Last month, a survey by law firm Haynes Boone LLC revealed that banks are gearing up for oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term. Trump says he’ll push shale producers to ramp up output.
Citing several unnamed sources the report said Pilot Co had let almost all of its employees go and refocus on its original business in the United States. Warren Buffett’s Berkshire Hathaway acquired Pilot Co. back in 2017 and it ventured into the world of international oil trading after that.
The LNG project in the restive Cabo Delgado province has been on hold since 2021 when an Islamist insurgency threatened the site. Dozens of civilians were killed in the attacks in a nearby town, forcing Total to declare a force majeure and withdraw all staff from the construction site.
A cold blast gripping the US South threatens to bring record-breaking snowfall to New Orleans and Houston and a deep freeze that endangers oil and natural gas output and electrical grids.
France’s low-carbon electricity output surged to more than 95 percent of annual power production for the first time in 2024, as rising nuclear and hydro generation squeezed the use of fossil fuels.
Global energy technology company SLB has posted a six percent rise in net income for 2024, despite a drop for the fourth quarter. The company said in its report that its net income for the year landed at $4.46 billion. For the fourth quarter, the company’s net income was at $1.1 billion, eight percent below Q3 and two percent below the corresponding 2023 quarter.
“Naftogaz Group not only maintains stability but also continues to demonstrate growth in gas production”, Naftogaz acting chair Roman Chumak said in an online statement. “Each day, our team demonstrates resilience and adaptability, driving progress even under the toughest conditions”.
Israel exported a record 981mn cfd of natural gas to Egypt in 2024, good for 18.2% year-over-year. According to Middle East Oil & Gas publication MEES, the remarkable surge in imports can be attributed to a growing gas deficit resulting from declining domestic production by Egypt. However, Israel will struggle to ramp up exports further due to infrastructure limitations.
Russia’s oil shipments via the Baltic Sea declined 10% over the final four months of 2024 due to the impact of EU sanctions against Russian oil and gas exports, the Finnish Border Guard has reported. Finland’s Coast Guard monitors the shadow fleet that Russia uses to export crude via the Gulf of Finland.
The United States has become the largest LNG exporter in the world in a few short years and it also became the biggest supplier to the European after 2022 and the suspension of most Russian pipeline flows. Before 2022, U.S. LNG exports to the continent averaged 15 million tons per year, but they jumped to 55 million tons in both 2022 and 2023.