Oil Prices Rise Alongside High Demand, Red Sea Shipping Attacks, and Lower US Production
Oil prices rose on Wednesday as investors weighed strong U.S. gasoline demand data, attacks on shipping in the Red Sea, and a forecast for lower U.S. oil production.Brent crude futures were up 38 cents, or 0.54%, to $70.53 a barrel by 1:25 p.m. EDT. U.S. West Texas Intermediate crude was up 43 cents, or 0.63%, to $68.76 a barrel.U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy…
Exxon returns Stabroek land to Guyana: Government
The Ministry of Natural Resources announced on Wednesday that an Exxon Mobil led oil consortium had returned 2,534 sq km of the Stabroek Block to the Guyana government. This relinquishment was part of an obligation for Exxon in order to begin the final exploration phase of the Stabroek Block. The block contains one of the largest oil discoveries of recent decades. The original deadline was October but discussions between Exxon, the government and other stakeholders slowed down the process.
Germany supports cross-border gas deal with Netherlands
The German cabinet backed a deal on Wednesday with the Netherlands that would support the extraction of gas from a reservoir located in the North Sea. Berlin is looking to increase its domestic gas production. After the Ukraine conflict and Germany's decision not to import Russian gas, the government is now focusing on alternative solutions, such as increasing domestic exploration and extraction. Since decades, the German natural gas industry has seen a decline.
Hindustan Oil Exploration Company Pauses Output At West India Oilfield
Hindustan Oil Exploration Company said on Friday it has temporarily suspended production at one of its oilfields in western India due to adverse weather and is monitoring the situation to resume output when the weather improves.The floating storage offshore (FSO) unit at the company's Mumbai basin has been safely de-moored and anchored at a secure location for over a week, it said."We are prepared for re-mooring the FSO...
US to sell Gulf of Mexico oil and Gas Leases in December
According to the U.S. Bureau of Ocean Energy Management, the Trump administration proposes to sell oil and gas drilling on 80 million acres of the Gulf of Mexico by December 10. Donald Trump has changed the name of the Gulf of Mexico to the Gulf of America. This sale is the first in a five-year drilling program, launched by Biden during the period of the auction. BOEM, an Interior Department division, said that the administration planned to offer approximately 15…
Israel's Leviathan Gas Field to Restart Operations After Shutdown During Iran Conflict
Israel's NewMed announced on Wednesday that the Leviathan gas field, which supplies gas to Egypt, Jordan and the Middle East, was shut down almost two weeks ago because of the Iran-Israel war, but would be reopened in a few hours. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of Israel's exports to Egypt or Jordan have been closed.
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days. Another source said the work is planned to start in late July and will be completed by the end of August, without specifying dates.In July…
Israel resumes limited gas exports despite ongoing conflict; Egypt still waiting
Israel resumed exports of natural gas from its surplus, according to the Energy Ministry on Thursday. This comes nearly a full week after Israel and Iran engaged in an aerial battle. According to a source in the energy ministry, most of the gas exported is flowing into Jordan and "tiny quantities" have reached Egypt only this week. Egyptian fertilizer producers who had to stop operations because of the disruption in gas supply have said they still haven't received any gas, but are expecting it to return next week.
UK Issues Environmental Guidance on New North Sea Oil and Gas Drilling
The UK published long-awaited guidance on environmental issues that will impact future developments of two North Sea oil and natural gas fields, including Shell and Equinor. The guidelines explain how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions or Scope 3. The government ordered the document after a Supreme Court decision last year…
UK releases environmental guidance that will impact North Sea drilling
The UK published environmental guidelines on Thursday, which will impact future developments of two North Sea oil and natural gas fields. Shell and Equinor are among the companies that are expected to benefit. The guidelines outlines how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions. It is a significant step in ensuring that the full…
Canada Could Produce First LNG by This Weekend
Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday.The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in North America with direct access to the Pacific coast, significantly reducing sail time to…
