Author: intent

North America Cuts 35 Rigs Week on Week

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Week on week, the U.S. land rig count, offshore rig count, and inland water rig count remained unchanged, the count highlighted. The U.S. gas rig count decreased by one, its oil rig count increased by one, and its miscellaneous rig count remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count decreased by one week on week, while the country’s directional rig count increased by one and its vertical rig count remained unchanged during the period.

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Whitecap, Veren to Merge in $10.4B Transaction

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Under the terms of the agreement, Veren shareholders will receive 1.05 shares of Whitecap for each Veren share held. The combined company will be led by Whitecap’s existing management team under the Whitecap name with four Veren directors joining Whitecap’s board, including the current President and CEO of Veren, Craig Bryksa.

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Israel, Azerbaijan Step Up Alliance With Gas Exploration Deal

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

A consortium of Azeri state company Socar, BP Plc and Israel’s NewMed Energy LP will get the right to explore in one offshore block, in a signing overseen by Azerbaijan Economy Minister Mikayil Jabbarov and Israeli Energy Minister Eli Cohen, according to the Israeli energy ministry. The agreement gives Socar another foothold in important Israeli assets after the company bought a 10% stake in the Tamar gas field earlier this year.

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Oil Rises as China Plans Stimulus, USA Ramps Up Pressure on Iran

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Potentially rekindling the market’s geopolitical risk premium, US President Donald Trump said in a social media post that the administration will view maritime attacks by the Houthi militia as equivalent to direct affronts by Tehran. That followed Defense Secretary Pete Hegseth’s comments on Sunday that US strikes on Houthi sites will be “unrelenting” until the group stops targeting vessels in the Red Sea.

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Guyana’s Oil Exports Skyrocket—And Europe’s Refiners Love It

Oil & Gas‚ Oil and Gas Industry | intent | March 17, 2025 | Comment off

With higher production came a surge in Guyana’s crude oil exports in recent years. More than half of these are going to Europe, where refiners have been increasingly appreciating Guyana’s crude grades—Liza, Unity Gold, and Payara Gold. These crudes are sweeter and lighter compared to the crude of some other South American exporters, such as Mexico or Colombia.

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Chinese Refineries Post a 2.1% Increase in Output Over January and February

Oil & Gas‚ Oil and Gas Industry | intent | March 17, 2025 | Comment off

The independent refiners, for their part, boosted purchases of Russia’s Far East flagship ESPO blend and more February-loading cargoes were delivered to the Shandong and Jiangsu provinces, primarily to teapot refiners, Vortexa has estimated. In January, the independent refiners preferred to reduce runs rather than seek alternative barrels amid uncertainties surrounding ESPO supply.

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