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Oil Supply Crunch is Coming, ConocoPhillips CEO Says
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S. independent oil producer…
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Production from Nigeria's Ikike Field to Start
TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), announces the start of production from the Ikike field, in Nigeria.Located 20 kmoff the coast, at a depth of about 20 meters, the Ikike platform is tied back to the existing Amenam offshore facilities through a 14 km multiphase pipeline.
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Wintershall Dea Looks to Domestic Production as Russia has 'Destroyed' Trust
Germany's Wintershall Dea, a shareholder of the Nord Stream 1 pipeline and longstanding Gazprom partner, on Tuesday said it would look to increase domestic oil and gas output since Russia has lost its status as a reliable energy supplier.If Europe wants to reduce its dependence on imports it has to look at domestic energy supplies…
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Price is the Elephant in Australia's LNG, Domestic Gas Conundrum
Australia's threat to curb exports of liquefied natural gas (LNG) in order to ensure domestic supplies is another unwelcome pressure on a tight global market for the super-chilled fuel.But it's not an immediate threat, and it may also not materialize at all, depending on how the various players in Australia react to the government's planned action.
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Guyana's Oil Exports Double, with Europe Taking Half of Cargoes
Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019…
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Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted
Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at…
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Wasted Gas: As Global Supplies Tighten, Here’s 210 bcm of Natural Gas for the Taking – IEA Report
A new report from the International Energy Agency (IEA) estimates that if there was a concerted, global effort to eliminate…
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U.S. Natgas up 2% on Higher Demand, Soaring Global Prices
U.S. natural gas futures edged up about 2% on Tuesday on record power demand in Texas, forecasts for more gas demand over…
Latest news
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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.
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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…
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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…
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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 rese
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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…
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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.
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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…
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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Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and…
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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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Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy…
Production
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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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Total CEO Not Betting on Prices Staying at $70 a Barrel
Total's chief executive said on Monday it could take two years for the world economy to recover from the coronavirus pandemic…
