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ConocoPhillips Swings to 3Q Profit
ConocoPhillips reported a third-quarter profit on Tuesday, compared with a year-ago loss, thanks to a rebound in crude prices to pre-pandemic levels.Oil prices have climbed nearly 63% since the beginning of the year, driven by a rise in global demand and on supply bottlenecks, pushing Brent above $86 to its highest in nearly three years.
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China's Sinopec Finds Shale Oil at Shengli Field
A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on Tuesday.Shengli, in Shandong province, is one of China's largest conventional oil and gas fields but Sinopec, has been exploring
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Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects frustration with the Organization of the Petroleum…
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White House Welcomes OPEC+ Decision to Stick to Planned Output Increase
The White House on Tuesday welcomed a decision by top oil producers to stick with their plans to raise crude production and touted "close" coordination with Saudi Arabia and the United Arab Emirates.Earlier on Tuesday, a group of producers comprising the Organization of the Petroleum…
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Equinor Finds New Oil Near North Sea Fram Field
Equinor and partner Wellesley report discovering oil in the Troll and Fram area in exploration wells 35/10-7 S and 35/10-7 A in the Toppand prospect. Preliminary calculations of the expected size indicate between 3.3 and 5.2 million standard cubic meters of recoverable oil equivalent…
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Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects
Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables,…
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Brent Shoots Past $80 a Barrel
Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages…
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Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore
Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S.
Latest news
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OPEC+ Sees No Need to Meet US Call for More Supply
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S.
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Williams Inks Deal for Whale Deepwater Transport Services
Williams (NYSE: WMB) reached an agreement with Shell Offshore Inc. and Chevron U.S.A. Inc. to provide offshore natural gas…
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Buyers Reportedly Line-up for a Crack at Seadrill
Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd…
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OPEC+ Agrees New Oil Deal Without UAE Agreement, Source Says
OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer…
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WTI-Brent Spread Narrows as Oil Market Tightens
The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S.
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Oil Drillers, Bitcoin Miners Bond over Natural Gas
On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to…
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Market Signals Fast Rebound in Floating Production Orders
The deepwater market is rapidly returning to pre-COVID-19 activity levels, and the recovery appears to be gaining strength…
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BP Profit Triples to $2.6B in Q1 on Strong Oil, Gas Trading
BP's profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving t
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When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy
Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon…
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Rystad: Oil Demand to Peak in 2026
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier…
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U.S. Crude Oil Exports: When 'Less is More'
Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen…
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US House Bill Seeks $8 Bln for Abandoned Oil and Gas Well Cleanup
A U.S House of Representatives Democrat introduced a bill on Thursday authorizing $8 billion to plug and clean up abandoned oil wells nationwide…
Exploration
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Nigeria Launches Licensing Round for Marginal Oilfields
Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday…
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Petronas Farms Out Part of Suriname Offshore Block to Exxon
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary…
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Equinor Exploration Manager Steps Down to Take New Role
Norwegian oil and gas company Equinor has informed that its executive vice president Exploration Tim Dodson will step down…
Drilling
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US Oil Rig Count Rises for First Week Since March
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 12th week in a row, although…
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Melbana Gets More Time to Find Beehive Drilling Partner
Australian oil and gas company Melbana Energy has been given more time to work on its Beehive offshore prospect in the Bonaparte Basin off W.
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US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments
The U.S.
Production
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Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S.
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OPEC+ to Weigh Modest Output Boost, Sources Say
OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said…
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Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting…
