US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers lost as much as 2 million barrels per day or 15% of their production during the weekend. This was due to a winter storm which ravaged the nation, straining the?energy grids and infrastructure. Energy Aspects estimates that oil production outages peaked at 2 million barrels per day on Saturday. The Permian basin is likely to have experienced the greatest share of this decline, at about 1.5 million bpd.
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers of oil lost up to two million barrels per day, or about 15% of the nation's production, over the weekend as a winter storm swept through the country, straining the energy infrastructure and the power grids. According to a report by?consultancy energy?Aspects, oil production outages peaked Saturday. The Permian basin is likely to have been the most affected, as it lost around 1.5 million barrels of oil per day.
Libya signs 25-year agreement with TotalEnergies and ConocoPhillips that will bring in over $20 billion of investment
Libya's Prime Minister Abdulhamid al-Dbeibah announced that the country will sign on Saturday a 25-year agreement with TotalEnergies of France and ConocoPhillips in the United States. The deal involves more than $20 billion dollars worth of foreign-financed investments and is aimed at increasing production by as much as 850,000 barrels a day. Dbeibah stated in a X post that the deal was signed through a subsidiary,?Waha Oil Company.
Overview of Iran's major gas fields and oil infrastructure
After a wave anti-government protests, the US is heading to Iran and renewing warnings against Tehran restarting its nuclear programme or killing protesters. Tehran accuses Washington of fomenting turmoil. A major increase in prices could endanger key energy infrastructure, and add uncertainty to the oil and gas market. Here are some facts about Iran's energy sector, its exports and the impact of?Western sanctions. Iran produces natural gases from the South Pars offshore gas field.
Western Midstream renegotiates Occidental's contracts in the Delaware Basin
Western Midstream Partners, the operator of a pipeline in Delaware Basin, announced on Tuesday that it had renegotiated contracts for its Delaware Basin assets with Occidental Petroleum. The new contract provides a "simpler fixed fee structure" for natural gas gathering. Western Midstream will receive 15.3 million units of common stock worth $610 million as part of the deal. This would reduce Occidental's ownership by about 40% once the units have been redeemed.
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar, Syria's biggest oilfield, was taken over by the government at the weekend following a lightning-fast offensive against Kurdish troops who had occupied the site for almost a decade…
Trump blocks courts from seizing Venezuelan Oil Revenue in US Accounts
The White House announced on Saturday that U.S. president Donald Trump had signed an executive order to prevent?courts and creditors from impounding revenues tied to the sale of Venezuelan oil in U.S. Treasury accounts. The order stated that the money held in foreign government deposits should be used to create "peace and prosperity" in Venezuela. The emergency order was signed Friday, a little more than a week after U.S. troops captured Venezuelan President Nicolas Maduro at Caracas.
Trump calls on US oil companies to fix Venezuela's rotting energy industry
Donald Trump, the U.S. president, began a meeting at the White House on Friday to discuss Venezuela. He said he wanted executives from some of the largest oil companies in the world to invest $100 billion to expand Venezuela's production. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops seized Nicolas Maduro as the leader of the South American nation during a brazen raid overnight on the capital on January 3.
Trump meets with oil companies in Venezuela
Donald Trump, the U.S. president, began a meeting at the White House with executives of some of the largest oil companies in the world on Friday. He said that increasing crude production from Venezuela will benefit the United States. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops?seized South American leader Nicolas Maduro during a brazen raid overnight on the?capital of the country January 3.
Trump's "drill baby, drill" agenda in Venezuela hurts producers at the home
Trump wants $50 oil but it's below the profit level of U.S. Venezuelan oil redirected to squeeze U.S. Venezuelan oil to benefit U.S. HOUSTON, January 9 - U.S. Oil Producers already struggling with low oil prices face renewed pressure as President Donald Trump presses them to increase output in Venezuela – a move which would weaken oil markets, reduce revenues and hurt the industry at home. Trump's policies, he claims, will unleash American energy while lowering prices at the pumps.
White House oil meeting includes independents and has strong ties to Denver
On Friday, the White House will be inviting oil executives to meet with them in order to discuss possible investment in Venezuela. While the list of attendees includes some big names from American oil, such as Exxon Mobil, ConocoPhillips, and Chevron, it also contains smaller independents, private equity-backed companies, and other players. Only the largest U.S. An oil industry source said that oil producers in Venezuela have the experience and scale to operate there.
US oil companies juggle Venezuelan opportunity and investor concerns ahead of White House Summit
U.S. Oil executives will weigh the business potential of Venezuela and the enthusiasm expressed by President Donald Trump against the cautious attitude expressed by their investors when they are summoned to meet at the White House this Friday to discuss possible investment plans. Speaking at the Goldman Sachs Energy?conference held in Miami, Secretary of energy Chris Wright repeated Trump's claim that U.S.
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of U.S.
FT reports that US oil companies need guarantees before investing in Venezuela.
The Financial Times reported that U.S. Oil Companies want "serious assurances" from Washington before making large?investments into Venezuela. President Donald Trump wants them to support his efforts to reshape the energy?markets. The FT, citing sources familiar with the issue, reported that U.S. officials met with energy executives on Wednesday in Miami. Washington and Caracas are progressing, so the talks will come.
Trump Administration says that there are ways to increase Venezuelan oil production quickly
Trump's administration dismissed Tuesday analysts' estimates that it will?take years? to increase Venezuela's crude oil production. They said there are ways to boost the country?s oil sector quickly. The Trump administration is aiming to increase crude production from Venezuela, the South American country that has the largest oil reserves in the world. This comes after U.S. troops seized Venezuelan leader Nicolas Maduro during a raid against its capital Caracas, on Saturday.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump administration will meet with oil executives this week to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips…
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump Administration plan to meet with oil executives this week in order to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and…
Oil Executives Dispute Trump's Claim of Talks with US Majors on Venezuela
Four oil executives who are familiar with the situation say that the Trump administration didn't consult Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuelan president Nicolas Maduro on Jan. 3.This contradicts the assertion made by President Donald Trump on Air Force One Sunday, that he spoke to all U.S. companies of oil "before and afterwards"…
Oil executives say that the Trump administration did not consult US oil majors regarding Venezuela.
According to four oil executives who are familiar with the situation, the Trump administration didn't consult the oil companies Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuela's President Nicolas Maduro on Jan. This contradicts the claim made by President Donald Trump on Sunday aboard Air Force One that he spoke to all U.S. companies about Maduro’s capture "before and afterwards".