Britain’s energy regulator warned suppliers on Tuesday not to boost investor returns at the expense of consumers, urging them to ensure sufficient capital to protect against volatility. The retail fuel market is expected to return to profit for the first time since 2018, with wholesale prices “significantly stabilised” after peaking in the second half of 2022 and early 2023 , Jonathan Brearley, CEO of the Gas and Electricity Bureau. Markets (Ofgem), wrote in an open letter to suppliers. Producer price inflation (PPI) for oil inputs fell 34.7% in the year to May and 10.4% month-on-month. “Crude oil made the most…
Author: Automotivedealernews.com
Saudi Arabia’s only option was to extend the voluntary cuts until August given the weakness in oil prices since they were first announced in early June. That’s what Joseph Gatdula, head of oil and gas at BMI, a Fitch Solutions company, told Rigzone, adding that a reduction or rollback of the cuts would have been premature and likely had a strong downside impact in prices “as bearish sentiment dominates price action.” “Bearish sentiment is preventing prices from moving higher despite the broad consensus for tighter markets in the coming months,” Gatdula said. The IMC oil and gas chief also stressed…
Northern Oil and Gas Inc (NOG) has completed an agreement to acquire Delaware Basin assets from Forge Energy II Delaware LLC that include approximately 30 net producing wells. Minnesota-based NOG now has a 30 percent stake in Forge’s assets after paying $167.9 million in cash for the joint acquisition with Vital Energy Inc, which will be the operator . “In connection with the transaction, NOG and Vital entered into cooperation and joint operations agreements, which include a multi-year development plan for the Forge assets,” NOG said in a press release last week. The acquisition of Forge, a company under EnCap…
88 Energy has signed agreements to acquire interests in leases and wells in the Permian Basin with total net proven and probable reserves of 1.1 million barrels of oil equivalent (MMboe). The Australian company’s binding agreements with Oxy USA WTP LP through its 75% ownership Bighorn Energy LLC, in which Lonestar I LLC owns the remaining 25%, expand the joint venture’s Longhorn acreage by 435 net acres to 1,399. The project’s producing wells have increased to 40 with eight added in the $1.5 million transaction. The acquisitions, about four miles south of the existing acreage, also expand the Bighorn partners’…
Crude oil exports reached 5.6 Mb/d last week, the second-highest level in EIA statistics. Exports for the first six months of the year have averaged 4.1 Mb/d, 28% — or nearly 1 Mb/d — higher than the same period in 2022. And with Midland WTI crude now deliverable in the world benchmark Brent, there are even more exports. on the way. Which makes it increasingly important to understand how the physical price of crude oil is set at Gulf Coast export terminals. After all, exporters only take crude off the dock when they can make money doing it, well, at…
ONGC Videsh Ltd. is reconsidering taking a stake in Tullow Oil Plc’s Kenyan assets following the exit of other project partners. The Indian oil company needs more clarity after TotalEnergies SE and Africa Oil Corp. left the Kenyan consortium several weeks ago, an ONGC executive, who asked not to be named because the information was private, told reporters on Tuesday. The discussions of ONGC and Oil India Ltd. with Tullow they started before those companies decided to exit. Tullow discovered crude oil in Kenya in 2012, but has yet to find strategic partners to unlock sufficient financing for the project.…
Three Norwegian unions representing rig workers have agreed a 6.5 percent minimum wage increase with the Norwegian Shipowners’ Association, averting a strike that would have halted well activity on the country’s continental shelf . Almost 4,000 workers at Industri Energi called off their strike, the union said on the provisional agreement it signed with the industrial group last week. The strike would have affected companies such as 4Service Offshore AS, Archer Ltd, Dolphin Drilling ASA, ESS, KCA Deutag Group, Noble Drilling AS, Odfjell Drilling Ltd, Saipem SPA, Seadrill Ltd, Sodexo, Teekay Tankers Ltd, Transocean Ltd and Valaris Ltd. Industri Energi…
China is making purchases of natural gas, and officials are happy that importers will continue to make deals even after the global energy crisis has eased. The government continues to support efforts by state buyers to sign long-term contracts and even invest in export facilities to bolster energy security by mid-century, according to people who have had meetings with officials. politicians The nation is on track to be the world’s top importer of liquefied natural gas by 2023. And for the third year in a row, Chinese companies are agreeing to buy more long-term than any other country, according to…
The UAE plans to invest up to $54 billion in renewable energy over the next seven years as part of efforts to reach net zero emissions by 2050. The nation aims for a threefold increase in the proportion of energy produced from renewable sources during the period and will focus on hydrogen as a source of clean energy, the UAE’s prime minister said and ruler of Dubai, Sheikh Mohammed bin Rashid in a tweet. The plans come as the UAE prepares to host the COP28 climate summit later this year. Like many oil-producing nations, the push for a cleaner energy…
In a recent report to Rigzone, analysts at BMI, a Fitch Solutions company, noted that they now expect stronger growth in Australia’s refined fuel demand in 2023, “driven by increased demand for air travel, which will remain until the end of the year.” “We have revised our forecast for Australian refined fuel demand to 2023, from previously forecasting 2% year-on-year growth to now forecasting 6% year-on-year growth,” the analysts said in the report. “This will push the country’s total demand up to 1.065 million barrels per day, just below the pre-pandemic demand level of 1.088 million barrels per day seen…