The government reports that Guyana's oil production rose to 667, 000 bpd during May.
In a government bulletin, published on Tuesday, Guyana's oil production rose from 611,000 barrels per day to 667,000 bpd by May, thanks to increases at Exxon Mobil's two facilities. Exxon, U.S. Hess, and China's CNOOC, which control all oil and natural gas output in South America, are expected to increase production beyond 900,000.bpd when a fourth floating plant begins operating later this year.
Russia is ready to provide LNG to Mexico
The Russian Embassy in Mexico announced on Saturday that it was ready to share its energy technologies and supply Mexico with liquefied gas. "We already work with Mexico." "We have excellent LNG technology, and we're ready to share this technology and supply LNG too," Russian Energy minister Sergei Tsivilev stated. The embassy said that Russia was ready to provide oil extraction technologies suitable…
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, published on Tuesday, predicted that both the U.S. Natural Gas output and demand would reach record levels in 2025. EIA projects that dry gas production in 2024 will increase from 103.2 billion cubic feet per day (bcfd), to 105.9 in 2025, and then 106.4 in 2026. This compares to a record-breaking 103.6 bcfd for 2023.
US Natural Gas Prices Fall 6% in Volatile Contract Expiration Trade
U.S. natural gas futures fell about 6% on Wednesday to a one-week low in volatile contract expiration trade, pressured by an expected decline in gas flows to liquefied natural gas (LNG) export plants.Traders said Freeport LNG in Texas might reduce output and they pointed to forecasts for less demand this week than previously expected.On its last day as the front-month, gas futures for June delivery on the New York Mercantile Exchange (NYMEX) fell 19.4 cents…
Egypt In Talks to Buy LNG Cargoes Amidst Energy Crunch
Egypt is in talks with energy firms and trading houses to buy 40-60 cargoes of liquefied natural gas (LNG) amid a worsening energy crunch ahead of peak summer demand, three sources aware of the matter told Reuters.The country faces spending up to $3 billion at current prices to secure the LNG, squeezing government coffers already under strain to keep the lights on amid falling gas production and…
Egypt's fertiliser manufacturers cut production as gas supplies are reduced
Two of Egypt's biggest fertiliser producers announced on Wednesday that they received an official notification about a two week reduction in the natural gas supply at their plants. This triggered a drop in production. Both Abu Qir Fertilizers and Chemical Industries and Misr Fertilizers Production stated in their stock exchange statements that the expected production to fall by 30% over the period. Egypt is facing a growing gas shortage ahead of summer peak season.
Exxon's Guyana oil production rose to 668,000 barrels per day last week
Alistair Routledge of the U.S. After receiving the floating production facility in Guyana waters in February, the group is now working on installing it. The companies produced 627, 000 bpd in March. Data from the energy ministry of the country showed that the average 631,000 BPD achieved during the first quarter is 3% more than the previous year. After the fourth facility has been plugged in, the Exxon consortium will increase its output capacity from 500,000 bpd to 900,000.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago. Revenue dropped 7.3% to 753.1 billion Yuan.
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the…
BP warns about lower production in the first quarter and weak gas sales
Energy group BP said that it expects the first-quarter production of oil and gas to be lower than in the previous quarter. Lower gas output in Egypt and Trinidad and asset sales will offset gains in oil. The trading update provides an early look at BP's performance in its first quarter, as the company faces investor pressure on capital discipline, share repurchases and energy transition. This scrutiny has increased since activist investor Elliott Management purchased a stake.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration's (EIA's) Short-Term Energy Outlook, published on Thursday, said that both the U.S. Natural Gas output and demand would reach record highs by 2025. EIA projects that dry gas production in 2026 will increase from 103.2 billion cubic feet per day in 2024, to 105.3 in 2025, and 107.1 in 2026. This compares to a record-breaking 103.6 bcfd for 2023. The agency…
Follow This, a BP activist investor, urges voting against Chair Lund on energy transition
BP activist investor Follow This intends to ask shareholders at the 17th April shareholder meeting to vote against Helge Lund being reappointed, claiming he had a duty to give investors a voice on the scrapping of energy transition targets. In a February strategy overhaul, CEO Murray Auchincloss announced that BP would cut spending on renewables while increasing investment in oil and natural gas.
Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy. The Caribbean country has expressed interest in exploring Guyana’s Berbice off-shore block.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration released its Short-Term Energy Outlook Tuesday, predicting that both the U.S. Natural Gas output and demand would reach record highs by 2025. EIA's projected dry gas production is expected to rise from 103.1 billion cubic feet per day in 2024, to 104.6 bcfd by 2025, and then 107.3 bcfd by 2026. This compares to a record-breaking 103.6 bcfd for 2023. The…
Reports say that Malaysia's Petronas will cut jobs in order to survive.
Local media reported that Malaysia's Petronas, the state-owned energy company, will reduce its staff to ensure its survival in the face of increasing challenges within the global operating environment. The Petronas CEO was quoted as saying this. The rationale behind this move is to ensure Petronas' survival in the next decades. According to The Edge, the president and CEO Tengku Taufik TengkuAziz said that if we didn't act now, Petronas would be gone in 10 years.
Petrobras Q4 total production down 10.5%; sales and exports are also down
Petrobras, the state-owned oil company in Brazil, reported a 10.5% drop in its fourth-quarter total oil and gas production compared to a year ago. Sales and exports were also down. Petrobras, Latin America’s largest oil company, reported a total oil and natural gas production of 2,63 million barrels equivalents per day (boed), for the three months ending in December. Total sales of oil and gas…
Oil prices fall as Trump reiterates his call for OPEC price cuts
Oil prices fell on Monday, after U.S. president Trump asked OPEC for a reduction in prices in response to his announcement that he would take a wide range of measures to increase U.S. oil production and gas output during his first week as president. Brent crude futures fell 53 cents or 0.68% to $77.97 per barrel at 0430 GMT, after closing up 21 cents Friday. U.S. West Texas Intermediate Crude was $74.16 per barrel, down by 50 cents or 0.67%.
Baker Hughes: US oil & gas rig count at lowest since Dec 2021
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 2021, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, fell by four to 576 in the week to Jan. 24. RIG-USA-BHI, RIG-OL-USA-BHI, RIG-GS-USA-BHIBaker Hughes said this week's decline puts the total rig count down 45…
US NatGas Demand Could Hit Record High
U.S. spot natural gas and power prices soared to multi-year highs in several parts of the country with extreme cold expected to boost gas demand to a daily record high on Tuesday.Extreme weather has created havoc for power and gas markets in recent years as demand has come close to outpacing supply.In February 2021, a freeze in Texas killed more than 200 people and left millions without power,…
ONGC reports that BP expects a 44% increase in the oil production from India's biggest field.
According to Oil and Natural Gas Corp, BP, a global energy giant, has committed to increasing oil production by 44 percent and gas output by 89 percent from India's biggest field, located off the west coast of India, over a ten-year contract. ONGC announced BP on Wednesday as its technical services provider to help boost output. The baseline production is 45.47 millions metric tons of crude oil and 70.40 BCM of gas. Shell, a major energy company, also took part in the tender.
