intent, Author at GUPC | Page 105 of 662

Oil Prices Reverse Gains as Traders Take a Break

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

China, meanwhile, reported March oil imports of over 12 million barrels daily, which was the highest import rate since August 2023, and came thanks to a ramp-up in purchases from Iran and Russia as traders found ways around the latest U.S. sanctions on both exporters. China’s crude oil imports over the first two months of the year fell by 5% compared to the same period of 2024 as the farewell round of sanctions that the Biden administration imposed on Russian energy affected international flows.

Trump Considers Tariffs on Critical Mineral Imports

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Over the long term, however, an effort to reduce the dependence on imports will pay off. Last week, China instituted export curbs on certain critical minerals like it did several years ago with Japan amid a trade dispute. In other words, China is no stranger to using its dominance in the sector as lever against trade partners with import dependence. China produces as much as 90% of the world’s rare earths output. This prompted a push by Western nations to diversify into their own rare earth supply chains but doing this has proven much trickier than talking about it.

Nabors Extends Corva Co-op to Advance Drilling’s Digital Transformation

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Nabors said the technology solution is designed to unify rig and remote operations through real-time data processing and cloud integration, enabling immediate, on-site drilling insights via Corva applications when connectivity allows. This flexible system allows customers to utilize RigCLOUD and Corva separately or in conjunction, with potential integration of the SmartROS operating system for enhanced automation.

Russia’s Energy Plan Sees Crude Output Barely Shifting by 2050

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Unlike oil, the country’s natural gas strategy foresees a big hike in annual production. It targets 853 billion cubic meters by the end of the decade, up by more than a third from 2023. Output in 2050 is seen topping 1 trillion cubic meters, an increase that’s largely down to a ramp-up of liquefied natural gas.

Oil Dips as Tariff Tensions Linger

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Oil has dropped about $10 this month as the trade fight started by President Donald Trump stoked fears of a global recession that would hurt energy demand, especially in the US and China, the biggest crude consumers. Concerns about the growth outlook have led agencies to cut projections for oil usage and analysts to slash price forecasts, with the possibility of a glut amplified by OPEC+’s surprise decision to bring back output more quickly than expected.

CNOOC Starts Production at Wenchang 9-7 Oilfield Development Project

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

The main production facility is a new drilling and production platform, which leverages the adjacent existing facilities for development. CNOOC added that 25 development wells are planned to be commissioned, including 18 production wells and seven gas injection wells.

Trio Closes Acquisition of Heavy Oil Assets from Novacor

Oil & Gas‚ Oil and Gas Industry | intent | April 16, 2025 | Comment off

Trio CEO Robin Ross said, “Novacor has always prioritized operational excellence and fiscal responsibility as their low lift costs are a testament to this commitment and will provide us with a significant advantage in the current market. While we are mindful of global economic trends and their potential influence on commodity prices, our fundamental strength moving forward will be in our ability to produce oil economically”.

Snam Says Regasification Unit Ready for Operations

Oil & Gas‚ Oil and Gas Industry | intent | April 15, 2025 | Comment off

“With the entry into operation of the Ravenna terminal, we are adding another fundamentally important element to the process of securing the country’s energy supply, which began in the aftermath of the Russian-Ukrainian crisis and has been made possible by the joint efforts of institutions and companies at both [the] national and local level,” Snam CEO Stefano Venier said. “We are not only keeping on schedule, we are also showing that this can go hand in hand with environmental protection and monitoring”.

Brazil to Offer Oil Blocks Where Petrobras Fights to Drill

Oil & Gas‚ Oil and Gas Industry | intent | April 15, 2025 | Comment off

Brazil will offer 172 oil blocks that span areas on land to deep-water regions in northeastern and southern Brazil under concession contracts. A total of 47 are at the Foz do Amazonas, where Petrobras is appealing to drill its first well after having its exploration campaign blocked in 2023. Brazil’s Mines and Energy Ministry says that basin could contain oil fields similar to those discovered in Suriname and Guyana, where Exxon Mobil Corp. found billions of barrels.

BMI Reveals Latest Brent Oil Price Forecasts

Oil & Gas‚ Oil and Gas Industry | intent | April 15, 2025 | Comment off

A BMI report sent to Rigzone by the Fitch Group on April 11 showed that BMI expected the front month Brent crude price to average $76 per barrel in 2025 and $75 per barrel in 2026. A BMI report sent to Rigzone by the Fitch Group on March 3 showed that BMI expected the Brent price to average $76 per barrel this year, $75 per barrel next year, and $75 per barrel across 2027, 2028, and 2029.

Author: intent