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.
“Pancontinental has prudently prepared for the possibility that Woodside may elect not to farm into PEL 87 and a process is already underway to secure an alternate farmin partner to fund exploration drilling within PEL 87 at the earliest opportunity”, Pancontinental said. “The Company has received third party interest and, given the Company’s low quarterly cash burn, remains well funded to progress the farmout process (31 December 2024 cash balance $3.6 million)”.
More recently, the Heritage Foundation’s Project 2025 called for scrapping the agency, which has a budget of $460 million. ARPA-E also appeared on a list of programs being scrutinized by the White House Office of Management and Budget as President Donald Trump and billionaire Elon Musk seek to shrink the US government.
“Crude has been pricing in only a minimal geopolitical risk premium as tensions between Israel and Hamas resurface,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Most traders view the premiums as selling opportunities, positioning for inventory builds later in the year and increasing macroeconomic risks.”
“Pipeline installation is progressing well and set to be completed in two winter seasons, putting us in a good position to pursue acceleration to first oil around the end of 2025”, said Bruce Dingeman, Santos president for Alaska. “This will be dependent on logistics and weather allowing for the mobilization of key production models by barge up the Hay River. Until we have more certainty, guidance remains unchanged with first oil in mid-2026”.
The company said it has begun operations at three landfill renewable natural gas (RNG) projects: Prince William, Sapphire, and Polk, which have a total annual design capacity of 3.6 million British thermal units (MMBtu). This brings the annual design capacity of OPAL Fuels’ operational RNG projects to 8.8 MMBtu by the end of 2024. When including projects that are currently under construction, the total annual design capacity rises to 11.4 MMBtu.
Past restructurings include Covid-hit Sembcorp Marine’s demerger in 2020. Sembcorp Industries’ chief executive officer at the time said the move would help it focus on the energy and urban sectors. Sembcorp Industries also completed divestments in Chile, China and Panama that year. In 2024, it announced the sale of Sembcorp Environment Pte for S$405 million.
“‘Next-generation’ technologies have the potential to engineer effective geothermal resources in commonly found environments, vastly expanding resource availability and potential commercial adoption”, said the DOE’s next-generation geothermal “Liftoff” report last year. “Although a nascent industry, next-generation geothermal enjoys several starting advantages, including transferrable technology, supply chains, and workforces from the oil & gas sector, that will help it achieve rapid scale.
The commitment was made during Putin’s two-and-a-half-hour phone call with President Trump during which the two discussed the next steps in the Ukraine war. A full 30-day ceasefire, as originally proposed by the U.S. side, was rejected by Russia, which sees it as a means of giving the Ukrainian army a break to rearm. One of Russia’s conditions for a peace agreement is the suspension of all U.S. military aid to the Kyiv government.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.3 million barrels again to 395.9 million barrels in the week ending March 14. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.