Industry executives are prepared to praise Trump’s early moves, including his decision to end a Biden-era permitting pause that halted new authorizations to export liquefied natural gas overseas. The Trump administration has already moved to issue those licenses, with the most recent coming Wednesday for Venture Global LNG Inc.’s CP2 project in Louisiana.
West Texas Intermediate rose 0.4% to top $67 a barrel, while Brent settled near $71. US distillate inventories dropped to the lowest in more than three months, while gasoline stockpiles hit January lows, reining in concerns about declining fuel consumption. The official data also showed a smaller gain for crude stockpiles than estimated by the American Petroleum Institute, while reserves fell at the Cushing hub.
Kinewell said its Kinewell Layout Optimization of Cable (KLOC) software employs AI-driven technology to quickly create optimized inter-array cable layouts for offshore wind farms. KLOC leverages sophisticated optimization algorithms to deliver economically efficient layouts with enhanced reliability, generally achieving savings of approximately 20 percent on cable system capital expenditures, all while simplifying the early-stage development process, Kinewell said.
The French energy company would be a key buyer from a plant planned by Brazilian renewables developer Casa dos Ventos, said people familiar with the matter who asked not to be identified because the deliberations are private. TotalEnergies, which has a 34 percent stake in the developer’s wind and solar generation unit, also is considering taking a direct shareholding in the project, the people said.
“Baker Hughes has led the way in addressing SCC-CO2, and we will bring that expertise and experience to bear in developing the definitive solution to this critical industry challenge”, Amerino Gatti, executive vice president for Oilfield Services and Equipment at Baker Hughes, said. “By deploying flexible pipe systems that last for decades, Petrobras can more efficiently unlock the vital natural resources that power the region, while also safely returning CO2 deep underground”.
NewMed Energy’s initial investment consists of EUR 50 million for the next exploration well to be drilled in the block’s Vinekh prospect. This well would be followed by another drilling on either an exploration well in another prospect or an appraisal well in Vinekh in the case of discovery in this prospect. NewMed Energy has agreed to invest a further EUR 50 million in the second well.
All current production by Vancouver, Canada-based Africa Oil, which explores and develops oil and gas in Africa, comes from Prime. Netherlands-registered Prime holds stakes offshore Nigeria.
“There is compelling strategic rationale for the consolidation and we believe that the quality and materiality of the assets within our diversified portfolio, our newly combined balance sheet, the strength of the cash flow profile and an attractive double-digit dividend yield all help emphasize a superior investment proposition for investors”, Africa Oil president and chief executive Roger Tucker said in an online statement.
In a breaking news market update sent to Rigzone last week by the Rystad team, León said the energy market implications of a Ukraine-Russia ceasefire could be huge. He highlighted in that update, however, that it is “still early in the process”.
In a market analysis sent to Rigzone this morning, Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade, said gold prices “hit another record high as heightened geopolitical tensions increased safe-haven demand”.
Last year, Nigeria’s beleaguered energy sector witnessed a very significant event after the Dangote Oil Refinery began producing gasoline and selling it domestically to NNPC, marking the first time in decades Africa’s largest oil producer is refining its own crude. The state-of-the-art $20.5 billion refinery was launched in January 2024, but only began producing gasoline in September. The giant refinery has a capacity to process 650,000 barrels of crude per day, considerably bigger than any refinery in Europe and more than enough for Nigeria’s needs. To sweeten the deal further, the facility has been buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the U.S. dollar.
n its latest weekly petroleum status report at the time of writing, which was released on March 12 and included data for the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, increased by 1.4 million barrels from the week ending February 28 to the week ending March 7.