EIR stated in the release that buyers looking beyond the Permian are likely to consider a wide range of options, including more mature, established areas like the Williston Basin and Eagle Ford and emerging opportunities like the liquids window of the Utica.
West Texas Intermediate edged down below $73 a barrel after White House press secretary Karoline Leavitt reiterated that the planned tariffs on Canada, Mexico and China will start as soon as Feb. 1. Crude had earlier declined as much as 1.1% after Reuters reported the measures would be delayed until March 1 and may allow for exemptions, assuaging concerns about supply disruptions.
SLB noted that the EPCIC award follows a cost-reduction phase for Hafslund Celsio’s project, during which efficiency improvements, such as layout optimization, were identified. The project will utilize SLB Capturi’s modular Just Catch 400 unit. SLB said the space-efficient Just Catch design creates a feasible and cost-effective solution by minimizing on-site footprint, installation, and outfitting requirements.
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.
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.