Oil prices continued to move higher on Friday morning in Asia, supported by renewed optimism surrounding U.S.-EU trade negotiations and expectations that Russia will restrict gasoline exports. Even reports of Chevron’s return to Venezuela, which analysts estimate could add around 200,000 barrels per day to global supply, have been unable to pull prices lower.
U.S. natural gas futures fell for a third consecutive session on Wednesday, hitting its lowest intraday level since late April, as new weather forecasts indicate a much cooler weather pattern unfolding across the Lower 48 for the beginning of August.
Lower demand for crude oil from refiners at home gave a boost to U.S. exports of the commodity, turning it into a net exporter to OPEC member Nigeria in two of the seven months since the start of this year.
Based on end-2024 financial results, the merged company will have approximately EUR 21 billion in revenues and more than EUR 2 billion in EBITDA, and will command a backlog of around EUR 43 billion as of the end of Q1 2025. Annual free cash flow is expected to exceed EUR 800 million.
Aberdeenshire headquartered multi-discipline construction and maintenance specialist, AquaTerra Group, has announced the award of two separate contracts with bp and Ithaca Energy to support a number of their North Sea assets.
Full details of the decision were not immediately clear. The move came around the same time Washington and Caracas brokered an agreement that saw the release of 10 Americans detained in Venezuela, while 250 Venezuelans who were imprisoned in El Salvador were returned to their home country.
Shares of TechnipFMC PLC, one of the world’s biggest makers of offshore oil gear, surged to the highest in a decade on signs of a robust outlook that underscores the industry’s optimism over production at sea.
Halliburton and the other oilfield services giants such as SLB and Baker Hughes have already flagged there would be lower revenues and profits this year amid a decline in oil prices and increased uncertainties about demand, drilling activity, production and drilling costs.
Begonia-2 is expected to produce 141,583 cubic metres (5 mcf) of gas per day and is the first of 11 wells planned in a USD 100 million programme to boost company reserves and gas output in Egypt. The well is located in the New El Manzala concession and operated by El Wastani Petroleum Company, a joint venture between Dana Gas and the Egyptian Natural Gas Holding Company.
The discovery was made on the Vidsyn ridge, which has the potential to hold up to 100 million barrels of oil equivalent (MMboe) gross. The Vidsyn well confirms discovered recoverable resources in the range of 25 to 40 MMboe gross, which are considered commercial. The remaining potential of the ridge will be assessed through an appraisal program, to facilitate for a fast-track development.