intent, Author at GUPC | Page 119 of 662

Oil Prices Gain On Venezuela Tariffs

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

Oil prices rallied in Wednesday’s session, a day after U.S. President Donald Trump announced that any country that buys oil or gas from Venezuela will pay a 25% secondary tariff on trades with the United States. Trump claims that Venezuela has sent “tens of thousands” of people to the U.S. who have a “very violent nature.” Brent crude for May delivery gained 1.2% to trade at $73.89 per barrel at 11.30 am ET while the comparable WTI crude contract climbed 1.2% to $69.84.

The secondary tariffs will target China, India, Spain, Italy and Cuba–all major buyers of Venezuelan oil. The tariffs could disrupt global oil supply chains, with U.S. oil companies likely to emerge as key beneficiaries of Venezuela’s customers looking for alternative supplies.

Oil Prices Rise as the EIA Reports a Decline in Crude and Product Inventories

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

Crude oil inventories in the United States saw a decrease of 3.3 million barrels during the week ending March 21, according to new data from the U.S. Energy Information Administration released on Wednesday.

Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a draw of 4.6 million barrels in U.S. crude oil inventories amid a strong gasoline draw. The Brent benchmark was trading up 0.88% at 9:39 a.m. ET at $73.66—a roughly $3 per barrel increase over this same time last week. The WTI benchmark, meanwhile, was trading up 0.84% at $69.58—just shy of a $3 per barrel rise over last week’s levels.

McDermott awarded enterprise framework agreement by Shell

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

McDermott has been selected by Shell Global Solutions International for an enterprise framework agreement (EFA) for engineering, procurement and integrated project management team services, the company said on Wednesday.

The EFA has a duration of three years with two one-year optional extensions. The agreement covers McDermott’s full range of services across its low-carbon solutions, offshore Middle East and subsea and floating facilities business lines.

OMV Petrom, ROMGAZ launch gas drilling at Romania’s Neptun Deep

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

OMV Petrom and ROMGAZ have begun drilling the first gas production well for the Neptun Deep project, OMV said on Tuesday.

Located in the Pelican South field, the well will contribute approximately 8 bcm annually to Romania’s gas production once plateau production is reached, OMV said.

First gas is estimated for 2027.

L&T wins “ultra-mega” QatarEnergy contract

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

Larsen & Toubro (L&T) Hydrocarbon Business has been awarded an EPCI contract by QatarEnergy LNG for the North Field Production Sustainability (NFPS) Offshore Compression Project, L&T announced on Wednesday.

Under the contract, L&T will provide EPCI and commissioning of two offshore compression complexes, each composed of large offshore platforms with compression and power generation facilities, flare platforms, interconnection bridges, living quarters and other associated structures. They will be located approximately 80 kilometres off the northeast coast of Qatar.

NSTA Expects UK Crude Oil Output to Continue Dropping in 2025

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

The North Sea Transition Authority (NSTA) expects UK crude oil production to continue dropping this year, according to data published on its website recently.

UK crude oil production is projected to average 0.53 million barrels per day in 2025 in the NSTA’s updated output forecasts, which show that this production averaged 0.77 million barrels per day in 2021, 0.71 million barrels per day in 2022, 0.63 million barrels per day in 2023, and 0.56 million barrels per day in 2024.

bp and Iraq finalize contract for Kirkuk oil field redevelopment

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq.
The contract between North Oil Company (NOC), North Gas Company (NGC) and bp includes the rehabilitation and redevelopment of the fields, spanning oil, gas, power and water with potential for investment in exploration.

Baker Hughes awarded multi-year contract for Dubai’s Margham gas project

Oil & Gas‚ Oil and Gas Industry | intent | March 27, 2025 | Comment off

Baker Hughes announced Wednesday a multi-year contract with Dubai Petroleum Establishment (DPE), for and on behalf of Dubai Supply Authority (DUSUP), to provide integrated coiled-tubing drilling services for the company’s Margham Gas storage project.
The project will provide stability to Dubai’s energy supply by strengthening the system’s ability to switch between natural gas and solar power.

Guyana is the World’s Newest Petro-State

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

In a mere six years, one of South America’s poorest nations, Guyana, has emerged as the world’s newest petrostate. There is speculation that the tiny country of less than one million is on track to become the continent’s second-largest oil producer. Even neighboring Venezuela’s President Maduro’s never-ending saber rattling over the Essequibo is not distracting the national government, in the capital Georgetown, from promoting the world’s fastest-growing oil boom. Guyana is now a major contributor to the world petroleum supply and will become the largest per capita oil producer, with production anticipated to exceed one million barrels per day by the end of 2027.

Oil Prices Surge to Three-Week High on Supply Concerns

Oil & Gas‚ Oil and Gas Industry | intent | March 26, 2025 | Comment off

Crude oil prices earlier today touched a three-week high, driven by the latest U.S. oil inventory report by the American Petroleum Institute and expectations of tighter supply on Washington’s double-down on oil sanctions against Iran and Venezuela.

Brent crude was trading at $73.13 per barrel at the time of writing, with West Texas Intermediate at $69.12 per barrel, after the American Petroleum Institute reported on Tuesday that oil inventories in the county had fallen by 4.6 million barrels in the week to March 21. This was a bigger than expected draw, with expectations being for a draw of 2.5 million barrels. Inventory figures from the Energy Information Administration are due out later today.

Author: intent