Oil and Gas Industry

Trump Talks To End Ukraine War Involve Power Plants

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Earlier, Ukrainian President Volodymyr Zelenskyy declined a proposal by Trump to acquire approximately 50% of Ukraine’s rare earth mineral rights. Valued at several trillion dollars, Ukraine’s mineral reserves include lithium, titanium and graphite which are essential for high-tech industries. The proposal was delivered by U.S. Treasury Secretary Scott Bessent as part of a bid to compensate Washington for assistance to Kyiv. Trump had suggested that Ukraine owed the United States $500 billion worth of resources for its past military support. However, Zelenskyy sought better terms, including U.S. and European security guarantees. Trump’s proposal did not include provisions for future assistance, which Zelenskyy deems necessary. Zelenskyy’s team has developed an offer for a mineral partnership in exchange for security guarantees, which was announced earlier this month.

China Stops Buying U.S. LNG

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Following the tariffs, Chinese LNG buyers with long-term supply contracts with U.S. producers have started reselling the cargos to Europe, Bloomberg reported, citing sources from the trading world. What’s more, Chinese traders have grown cold towards new long-term commitments for future supply from the United States, instead seeking long-term deals with gas producers in the Middle East and the Asia Pacific.

NRG Energy Invests $2.5 Million in Equilibrium Energy

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

NRG added that its venture capital fund will establish a fresh path for a structured interaction with entrepreneurs, technologies, and business models that are influencing the energy and smart home sectors. By means of its equity investments, the fund will foster innovation and pinpoint opportunities that improve NRG’s capacity to adjust and excel in a swiftly changing environment, the company said.

Murphy Buys BW Pioneer FPSO for $125 Million

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Murphy Oil Corporation has signed an agreement to acquire the BW Pioneer floating production storage and offloading vessel (FPSO). The company said in a media release that it has agreed to pay $125 million to BW Offshore for the unit, with an initial payment of $100 million due upon delivery by the end of the first quarter of 2025.

North America Cuts 35 Rigs Week on Week

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Week on week, the U.S. land rig count, offshore rig count, and inland water rig count remained unchanged, the count highlighted. The U.S. gas rig count decreased by one, its oil rig count increased by one, and its miscellaneous rig count remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count decreased by one week on week, while the country’s directional rig count increased by one and its vertical rig count remained unchanged during the period.

Whitecap, Veren to Merge in $10.4B Transaction

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Under the terms of the agreement, Veren shareholders will receive 1.05 shares of Whitecap for each Veren share held. The combined company will be led by Whitecap’s existing management team under the Whitecap name with four Veren directors joining Whitecap’s board, including the current President and CEO of Veren, Craig Bryksa.

Israel, Azerbaijan Step Up Alliance With Gas Exploration Deal

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

A consortium of Azeri state company Socar, BP Plc and Israel’s NewMed Energy LP will get the right to explore in one offshore block, in a signing overseen by Azerbaijan Economy Minister Mikayil Jabbarov and Israeli Energy Minister Eli Cohen, according to the Israeli energy ministry. The agreement gives Socar another foothold in important Israeli assets after the company bought a 10% stake in the Tamar gas field earlier this year.

Oil Rises as China Plans Stimulus, USA Ramps Up Pressure on Iran

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Potentially rekindling the market’s geopolitical risk premium, US President Donald Trump said in a social media post that the administration will view maritime attacks by the Houthi militia as equivalent to direct affronts by Tehran. That followed Defense Secretary Pete Hegseth’s comments on Sunday that US strikes on Houthi sites will be “unrelenting” until the group stops targeting vessels in the Red Sea.

Brazil Moves Ahead with Plan to Boost Ethanol Blend in Gasoline

Oil & Gas‚ Oil and Gas Industry | intent | March 18, 2025 | Comment off

Authorities are recommending an increase in the blend of ethanol in regular gasoline to 30 percent from the current level of 27.5 percent. That’s after technical tests sponsored by the country’s Ministry of Mines and Energy indicated there would be no harm to car engines.

U.S. Rig Count Stalls as Oil Prices Keep Drillers in Check

Oil & Gas‚ Oil and Gas Industry | intent | March 17, 2025 | Comment off

There was a 3-rig slide in drilling activity in the Permian Basin, falling to 301 in the most proflic basin—a figure that is 15 fewer than this same time last year. The count in the Eagle Ford saw an decrease of 1 active drilling rig, coming in at 48. Rigs in the Eagle Ford are 7 below where they were this time last year.