Viper Energy has agreed to acquire Sitio Royalties in a deal valued at USD 4.1 billion, the company said on Wednesday.
The acquisition will position Viper as a leading publicly traded mineral and royalty company in North America, significantly enhancing its scale, asset base and access to capital.
Saudi Aramco cut the price of its main oil grade to buyers in Asia after OPEC+ continued with its outsized output increases for a third month.
The Saudis led the producer group over the weekend in agreeing to raise production by 411,000 barrels a day in July, a third straight month of outsized hikes. In tandem with US President Donald Trump’s trade war, the supply increases have helped drive benchmark oil prices about 12% lower in London since early April.
Oil fell on signs Saudi Arabia wants another major production increase, raising expectations that a glut of crude will form this year.
West Texas Intermediate slid 0.9% to settle below $63 a barrel, paring losses of almost 2% after Bloomberg News reported that the de facto OPEC leader is open to additional significant output hikes in a bid for market share. The kingdom wants the group to add at least 411,000 barrels a day in August and potentially September, ideally as quickly as possible to take advantage of peak summer demand, according to people familiar with the matter.
There have been two significant OPEC+ decisions in the past week, analysts at Standard Chartered Bank, including the bank’s commodities research head Paul Horsnell, said in a report sent to Rigzone late Tuesday by the Standard Chartered team.
PTAS Aker Solutions has secured a significant1 two-year contract extension to provide offshore maintenance and modification services to Brunei Shell Petroleum (BSP). The extension is a result of the customer exercising an option included in the current agreement.
TotalEnergies has signed an agreement with Shell to exchange its 20% non-operated interest in the Gato do Mato project for an additional 3% interest in Lapa, a producing offshore oil field. Upon closing, TotalEnergies will increase its stake in Lapa to 48% (operator), alongside Shell (27%) and Repsol Sinopec (25%).
Oil prices posted modest gains Tuesday, fueled by renewed geopolitical risk and signs of tightening supply, though upside may be limited by ongoing uncertainty around Iran and soft macroeconomic indicators.
When the European Commission started briefing EU states last month on the next sanctions package expected to be imposed on Russia, the 27 member nations expected concrete written proposals to follow. They’re still waiting.
Normally these sorts of documents — in this case the potential 18th round of restrictive measures since the Kremlin’s full-scale invasion of Ukraine was launched more three years ago — are provided only a few days after the briefings, or “confessionals” as they are known in Brussels.
Liquefied natural gas (LNG) exports out of Russia fell by 3% in January through May from a year earlier, amid tighter EU restrictions on transshipment and U.S. sanctions on a new LNG project that can’t find buyers yet.
Russia’s LNG shipments dipped by 3% year-over-year to 13.2 million tons in the first five months of the year, Reuters reports, citing preliminary data from LSEG.
In recent years, Colombia’s oil production and reserves have been in decline and interest in investing in the country’s crude seemed limited in the post-pandemic landscape. In addition, President Petro has been vocal about supporting a green transition and restricting investment in new fossil fuel projects. However, in recent months, there has been a renewed interest in developing exploration and production.