The oil industry in Alberta is bracing for difficult times ahead, with WTI prices crashing to $60 per barrel and uncertainties about oil demand growing in a world of trade and tariff wars.
Last week, the tariffs announced by the Trump Administration and the decision by OPEC+ producers to add in May more barrels to the market than expected crushed oil prices, with WTI Crude, the U.S. benchmark, crashing to $60 per barrel—the lowest level in four years.
The U.S. Energy Information Administration (EIA) recently reported that U.S. natural gas consumption set new winter and summer consumption records in 2024, highlighting the growing importance of natural gas in the global energy mix.
This surge in consumption comes amid record production levels, even as drilling activity remains subdued. The implications of these trends are significant, influencing everything from energy prices to power generation choices.
Australia’s Woodside Energy will sell a 40% stake in the Louisiana LNG complex to global investment firm Stonepeak for USD 5.7 billion, the company said on Monday.
The move is meant to reduce the Perth-headquartered company’s capex and support the project’s progress towards a final investment decision.
Eni SpA said it will seek shareholder approval for a share repurchase program worth EUR 1.5 billion ($1.64 billion), increasable up to EUR 3.5 billion.
The program would run until April 2026. The board will put forward the plan in the company’s extraordinary shareholder meeting May 14, 2025.
Shell Plc sees lower natural gas production and LNG volumes in the first quarter of 2025 than previously expected, citing unplanned maintenance in Australia and adverse weather.
In a trading update published on Monday, London-based Shell said it expects integrated gas production of 910,000 to 950,000 barrels of oil equivalent. Though that was an improvement on the fourth quarter of last year, it was lower than the range flagged in the last quarterly report.
Woodside has entered into a binding agreement with Stonepeak, a leading global investment firm specializing in infrastructure and real assets, for the sale of a 40% interest in Louisiana LNG Infrastructure LLC, providing validation of project quality and increasing attractiveness of the project to other potential equity partners.
Libyan officials have revealed key details of the country’s first oil and gas exploration licensing round in nearly two decades, with 22 blocks on offer under revamped production-sharing agreements designed to attract foreign capital and accelerate upstream growth.
The bid round plans were first announced last month.
Liebherr has successfully sold two offshore cranes of the type RL 2600 (Ram Luffing 2600) and RL-K 2600 (Ram Luffing knuckle boom 2600) to Singapore-based Yinson Production. The cranes will support the Agogo FPSO (Floating Production Storage and Offloading Unit), which will be operating in the Agogo field of offshore Angola. Used for maintenance and component replacement on the Agogo FPSO, the cranes are the ideal choice for harsh offshore environments.
Striving to increase production and reverse natural declines in mature oilfields, Ghana is promoting new investment across its upstream oil and gas sector. The country – through national upstream regulator the Petroleum Commission of Ghana – is embarking on a series of industry reforms that aim to strengthen the operating environment for oil and gas companies. These efforts are expected to translate into heightened exploration, as companies pursue play-opening discoveries in Ghana’s on- and offshore market.
Oil prices plunged this week as a one-two punch of sweeping U.S. import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.