Woodside Energy has formally awarded key contracts, including the $1 billion-plus engineering, procurement and construction contract for the floating production unit to HD Hyundai Heavy Industries, for its $7.2 billion Trion ultra-deepwater field development offshore Mexico after receiving regulatory approval from the host government.
U.S. oil producer Chevron on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia.
Kuwait is planning to extend a Jurassic gas contract awarded to US service firm SLB, local media reported.
Crude oil prices extended the gains they’d made on Tuesday today as traders watched Hurricane Idalia approach the Gulf Coast and the American Petroleum Institute surprised the market with a massive inventory draw.
Concern about a seismic change in the U.S. shale industry with shareholder returns prioritized over spending on production has plagued analyst and banker circles for over a year.
U.S. House Speaker Kevin McCarthy has revealed he plans to promote U.S. natural gas exports at an upcoming G7 meeting. McCarthy will frame his agenda in the context of Europe buying more U.S. gas as a way for the continent to wean itself off Russian gas following its war in Ukraine.
Oil prices continue to trade sideways this week, with supply shocks being counteracted by continued macroeconomic pessimism.
Russia’s crude oil exports by sea jumped by 880,000 barrels per day (bpd) week-over-week to 3.4 million bpd in the week to August 27, tanker-tracking data monitored by Bloomberg showed on Tuesday.
Nigeria has historically had to import petroleum by-products, diesel and gasoline from other countries such as India, Belgium and the United Arab Emirates. This was one of the major paradoxes that overshadowed the African country in the midst of a more aggressive and competitive international market.
Nigeria looks to restart four of its oil refineries by the end of 2024, the country’s newly appointed minister of state for petroleum, Heineken Lokpobiri told Reuters, as the southern Port Harcourt plant prepares to begin operations by the end of this year.