The outgoing U.S. administration last Friday slapped the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and energy officials.
Just days after the US imposed sweeping sanctions on the Russian oil industry, NATO committed to a new strategy in the Baltic Sea designed to protect critical undersea infrastructure including pipelines from sabotage attacks it said are linked to Russian shadow fleets.
In October of that year, Opec+ members agreed to cut output by 2 million bpd oil after benchmark prices fell by around a quarter from above $110 per barrel as recession fears trumped conflict-related supply concerns.
US onshore driller Helmerich & Payne (H&P) has closed its $1.97 billion acquisition of UK competitor KCA Deutag, and in the process it acquired the remaining 10% of KCA Deutag that had been held by Italian contractor Saipem.
Russian privately held oil producer Lukoil appointed Sergey Kochkurov as executive chairman, replacing Vadim Vorobyov, who resigned after being included on the US sanctions list.
Australia’s offshore regulator Nopsema has slapped Subsea7 with an improvement notice relating to its multipurpose vessel Seven Pegasus, after some workers onboard contacted Nopsema stating that fatigue is affecting their work.
The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI crude for February delivery gained topped $80 per barrel.
The Permian in West Texas and southeastern New Mexico continues to be the most prolific oil and gas producing basin in the United States, accounting for most of the output at the biggest public onshore producers and representing the bulk of oil and gas production at the top 50 producers.
North Dakota’s claim to oil fame has long been the Bakken shale, one of the top shale plays in the country. The Bakken is considered a rather mature play, but now, studies by researchers with the state’s Department of Natural Resources have opened up the prospect of a second life for the Bakken.
Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year.