ONEOK Inc has signed an agreement to buy Brazos Midstream’s natural gas gathering and processing assets in the Permian Basin for $4.425 billion in cash, enabled by a new $9 billion minority equity investment from Apollo Global Management Inc. The Brazos system will more than double ONEOK’s processing capacity in the Permian’s Midland sub-basin to […]
Two oil supertankers attempting to exit the Strait of Hormuz were struck by projectiles late Monday, maritime security consultant Marisks said, as renewed hostilities threaten a recent recovery in oil shipments through the critical waterway. The very large crude carrier Sidr, operated by Saudi Arabia’s Bahri shipping company, was hit while sailing northeast of Khasab, […]
US oil prices topped $90 a barrel for the first time since late July as fresh American strikes on Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz. West Texas Intermediate rose 5.2% on the renewed fighting. US President Donald Trump said the attacks were in retaliation for Iran trying […]
Chevron Corp. is finalizing a deal that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, part of a push by U.S. President Donald Trump to ramp up production in the South American country. The Texas oil company has negotiated operating rights to the fields in the Carabobo […]
Comstock Resources has announced a proposed $1.65 billion strategic partnership with Azerbaijan’s SOCAR alongside a $450 million drilling venture backed by Jerry Jones, providing new capital to accelerate development of the company’s Legacy and Western Haynesville natural gas assets. Under a letter of intent, SOCAR would pay $1.65 billion in cash for a 20% non-operated working interest in Comstock’s Legacy Haynesville assets and […]
The U.S. government has reached an agreement tied to the development of 17 oil fields in Venezuela containing approximately 65 Bbbl of proven reserves, according to a White House fact sheet released Aug. 31. Under the agreement, Venezuelan interim authorities granted North American Blue Energy Partners (NABEP) 100-year concessions covering the 17 fields. The privately held company plans to invest up […]
Ranger Energy Services has agreed to acquire STEP Energy Services’ U.S. coiled tubing assets for approximately $27.5 million, a transaction that will position Ranger as the second-largest coiled tubing provider in the Lower 48. The acquisition includes 13 full coiled tubing spreads, related equipment and inventory, along with certain property and vehicle lease obligations. STEP’s U.S. coiled […]
Baghdad (IraqiNews.com) – Iraqi Oil Minister Basim Khudair and representatives from British Petroleum (BP) and Texas-based ConocoPhillips discussed on Monday the development of Iraq’s oil and gas industry. The meeting held in Baghdad included BP’s Iraq director Zaid al-Yasiri, Nader Zaki, Ariel Flores, and ConocoPhillips representative William Arnold, as well as senior Iraqi officials in […]
Entering peak hurricane season, offshore operators face the possibility of severe weather disrupting operations. In September 2024, unplanned storm-related outages disrupted 16% of total crude oil production in the federal Gulf of America/Mexico. While operators can’t control the path or severity of a storm, they can gain a clearer understanding of critical equipment health before it arrives, […]
India’s biggest oil explorer, Oil and Natural Gas Corp. (ONGC), plans to build strategic crude reserves as the country seeks to strengthen its buffers against supply disruptions. The state-run producer will invest 70 billion rupees ($736 million) to develop underground storage in southern India able to hold about 13 MMbbl of crude, Chairman Arun Kumar Singh told reporters in […]