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Mineral Resources Development Company Limited (“MRDC”) and Twinza Oil Limited (“Twinza”) have obtained all internal approvals and executed a series of binding agreements for MRDC to take an up to 50% Participating Interest in the Pasca A Development Project. Additionally, the companies agreed to cooperate in the acquisition and development of other oil and gas assets in Papua New Guinea. View the full article
The agreement reached in Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed. View the full article
Hess Corp. shareholders approved the company’s proposal to be acquired by Chevron Corp. for $53 billion by a razor-thin majority of 51% of shares outstanding. View the full article
The loan for the Scarborough project, which is scheduled to deliver its first LNG shipment in 2026, will come from the Japan Bank for International Cooperation. The public financial institution has stepped-up efforts to secure LNG, including granting loans for fuel purchases. View the full article
India’s Oil and Natural Gas Corporation Limited (ONGC), supported by ABL as tow master and marine warranty provider, has moved a record high 45 drilling rigs to new locations ahead of the Indian monsoon season. ONGC’s previous record was 37 rig moves. View the full article
Seeq, a leader in industrial analytics, AI, and monitoring, and Equinor announced a multi-year commercial agreement for the Seeq Industrial Analytics and AI platform, to be leveraged across Equinor’s global assets to further accelerate digital transformation outcomes. View the full article
The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 102 km of rigid risers and flowlines for the steel lazy wave production system. View the full article
Stable, long-term policies that enable fair returns are critical to ensure UK firms and their people can compete in the global race for energy investment. OEUK says over £200 billion can be unlocked and ploughed into our energy future this decade, but only if firms, skilled people and capital stay here in the UK. View the full article
This deal involves the Clipper and Leman Alpha offshore field clusters and represents the latest move by major oil and gas companies to exit the aging North Sea basin in favor of more lucrative ventures. View the full article
The loan for the Scarborough project, which is scheduled to deliver its first LNG shipment in 2026, will come from the Japan Bank for International Cooperation. The public financial institution has stepped-up efforts to secure LNG, including granting loans for fuel purchases. View the full article
The message, sent in a letter Wednesday to Energy Secretary Jennifer Granholm, comes as Biden administration officials have hinted they may be willing to release oil from the Strategic Petroleum Reserve to tamp down gasoline prices amid forecasts for a spike this summer. View the full article
Algeria is stepping up exploration efforts and has made eight large discoveries so far this year, with the aim of raising production to 200 Bcm a year in the short to medium term from 137 Bcm currently. View the full article
APT expects to produce 40 MMcfd in the first year of production and to increase that to 140 MMcfd within a few years’ time, according to a Gas Sales Agreement signed with the Tanzanian Petroleum Development Corporation (TPDC) earlier this year. Such volumes will increase Tanzanian natural gas production significantly. View the full article
ABL will provide MWS to review, survey and approve all operations relating to the transportation & installation (T&I) of 13 shallow water steel jackets, associated piles, conductors and other project critical items. View the full article
Chief Executive Officer Darren Woods vowed to “safeguard” annual meetings from activists that launch “serial attacks” on Exxon and the oil industry. Exxon is pursuing legal action against Arjuna Capital even though the investor dropped a proposal that would have urged the driller to curb greenhouse gas emissions. View the full article
Weatherford will offer its Accuview downhole monitoring solutions with the AlphaVTM next-generation whipstock system. Notably, in 2023, Weatherford successfully introduced AlphaVTM, enabled by the Accuview platform in the North Sea for Equinor. View the full article
MODEC, Inc. plans to open a new office in Kuala Lumpur, Malaysia, with more than 200 new positions in engineering and other corporate support functions to fill by early 2025. View the full article
Tellurian Inc. and Aethon Energy Management LLC announced an agreement for Aethon to acquire Tellurian’s integrated upstream assets for $260 million, alongside a Heads of Agreement for Aethon to purchase 2 MMtpa of liquified natural gas from Tellurian’s Driftwood LNG plant. View the full article
The Islamabad-based company is targeting oil production of about 50,000 bpd in the next four or five years, from 33,000 bpd currently, Chief Executive Officer Ahmed Hayat Lak said in an interview. The goal is for natural gas production to climb above 900 MMcfd from 720 MMcfd. View the full article
The move expands ConocoPhillips’ footprint in domestic shale fields from Texas to North Dakota and hands the company reserves as far afield as Equatorial Guinea. It adds to a wave of recent megadeals as producers seek new drilling sites on a bet that oil and gas demand will remain robust for years to come. View the full article
Following comprehensive evaluation of the well data, including wireline logs, cuttings and gas data, preliminary interpretations confirm the presence of reservoirs over an interval of approximately 200 m gross thickness, corresponding to the pre-drill targets. View the full article
Shell had been spending heavily in offshore wind, aiming to leverage its experience extracting oil and gas at sea to become a leader in the technology. But soaring costs in the sector and a renewed focus on driving returns for shareholders under CEO Wael Sawan has led the company to back away from the energy source. View the full article
The FTC was “straining” to find a reason to criticize Exxon’s deal for Pioneer, Sheffield’s lawyers wrote in the 23-page filing to the agency. Sheffield was examined under oath for four hours by the regulator on April 9 as part of its six-month investigation into the merger “but did not ask questions about his communications and gave him no opportunity to explain them,” according to the filing. View the full article
The transaction still needs to get past the U.S. Federal Trade Commission as well as the ongoing arbitration case brought by Exxon over control of Hess’ interest in the oil field offshore Guyana. Exxon has said the proceedings may drag into 2025. View the full article
Since the start of the year, the rebels have regrouped and ratcheted up attacks, raising questions about security as TotalEnergies weighs restarting its project. ExxonMobil Corp. plans an even bigger LNG export facility adjacent to TotalEnergies’, but it’s also on hold. 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.
