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.
State-owned companies have signed at least four contracts since December, totaling nearly 11 million tons per year, priced to the Henry Hub index, according to the executives familiar with the deals. Until now, most of India’s long-term contracts have been linked to crude oil, the traditional way to price LNG deals.
Although the ‘No Iranian Energy Act’ was introduced to U.S. lawmakers on April Fools’ Day it is no joke as far as the Americans are concerned and the Iraqis will find little cause for merriment in its contents either. As highlighted by Chairman of the Republican Study Committee, Congressman August Pfluger, this legislation is part of President Donald Trump’s maximum pressure campaign against Iran’s leaders.
Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on April 18, the report highlighted. Total petroleum stocks were down 0.3 million barrels week on week and up 5.9 million barrels year on year, the report outlined.
In contrast to Vitol, which trades with Venezuela and doesn’t operate any assets there, those other companies produce oil and gas in the country and are winding down operations ahead of the expiry of licenses issued by the US Treasury. The deadline for all the companies, including Vitol, to cease operating is May 27.
Four cargoes of propane have shifted their routes from China to alternate destinations over the past week, bound for countries including Japan and South Korea, according to a report from analytics firm Vortexa. At least one cargo of ethane — which is used in plastics production — has been scrapped entirely, according to a person familiar with the matter.