Although the U.S. dropped four rigs week on week, Canada added 13 during the same period, taking the total North America rig count up to 809, comprising 580 rigs from the U.S. and 229 rigs from Canada, the count outlined.
A cold blast gripping the US South threatens to bring record-breaking snowfall to New Orleans and Houston and a deep freeze that endangers oil and natural gas output and electrical grids.
France’s low-carbon electricity output surged to more than 95 percent of annual power production for the first time in 2024, as rising nuclear and hydro generation squeezed the use of fossil fuels.
Global energy technology company SLB has posted a six percent rise in net income for 2024, despite a drop for the fourth quarter. The company said in its report that its net income for the year landed at $4.46 billion. For the fourth quarter, the company’s net income was at $1.1 billion, eight percent below Q3 and two percent below the corresponding 2023 quarter.
“Naftogaz Group not only maintains stability but also continues to demonstrate growth in gas production”, Naftogaz acting chair Roman Chumak said in an online statement. “Each day, our team demonstrates resilience and adaptability, driving progress even under the toughest conditions”.
The biggest Indian state refiners have asked one Middle Eastern exporter to offer alternative price quotes for its crude as India is scrambling for the cheapest possible supply amid soaring oil and shipping prices after the U.S. sanctions on Russia’s oil trade.
Israel exported a record 981mn cfd of natural gas to Egypt in 2024, good for 18.2% year-over-year. According to Middle East Oil & Gas publication MEES, the remarkable surge in imports can be attributed to a growing gas deficit resulting from declining domestic production by Egypt. However, Israel will struggle to ramp up exports further due to infrastructure limitations.
Russia’s oil shipments via the Baltic Sea declined 10% over the final four months of 2024 due to the impact of EU sanctions against Russian oil and gas exports, the Finnish Border Guard has reported. Finland’s Coast Guard monitors the shadow fleet that Russia uses to export crude via the Gulf of Finland.
The United States has become the largest LNG exporter in the world in a few short years and it also became the biggest supplier to the European after 2022 and the suspension of most Russian pipeline flows. Before 2022, U.S. LNG exports to the continent averaged 15 million tons per year, but they jumped to 55 million tons in both 2022 and 2023.
“LNG traders care about volatility. If you’re in a flatter volatility environment, it doesn’t matter how good or bad your traders are, it’s going to be harder to make huge amounts of money,” Hewitt Energy Perspectives consultant David Hewitt told the FT.