The company signed an agreement to acquire a 10% direct stake in the joint venture developing the train and will offtake 1.5 million tonnes per year (tpy) of LNG. Through its 17.1% stake in NextDecade, it also indirectly holds nearly 7% of the train.
In its latest weekly petroleum status report at the time of writing, which was released on July 30 and included data for the week ending July 25, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, increased by 7.7 million barrels from the week ending July 18 to the week ending July 25.
The US Bureau of Ocean Energy Management (BOEM) has published a proposed notice of sale (PNOS) for approximately 15,000 unleased offshore blocks in the Gulf of Mexico, the bureau announced on Wednesday.
The event was held as US trade rival China seeks to extend its influence on the continent by offering to remove levies on imports from almost all African countries, while America threatens reciprocal tariffs after a 90-day pause ends on July 9. The US has also cut aid to the continent and banned travel from certain African nations.
The American Petroleum Institute today joined more than 100 other energy trade groups and organizations in urging the Department of the Interior to develop a new five-year offshore leasing program that fully leverages the U.S. Outer Continental Shelf as a secure source of affordable, reliable energy.
Developed by Shell, U-lateral drilling offers significant benefits for an industry where efficiency is more important than ever before. By enabling rigs to drill more reservoir footage per month, reducing both the cost per foot of reservoir accessed and the cost per barrel of oil produced, the U-lateral technique allows operators to reduce drilling costs and save time while effectively increasing the production capacity of each surface rig by 50%.
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.
Energy Transfer has signed a 20-year deal with Japan’s Kyushu Electric Power Company to supply up to 1 million tpy of LNG from its Lake Charles LNG facility, the company said Thursday.
“Slowing global oil demand amid extreme uncertainty about the future of U.S. trade and a coming supply surplus are expected to hobble U.S. oil production growth later this year and could lead to an annual decline in output in 2026, according to a new analysis by S&P Global Commodity Insights,” the analysis piece – by Jim Burkhard, Vice President and Global Head of Crude Oil Research, Ian Stewart, Associate Director, and the S&P Global Commodity Insights Crude Oil Markets team – stated.
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $3.145 per gallon and the average price of diesel in the country is $3.532 per gallon, as of May 9.