The Deepsea Atlantic semi-submersible drilling rig will continue serving the Norwegian energy giant Equinor ASA until the end of the second quarter of 2027. Odfjell Drilling Ltd said in a media release that the unit will continue operating under previously agreed terms until the middle of the third quarter of 2026.
Iraq’s parliament passed a long-awaited plan to boost payments to oil companies in the semi-autonomous Kurdistan region, a step toward resuming exports from the area that were halted almost two years ago.
While Chevron’s upstream earnings rose in Q4 from a year earlier, primarily due to the absence of charges from decommissioning obligations for previously sold assets in the Gulf of America, the downstream business posted a loss of $248 million, compared to earnings of over $1.1 billion for the same period of 2023.
Goldman Sachs analysts predict Brent crude prices could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd). In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent supply disruptions while Russia experiences temporary setbacks, tightening global crude markets. With geopolitical tensions already pressuring supply chains, traders are watching for any policy shifts that could exacerbate the squeeze.
Venezuela boasts the largest proven oil reserves in the world, and US refiners are chewing through Venezuela’s heavy crude at an increasing pace, reaching a six-year high in December to 300,000 bpd. Venezuela’s oil is critical for US refiners such as Chevron and Valero.
Hess Corp. grew its net oil production in Guyana by 52 percent to 195,000 barrels per day (bpd) in the fourth quarter of 2024 compared to the same three-month period in the prior year, according to quarterly results it released Wednesday. The New York City-based company’s net production in the United States’ Bakken shale also […]
The report, which was released on January 29 and included data for the week ending January 24, showed that crude oil stocks, not including the SPR, stood at 415.1 million barrels on January 24, 411.7 million barrels on January 17, and 421.9 million barrels on January 26, 2024. The EIA report highlighted that data may not add up to totals due to independent rounding.
The dispute arose in 2022, when Thebe wanted to exit its stake and the parties couldn’t settle on the value of the holding. They are now close to agreeing on ending the impasse, said the people, who asked to remain unidentified because the information is private.
West Texas Intermediate futures spiked as much as 1.5% from their settlement price after Trump made the comments to reporters at the White House. The gain just as quickly evaporated after he said he will decide later tonight on whether to include oil in the tariffs. WTI traded at $73.06 a barrel at 4:10 p.m. in New York.
The government fleshed out the goal Prime Minister Keir Starmer announced at the COP29 summit in November, touting its credentials as the first Group-of-Seven country to phase out coal, its phaseout of new cars relying solely on the combustion engine by 2030 and its policy of not issuing new oil and gas exploration licenses.