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EnQuest PLC, an oil and gas production and development company, announced it signed an agreement with Whalsay Energy Holdings Limited to purchase Whalsay’s 100% equity interest in the P1078 license containing the proven Bentley heavy-oil discovery. View the full article
U.S. average gasoline prices exceeded $3 a gallon for the first time in more than six years amid growing shortages of fuel across the South and East while Colonial Pipeline remains out of action due to a cyberattack. View the full article
A fourth weekly decrease in crude inventories and the decline in production highlights the steady downtrend in U.S. supplies before an unprecedented cold blast wiped out nearly 40% of domestic output. Still, demand for crude and fuel is weaker with the cold weather spurring a string of refinery outages and keeping more Americans off the road. View the full article
Ecopetrol has selected Aspen GDOT dynamic optimization software as part of its digitalization initiative to improve refining margins at its two refineries in Cartagena and Barrancabermeja, and upgrading to Aspen DMC3 advanced process control software in Barrancabermeja refinery. View the full article
As the White House and Congress weigh policy levers to provide relief to consumers from rising gas prices, a proposed ban on petroleum exports has become part of the discussion. A new study indicates that could lead to U.S. gross domestic product falling more than $44 billion in 2023 and more than 110,000 jobs would be lost by the end of 2023. View the full article
With the busiest part of the Atlantic and Gulf of Mexico hurricane season fast approaching, the U.S. oil and natural gas industry is taking steps to ensure the safety of facilities, employees and communities during heavy weather events. View the full article
The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need to pump in the second quarter by 690,000 barrels a day, amid a weaker picture for demand and stronger growth in rival supply. View the full article
With Canadians set to vote Monday in a highly competitive election, the outlook for the two largest sectors in country’s stock index hangs in the balance. View the full article
The world’s top exporter of liquefied natural gas is ramping up production dramatically and undercutting competitors in a bid to squeeze them out the market. View the full article
Crude oil inventories at the biggest storage hub in the U.S. posted their steepest decline this week than in any October in five years as demand for exports and from refineries pull barrels to the Gulf Coast instead. View the full article
The depreciation and uplift rules in the special tax for petroleum will be replaced by immediate expense recognition of investments, or cash flow tax, from 2022, Finance Minister Jan Tore Sanner told reporters in a snap press conference in Oslo. View the full article
Key players in the oil market have been talking up the rising prices in the coming months, with some even floating the prospect of $100 crude in the next year or two as the global economy recovers from the pandemic. View the full article
The U.S. crude benchmark climbed nearly 5% on Monday and the global benchmark Brent also advanced, rallying along with equities and other commodities. In addition to more positive sentiment in financial markets, China has made progress in containing the fast-spreading delta variant, bringing local cases down to zero. View the full article
DNV has launched a new collaborative research project to develop an automated data processing procedure for verification of detected wind turbine blade defects, with the aim of building trust and generating broader acceptance of automated data processing techniques across the industry and to inform future regulation. View the full article
Cabot Oil and Gas Corp. agreed to merge with Cimarex Energy Co., combining two mid-tier shale drillers in an all-stock transaction valued at about $7.4 billion as the U.S. oil and gas sector continues to consolidate. View the full article
Expected declines in demand for fossil fuels are compelling major oil and gas companies to actively restructure their businesses to add renewable power projects in their portfolio. This will help these companies reduce their carbon intensity and align with the changing energy mix in the long run, according to GlobalData. View the full article
CGG has signed a strategic agreement to support dCarbonX in the subsurface assessment of its operated clean energy projects offshore Ireland and the UK, which include geothermal energy and storage sites for CO2, hydrogen and ammonia. View the full article
In a victory for 13 states that filed a legal challenge in Louisiana, U.S. District Judge Terry Doughty granted a preliminary injunction blocking President Joe Biden’s Jan. 27 executive order banning new oil and gas leases on public lands while litigation continues. View the full article
The work scope includes the provision of remotely operated vehicles with collocated ROV tooling and technicians, remote positioning and metrology survey resources, and installation and workover control system equipment and technicians. View the full article
Oil extended losses after an increase in U.S. crude inventories added to concerns around the prospect of more Iranian oil returning to the market under a potential revival of the nuclear deal. View the full article
Oil sank for a third consecutive day as Chinese economic data disappointed and the spread of the delta coronavirus variant hurt prospects for global demand. View the full article
Baker Hughes is taking a 15% stake in a startup that aims to produce natural gas from hydrogen and carbon dioxide, the oilfield service company’s latest move to invest technology designed to capture emissions. View the full article
American operator Zion Oil and Gas continues to be optimistic about a wildcat well it has drilled onshore Israel. View the full article
Global controls technology company Proserv Controls has received industrial sponsorship for its disruptive subsea cable condition monitoring system for the offshore wind segment, ECG, or Electro Cable Guard, from ScottishPower Renewables. View the full article
Futures in New York climbed above $65 a barrel, while the U.S. currency was trading lower. Gasoline inventories have declined more than 25 million barrels in the last two weeks, while a measure for consumption expanded last week to the highest level since November. 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.