Major international oil and gas companies have scaled back or quit operations in Colombia’s offshore exploration and production areas, as the country’s leftist president has imposed stricter rules and exploration drilling failed to live up to expectations.
Brazil’s state-controlled oil producer Petrobras reported weaker-than-expected results and cut its dividend after lower oil prices offset stronger production figures.
Shale oil producers added a single drill rig this week after 14 consecutive weeks of declines, staving off at least for now a pandemic-level downturn in U.S. activity.
ExxonMobil Guyana has started production at Yellowtail, the fourth oil development in Guyana’s offshore Stabroek block. Yellowtail’s ONE GUYANA FPSO vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day.
Egypt will boost its contracted purchases of natural gas from Israel’s Leviathan field under a new agreement starting next year, deepening the country’s dependence on imports of the fuel for the long haul.
Ammat Global Resources has announced an ambitious growth strategy for exploration and production in the Republic of Congo, aiming to increase the company’s oil and gas output by 70% over the next five years.
Kuwait expects oil prices to remain below $72 per barrel in the near term, Tareq Al-Roumi, the Oil Minister of one of OPEC’s top producers, said on Thursday.
Second-quarter financial reporting season is over and it has revealed two things. First, that Big Oil’s recovery from its energy transition experiment is still ongoing and that European supermajors have yet to catch up with their American sector players—on production and earnings alike.
Crude oil prices were headed for a steep weekly drop as of Friday morning, with a combination of tariff fears and OPEC+ production instilling a strong sense of bearishness in oil traders.
Under the terms of the deal, JERA will purchase the gas on a free-on-board basis at a price indexed to Henry Hub, and will pay a fixed liquefaction fee. Deliveries are scheduled to begin in 2029 and are expected to continue until 2050.