Oil prices continued to inch lower in early Tuesday trading as concerns about oversupply and sagging demand resumed their grip on the market, even as trade-talks between the United States and China offered a glimmer of optimism.
In a filing, the company said it was ready to start pumping gas to the last block at Plaquemines LNG more than two years ahead of schedule. In its latest request to the Federal Energy Regulatory Commission, Venture Global asked for and received an extension to the original deadline, to the end of 2027.
A total of 1.24 billion barrels of crude and condensate, a light form of oil recovered from gas fields, was moving on tankers in the week to Oct. 17, according to data from analytics firm Vortexa. That was up from a revised 1.22 billion barrels a week earlier.
“Japan has steadily reduced dependency on Russian energy in the wake of the Ukraine war,” Trade Minister Yoji Muto said on Tuesday, without providing a timeline or details on when imports could end. LNG supply from the Russian Sakhalin-2 export project accounts for about 10 percent of the nation’s total imports of the fuel and so “plays an important role” in energy security, he added.
The total U.S. rig count increased by one week on week and the total Canada rig count rose by five during the same period, taking the total North America rig count up to 746, comprising 548 rigs from the U.S. and 198 rigs from Canada, the count outlined.
“The well found 26m of net pay in rich gas condensate-bearing reservoirs, with the reservoir showing excellent quality petrophysical properties and no observed water contact”, Rhino said in a press release. “Hot shot laboratory analysis on two samples (at the top and base of the reservoir interval) showed a high condensate to gas ratio (CGR) of >140 and a liquid density of around 40° API gravity.
Crude oil exports from Iraq’s semi-autonomous region of Kurdistan have reached 205,000 barrels per day (bpd), but the oil flows via a pipeline to the Turkish point of Ceyhan could be under threat again.
Kent will design new desalter facilities to support the production of 300,000 bopd over the next 20 years, managing an expected water cut of up to 60%. The facility will include separation and desalting facilities to process up to 315,000 bopd as well as systems to reduce gas flaring.
The report cited an announcement by Egypt’s Ministry of Petroleum and marks an expansion of the company’s activities into North Africa’s upstream sector.
GeoPark has completed its previously announced acquisition from Pluspetrol S.A. of a 100% operated working interest in the Loma Jarillosa Este and Puesto Silva Oeste blocks, located in the black oil window of Argentina’s Vaca Muerta formation in the Neuquén basin.