The fuel depot at Calenzano, just northwest of Florence, receives, stores, and ships out gasoline, diesel, and jet fuel. The explosion occurred in an area where trucks were refueling in a loading shelter. The explosion and fire have not affected the storage tanks, Eni says.
Kuwait’s GDP contracted by 3.6% last year, thanks in large part to a 4.3% contraction in its oil sector due to the production cuts. The economy shrank again by 1.5% on an annual basis in the second quarter after the oil sector declined 6.8%.
Oil is the primary factor that determines gasoline prices in the United States, and commodity experts at Standard Chartered have predicted that U.S. oil production will not surge under Trump. According to the experts, U.S. crude production has increased by 4.7 mb/d since the pandemic-era low of May 2020; however, it’s just 0.4 mb/d higher than the pre-pandemic high of November 2019, working out to an annual production growth rate of just 80 thousand barrels per day (kb/d) over this timeframe.
The Bureau of Land Management has offered the minimum possible amount of land in a mandatory lease sale for the Arctic National Wildlife Refuge, in keeping with the Biden administration’s efforts to minimize drilling in the area.
The year-to-date rate of oil imports, however, remains a decline on 2023 and chances are that the full-2024 figure will be lower than the 2023 total as well. This will probably add fuel to trader pessimism about future demand even as China doubles down on stimulus to accelerate its economic growth.
Drilling activity is accelerating in Argentina’s Vaca Muerta shale region, thanks in large part to policies by the business-friendly government of President Javier Milei. Shale oil now accounts for about 60% of Argentine crude and has put the nation on course to reach production levels unseen in more than 20 years, according to the US Energy Information Administration.
First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boed) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO.
In Ecuador, SLB deployed Neuro autonomous geosteering to drill a 2,392-foot lateral section of an onshore well for Shaya Ecuador S.A. During this operation, SLB’s autonomous system completed 25 autonomous geosteering trajectory changes, with each interpretation and decision cycle taking only seconds.
Africa was one of the first regions where CNPC established its presence. Over the past 30 years, CNPC has managed 14 oil and gas projects across six African countries and deployed engineering service teams in 18 African nations.
ADNOC has signed a second Sales and Purchase Agreement (SPA) for the lower-carbon Ruwais liquified natural gas (LNG) project, with Malaysia’s Petronas. The 15-year SPA for supplying 1 million tonnes per annum (mtpa) of LNG converts a previous Heads of Agreement between ADNOC and Petronas into a definitive agreement.