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The Province of British Columbia awarded a second geothermal permit to Fort Nelson First Nation to advance development of the Tu Deh-Kah Geothermal project at Clarke Lake. View the full article
Bristow Group Inc. announced a three-year contract extension until August 2024 with Aker BP to support air transportation crew change services for their operations in the Norwegian continental shelf. View the full article
TotalEnergies CEO Patrick Pouyanne — whose company, alongside APA Corporation, is moving to develop deepwater drilling sites that hold close to 700 MMbbl of oil — said Suriname will make a “significant” contribution to the group’s cash flows as oil revenues start flowing in 2028. View the full article
A robust recovery in the U.S. and Europe has given OPEC+ the confidence that markets can absorb additional barrels, despite the prospect of more supply from Iran should a nuclear deal be revived, and a Covid-19 comeback in Asia, most notably India. View the full article
Oil’s latest upswing has come with a flurry of bullish price predictions from banks and traders, forecasts for surging demand this winter, and speculation that the industry isn’t investing enough to maintain supplies. View the full article
Heavy maintenance work on North Sea oil fields in the coming months is helping to erode the flow of crude to Asia from some suppliers in the Atlantic basin as a key price spread between the two regions balloons. View the full article
Oil in London rose past $85 a barrel for the first time since 2018, the latest milestone in a global energy crunch that has seen prices soar. View the full article
The group’s oil ministers were unable to reach a compromise, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic. View the full article
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February. View the full article
Figures from China for the first two months of the year showed a surge in industrial output, underscoring the strength of its V-shaped rebound and reinforcing expectations for increased energy demand. View the full article
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale. View the full article
The EW 953 well encountered approximately 127 ft of net pay in the target sand at approximately 19,000 feet true vertical depth ("TVD"). Preliminary data indicates an estimated gross recoverable resource potential of approximately 15 – 25 million MMBoe from a single subsea well with an initial gross production rate of 8,000 – 10,000 boed. View the full article
The case with Exxon, which claims to have a right of first refusal over Hess’s biggest asset offshore Guyana, will likely take at least until the fourth quarter, meaning the FTC’s review will extend several more months. The agency plans to announce its decision when the arbitration is finished, said the people, who asked not to be named discussing an internal agency matter. View the full article
Hammerhead aims to start production in 2029, boosting Guyana's oil production capacity to over 1.4 MMbpd. Exxon, along with partners Hess Corp and China's CNOOC, expects Hammerhead to produce between 120,000 and 180,000 bpd, which is less than the 250,000 bpd from its largest vessels offshore Guyana. View the full article
Exxon filed an environmental authorization application with the government Monday for an investment that’s expected to boost the country’s overall production capacity to nearly 1.5 MMbpd, about the same as OPEC member Nigeria. View the full article
Exxon filed an environmental authorization application with the government Monday for an investment that’s expected to boost the country’s overall production capacity to nearly 1.5 MMbpd, about the same as OPEC member Nigeria. View the full article
Autry Stephens, the petroleum engineer raised on a Texas peanut and watermelon farm who became the richest U.S. oilman, has died. He was 86. View the full article
The 6-3 decision, which came in a fight over a fishing-industry regulation, is a long-sought triumph for opponents of big government. The court overturned Chevron v. Natural Resources Defense Council, a 1984 ruling that Democratic administrations had used as a legal building block for new regulations. View the full article
Manatee is slated to start production in 2027. Once online, Manatee is expected to reach peak production of approximately 104,000 boed. View the full article
U.S. District Judge James D. Cain Jr. in Louisiana issued a preliminary injunction Monday in a lawsuit filed by 16 states, which argued Biden violated federal law by halting licenses in January to assess impact of shipments on climate change. View the full article
Devon will disburse $3.25 billion in cash and $1.75 billion in stock, it said in a statement Monday. The company plans to finance the first portion with cash on hand and debt. The deal is expected to close by the end of the third quarter. View the full article
The international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project has scheduled the hearing for May, the companies said. View the full article
The $3.5 trillion budget framework the Senate narrowly passed sets the stage for a deluge of spending on electric vehicles, renewable power and clean energy initiatives meant to help combat climate change and wean the U.S. off fossil fuels. View the full article
The $3.5 trillion budget framework the Senate narrowly passed sets the stage for a deluge of spending on electric vehicles, renewable power and clean energy initiatives meant to help combat climate change and wean the U.S. off fossil fuels. View the full article
National Oil Company Petrobras is focusing on output growth from pre-salt, following a trend of Brazilian oil independents raising output at fields the NOC already divested, Petroleum Economist reported. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
