Exxon is considering a return to Iraq after leaving the country two years ago, Bloomberg reported, citing an unnamed source who said Exxon was interested in developing the massive Majnoon field.
Commonwealth LNG, a project proposed for Louisiana and originally supposed to be up and running by 2027, will take until 2031 to complete, the company behind it has warned in a request for an extension to its deadline.
After the transaction, which is subject to customary conditions including regulatory approvals, the French energy giant will retain 45 percent as operator. Danish state-owned oil and gas producer Nordsofonden owns the remaining 20 percent.
The two topsides, with a combined weight of about 47,500 tonnes, will be transported to Able Seaton Port (ASP) in Teesside from 2027 onward for dismantling and materials recovery. Up to 97% of the recovered materials are expected to be reused or recycled, further establishing ASP as one of Europe’s leading marine decommissioning facilities.
West Texas Intermediate gained about 0.1% to settle near $62 a barrel, narrowly extending a winning streak to a third day. OPEC and its allies including Russia decided over the weekend on a 137,000-bpd hike, while Saudi Arabia kept the price of its main grade to Asia steady in a sign of caution, surprising traders who had expected a bump.
U.S. crude oil production averaged 13.6 million bpd in July, the highest monthly level on record and above earlier estimates. The EIA now forecasts production will average 13.5 million bpd in both 2025 and 2026, modestly higher than its September forecast, as U.S. producers sustain near-record activity levels despite softening prices.
The find, with a potential 70% recovery rate, could add 198 bcm (7 tcf) to Iran’s producible reserves and help offset domestic gas imbalances during high-demand months.
Reconnaissance Energy Africa Ltd. (ReconAfrica) reports that drilling operations are progressing on schedule at the Kavango West 1X exploration well in Namibia’s Damara Fold Belt. The company has set its final casing string at a depth of approximately 2,300 m, just above the targeted Otavi carbonate reservoir, and is now drilling ahead into the primary objective.
Saudi Arabia left the official selling price of its crude oil selling in Asia in November unchanged from the October prices as OPEC+ continues to lift production amid a market concerned about an imminent oversupply.
Since the Russian invasion of Ukraine, India has relied on the discounted Russian crude banned in the West to reduce its crude import bill. Indian refiners have significantly increased their purchases of Russian crude, making India the second-largest buyer of Russia’s oil, behind only China.