Oil and Gas Industry

Iran Targets Dramatic Output Increase From Oil Fields Bordering Iraq

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Iran is targeting a dramatic increase in oil production from the fields it shares with neighbouring Iraq, according to the chief executive officer of its Petroleum Engineering and Development Company (PEDEC), Nasrollah Zarei. These include its enormous Azadegan oil field (split into North and South sites) that sits on the same reservoir as Iraq’s huge Majnoon site, and the massive Yadavaran oil field which occupies the same reservoir as Iraq’s Sinbad site. Other notable major shared fields – among many others — are Azar (on the Iran side)/Badra (on the Iraq side), Naft Shahr (Iran)/Naft Khana (Iraq), Dehloran (Iran)/Abu Ghurab (Iraq), West Paydar (Iran)/Fakka (Iraq), and Arvand (Iran)/South Abu Ghurab (Iraq). This is part of a broader-based plan to bring output across all Iran’s major fields in the ultra-rich oil field cluster of West Karoun to 1 million barrels per day (bpd) from the current 480,000 bpd.

One in Five Refineries Faces Shutdown Despite Rising Fuel Demand

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Many observers have argued that China’s concerted electrification push and the diversification into LNG-powered trucks would kill a lot of oil demand. Indeed, consumption data suggests there has been an impact. Yet a new refinery just started operating in China a few months ago, and more recently, its second unit started up, adding a fresh 400,000 bpd to the country’s total capacity. It seems demand is not quite dead yet and will not be for some time—especially for those who make their refineries petrochemical complexes, too.

Canada Plots Energy Escape Route from Trump’s America

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

The Liberals, who were trailing Conservatives for years under former PM Trudeau, are now ahead in the opinion polls and widening the lead over Conservatives as the new Liberal leader Carney is seen as more capable than Poilievre of standing up to President Trump’s threats. If the six-point lead of the Liberals holds until Election Day, Carney could be able to form Canada’s first majority government in a decade

Russia Watchdog Halts Oil Loadings at One Berth in Novorossiysk

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

The Novorossiysk port is a key export route for Russian crude oil and petroleum products and any significant disruptions to loadings may affect the nation’s production flows. However, last month, 23 crude tankers loaded there to carry Russian barrels abroad. All of them loaded at berths 1, 1a or 2, according to vessel tracking data compiled by Bloomberg and shipping industry data.

Buru Brings on CEFA to Co-Develop Rafael Gas Project in Australia

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Buru Energy Ltd. has executed a Strategic Development Agreement (SDA) with Clean Energy Fuels Australia Pty. Ltd. (CEFA) to co-develop the Rafael gas project. The project is located in the Canning Basin, some 150 kilometers (93.2 miles) east of Broome and approximately 85 kilometers (52.8 miles) south of Derby in the Shire of Derby-West Kimberley, Western Australia.

Kumul Wraps Up Kimu, Barikewa Seismic Program

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

“On Wednesday, March 26, we shot the last hole on a seismic line in the Kimu license, and camp demobilization has begun. This is the culmination of a seismic program we have been undertaking in our two petroleum retention licenses”, Wapu Sonk, Kumul Petroleum’s managing director, said. “The purpose of this seismic work is to gather additional geological information on the petroleum resources already discovered in these two licenses, to increase the volumes of oil and gas reserves. The second objective is to identify and firm up siting of some delineation wells and exploration targets”.

ConocoPhillips Considers Selling Prime Oklahoma Assets

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

In February, ConocoPhillips said it would seek to boost returns to shareholders by nearly $1 billion this year as it booked better-than-expected earnings for the fourth quarter of 2024. The company’s Q4 adjusted earnings reported in February were at $2.4 billion, or $1.98 per share, down from adjusted earnings of $2.9 billion, or $2.40 per share, for the same period a year earlier.

Oil Holds Steady as Market Prepares to Panic over ‘Liberation Day’

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

Most market attention at the moment remains focused on Trump’s plan to announce sweeping “Liberation Day” tariffs later on Wednesday, with no details, creating a situation that has the market guessing and preparing to panic over the prospect of a global trade war.

Oil Slumps, Gold Rallies as Traders Review Trump Tariff Hit

Oil & Gas‚ Oil and Gas Industry | intent | April 3, 2025 | Comment off

According to a White House fact sheet, steel, aluminum, gold and copper imports won’t be subject to reciprocal tariffs, providing at least some relief to domestic buyers who are already bearing the cost of Section 232 tariffs of 25% on all imports of some key metals. Gold, however, jumped as much as 1.1% to a record as investors sought safety following the tariff headlines. Bullion has climbed more than 20% this year after a ferocious run in 2024.

Macquarie Strategists Forecast USA Crude Inventory Rise

Oil & Gas‚ Oil and Gas Industry | intent | April 2, 2025 | Comment off

In its latest weekly petroleum status report at the time of writing, which was released on March 26 and included data for the week ending March 21, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 3.3 million barrels from the week ending March 14 to the week ending March 21.