas-based company said in a recent press release. “McDermott will also provide pre-commissioning work on all internal piping and perform the structural installation of three jackets and tops.” Mahesh Swaminathan, senior vice president of subsea and floating facilities, noted…
Petroleos Mexicanos said it lost production capacity of about 700,000 barrels of oil, more than a third of its daily output, after a massive rig explosion on Friday that left at least two people dead. The company is working to restore production, Pemex Chief Executive Octavio Romero confirmed in a video late Saturday, adding that production has already recovered to 600,000 barrels. Bloomberg News previously reported that about 450,000 barrels of oil and more than 560 million cubic feet of gas, about 11 percent of Pemex’s total natural gas production, were lost Saturday at the producing asset alone Ku Maloob…
The energy industry is evolving rapidly, driven by a wide range of forces: a pandemic and its aftershocks, tensions with China, a land war in Europe, and a push to decarbonize, to name just a few. What has emerged in the last two years is a totally different industry than what was there before. All links in the value chain, from upstream producers, to the media, to downstream refiners and exporters, have had to drastically adjust their strategies, and if anything, these changes have only intensified the connectivity between crude oil and natural gas markets. , NGL and refined products.…