Buru Energy Ltd. has executed a Strategic Development Agreement (SDA) with Clean Energy Fuels Australia Pty. Ltd. (CEFA) to co-develop the Rafael gas project. The project is located in the Canning Basin, some 150 kilometers (93.2 miles) east of Broome and approximately 85 kilometers (52.8 miles) south of Derby in the Shire of Derby-West Kimberley, Western Australia.
“On Wednesday, March 26, we shot the last hole on a seismic line in the Kimu license, and camp demobilization has begun. This is the culmination of a seismic program we have been undertaking in our two petroleum retention licenses”, Wapu Sonk, Kumul Petroleum’s managing director, said. “The purpose of this seismic work is to gather additional geological information on the petroleum resources already discovered in these two licenses, to increase the volumes of oil and gas reserves. The second objective is to identify and firm up siting of some delineation wells and exploration targets”.
In February, ConocoPhillips said it would seek to boost returns to shareholders by nearly $1 billion this year as it booked better-than-expected earnings for the fourth quarter of 2024. The company’s Q4 adjusted earnings reported in February were at $2.4 billion, or $1.98 per share, down from adjusted earnings of $2.9 billion, or $2.40 per share, for the same period a year earlier.
Most market attention at the moment remains focused on Trump’s plan to announce sweeping “Liberation Day” tariffs later on Wednesday, with no details, creating a situation that has the market guessing and preparing to panic over the prospect of a global trade war.
According to a White House fact sheet, steel, aluminum, gold and copper imports won’t be subject to reciprocal tariffs, providing at least some relief to domestic buyers who are already bearing the cost of Section 232 tariffs of 25% on all imports of some key metals. Gold, however, jumped as much as 1.1% to a record as investors sought safety following the tariff headlines. Bullion has climbed more than 20% this year after a ferocious run in 2024.
In its latest weekly petroleum status report at the time of writing, which was released on March 26 and included data for the week ending March 21, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 3.3 million barrels from the week ending March 14 to the week ending March 21.
Trump’s threat of penalties on Russia has added to a more positive short-term outlook for prices, with key timespreads pointing to a tighter market and derivatives tied to the vital North Sea benchmark surging. At the same time, WTI briefly entered overbought territory on its nine-day relative strength index for the first time since Trump took office, signaling that the past three weeks’ rally may be set to pause
Six people directly involved in physical North Sea oil and derivatives trading said that the heightened volumes bore the hallmarks of a trader having their positions stopped out. The term means that either the trades were closed involuntarily, or that they triggered a preset threshold requiring them to be closed.
“Johan Castberg opens a new region for oil recovery and will create more opportunities in the Barents Sea”, added Kjetil Hove, Equinor executive vice president for exploration and production in Norway. “We’ve already made new discoveries in the area and will keep exploring together with our partners.
Saipem said the contract entails detailed engineering, procurement, construction, and commissioning of the carbon capture, storage, and ship loading systems. These actions follow the successful conclusion of the initial engineering and procurement services carried out following the Letter of Intent announced on July 26, 2023.