The US Energy Information Administration (EIA) noted in its latest Short-Term Energy Outlook (STEO) that it expects US crude oil production to set annual records in 2023 and 2024, but added that growth is slowing. “We estimate that West Texas Intermediate (WTI) crude oil prices will average $83 per barrel over the three years from 2022 to 2024, while annual growth in US crude oil production over the same period will average 0 .4 million barrels per day,” the EIA said. in his June STEO. “This compares with average crude production growth of 1.1 million barrels per day over the…
Author: Automotivedealernews.com
Novatek PAO has obtained a Russian patent for a large-scale gas liquefaction process. Called Arctic Mix, the process uses mixed refrigerants that enable greater liquefied natural gas (LNG) production capacity with improved efficiency, Russia’s top natural gas producer said in a press release this week. “This LNG process has been developed to implement the company’s large-scale projects in gravity-based structures with a production capacity of more than 6 mmtpa. [million tons per annum] by LNG train,” the ad said. “Mixing refrigerants in the process allows it to be used over a wider geography with better energy efficiency and a lighter…
A multi-sector coalition of civil society has protested in front of the San Miguel Corp headquarters. (SMC) in Manila this week to demand an end to the Philippines’ nascent opening to liquefied natural gas (LNG) imports, in favor of renewables. The WagGas alliance of communities, environmental organizations and faith groups warned that importing LNG to replace dwindling local gas production will increase electricity bills and further endanger the country’s biodiverse environment. “After leading the rapid and massive expansion of coal in the past, SMC today leads in accommodating large new capacities for gas and liquefied natural gas (LNG) power, at…
Ovintiv has closed transactions related to Midland Basin and Bakken oil and gas assets, the Denver-based company said in a news release. The combined transactions are expected to improve capital efficiency by 15 [percent] and sustainably increase cash returns per share by more than 25 [percent]” said Ovintiv. Ovintiv has closed its acquisition of the core Midland Basin assets involving all leasehold interests and related assets of Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources (NMB’s sellers), which are portfolio companies of funds managed by EnCap Investments LP The cash and stock transaction was valued at $4.275 billion,…
Several US agencies have been compromised by a hacking campaign in which attackers have exploited flaws in a popular software tool to collect information from a number of victims. The US Cybersecurity and Infrastructure Security Agency, a unit of the Department of Homeland Security, confirmed on Thursday that several US government agencies were affected by hackers. Neither the names of the agencies nor the scope of the hacks were immediately clear. Russian-speaking hackers known as Clop have carried out a series of recent attacks that exploited a vulnerability in MOVEit, a popular file transfer product. “CISA is supporting several federal…
Oil and gas giant Saudi Arabian Oil Co. (Aramco) and other Saudi and international companies bought more than 2.42 million tonnes of carbon credits at the Regional Voluntary Carbon Market Company (RVCMC) auction held in Nairobi, Kenya on Monday, RVCMC said. A total of 16 Saudi and international companies participated in the auction, with Aramco, Saudi Electricity Company (SEC) and NEOM subsidiary ENOWA buying the largest number of carbon credits, the RVCMC said in a press release on Thursday. The auction broke the previous record for the largest voluntary carbon credits ever sold, which was 1.54 million tonnes (1.4 million…
Earthstone Energy Inc. and Northern Oil and Gas Inc. (NOG) are buying Novo Oil & Gas Holdings LLC for $1.5 billion, according to press releases from both companies. Texas-based Earthstone will pay $1 billion for a 66.67 percent stake in Novo, while NOG will acquire working interests equivalent to 33.3 percent of the oil and gas assets for $0.5 billion. The effective date of the agreement is May 1 and is expected to close in the third quarter, subject to customary closing conditions. Novo’s assets are primarily located in Eddy County, New Mexico and Culberson County, Texas. Upon closing and…
Which major US oil company produced more in the first quarter of this year: ExxonMobil, Chevron or ConocoPhillips? Well, according to its first quarter results, Exxon took the top spot with 3.831 million barrels of oil equivalent per day, followed by Chevron with 2.979 million barrels of oil equivalent per day, and Conoco with 1.792 million barrels of oil equivalent per day. day. Exxon’s production rose from its fourth-quarter production figure of 3.822 million barrels per day and its first-quarter 2022 production figure of 3.675 million barrels per day, its latest release showed results Chevron’s production figure was down from…
Russia will struggle to meet its strategic goal of quadrupling shipping to the Arctic by the end of the decade as the nation cannot increase and upgrade its small and aging ice fleet fast enough, according to the operator of the Rosatom North Sea Route. The Arctic route, which stretches more than 3,000 nautical miles (5,556 kilometers) between the Barents Sea and the Bering Strait, is the shortest passage between Europe and Asia. Global warming has made icy waters increasingly navigable, creating opportunities for Russian commodity exporters who are focusing on Asian markets amid the Kremlin’s standoff with the West…
Oil rose on Friday, consolidating a gain for the week, as macroeconomic trends suggested stronger global demand. Crude oil has been boosted by signs that China’s use will continue to grow, indications that the U.S. driving season will be robust and expectations that the Federal Reserve’s pause in interest rate hikes will provide the economy a temporary relief. Still, the rally is being limited as inventories continue to rise despite OPEC+ production cuts led by Saudi Arabia. Production cuts, along with the loss of Russian barrels and wildfires in Canada, have contributed to the tightness of the heavy and sour…