oil and gas

Global oil firms exit Nigeria as local companies seize control

Oil & Gas‚ Oil and Gas Industry | intent | December 18, 2023 | Comment off

(MENAFN) A noteworthy transformation has quietly unfolded in Nigeria’s oil industry over the past year, marked by the exodus of international oil companies from various parts of their operations within the country. The latest development came at the end of last month when Norwegian oil company Equinor finalized the sale of its Nigerian entity to the relatively unknown local firm, Chabal Energy. This move signified the conclusion of Equinor’s three-decade-long association with Africa’s largest oil producer.

U.S. Drillers Cut Drilling Activity Amid Stabilizing Oil Prices

Oil & Gas‚ Oil and Gas Industry | intent | December 18, 2023 | Comment off

The total number of active drilling rigs in the United States fell by 2 this week after climbing by 10 over the course of the last four weeks, according to new data that Baker Hughes published Friday.

Bullish Bets on Oil Fell to Lowest on Record This Week

Oil & Gas‚ Oil and Gas Industry | intent | December 18, 2023 | Comment off

Hedge funds have cut their bullish bets on crude oil to record lows.
Money managers have slashed their net long positions in both WTI and Brent crude oil by 59,094 lots to just 149,272 in the week ending December 12.
Crude oil prices have been on the decline over the last month, although spot prices for both benchmarks were trading up on Friday.

Would the U.S. Intervene to Defend Guyana’s Oil Riches?

Oil & Gas | intent | December 15, 2023 | Comment off

The escalating Venezuela-Guyana dispute could provide an opportunity for the AUKUS alliance to intervene in the region and counter the influence of China, Russia, and Iran.
US Southern Command has conducted joint operations with the Guyana Defense Forces and the U.S. has said it would support Guyana’s sovereignty.
Geopolitical maneuvering by China, Iran, and Russia has fueled tensions in the region, and with a presidential election looming in Venezuela, the stakes are only getting higher

OPEC sees oil demand reaching record in 2024

Oil & Gas‚ Oil and Gas Industry | intent | December 15, 2023 | Comment off

The Organization of the Petroleum Exporting Countries (OPEC) said global oil demand should grow by 2.2 million barrels per day next year to an average of 104.36 mbd.

Oil investors to usher in 2024 amid oversupply, demand concerns

Oil & Gas | intent | December 15, 2023 | Comment off

Benchmark Brent averaged around US$80 a barrel this year, after a volatile 2022 in which prices surged above US$100 after Russian supplies were disrupted following the Ukraine war

Oil Prices Rise as Fed Pivot Boosts Demand Optimism

Oil & Gas | intent | December 15, 2023 | Comment off

Oil prices continued to climb on Thursday, with WTI up above $70 and Brent rising to $75.60.
Optimism around both economic growth and oil demand was boosted on Wednesday when the Fed signaled it would cut interest rates next year.
The Fed’s comments also triggered a rally in stocks, bonds, and gold, and sent the U.S. dollar to a four-month low.

New Methane Rule Could Kill Small U.S. Oil and Gas Producers

Oil & Gas‚ Oil and Gas Industry | intent | December 15, 2023 | Comment off

A new federal rule designed to slash methane emissions in the industry could force small oil and gas producers to shut down wells and put them out of business.
EPA: Oil and natural gas operations are the nation’s largest industrial source of the “super pollutant” methane.
Environmental organizations and supermajors such as BP welcomed the finalization of the rule.

Russia’s Oil Revenues Slump to the Lowest Level since July

Oil & Gas‚ Oil and Gas Industry | intent | December 15, 2023 | Comment off

IEA: Russia’s oil revenues dropped in November.
IEA: Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion.
Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.

Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 mln

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | December 14, 2023 | Comment off

Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.

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