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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
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
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
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
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
Spending on oil and gas extraction and pipeline transport will jump by 15% in 2024, compared with the 215 billion kroner spent a year earlier, Statistics Norway said on Tuesday. Spending in 2025 is forecast to be 216 billion kroner, the agency said. View the full article
While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit, the firm went further in a letter that was sent to Exxon and filed with a Texas court, saying it “unconditionally and irrevocably” promised not to submit any more proposals related to emissions or climate change to Exxon shareholders. View the full article
TotalEnergies, together with the operator Petrobras and their partners in the Atapu and Sépia consortiums, have taken the Final Investment Decision (FID) for the second development phase of Atapu and Sépia fields, located in the prolific pre-salt Santos Basin, offshore Brazil. View the full article
The software is a fully adaptive, self-learning, and continuously improving system that addresses the unique challenges and requirements of drilling. The AI agent finds the most efficient and safe way to TD, predicts incidents, hazards, and optimizes parameters. View the full article
Block also increased oil production to 151,184 bbls and gas production to 283 MMcf, resulting in an average daily production rate of 543 boed. Additionally, the company raised $2 million via a secured loan to undertake drilling operations on Project I and completed the Project IV farm-out, achieving a carried work program valued at over $3 million (gross). View the full article
The new target is part of ADNOC’s expanded In-Country Value (ICV) program which aims to drive an additional $49 billion back into the UAE economy by 2028. ADNOC’s previous 2027 target for local manufacturing of $19 billion worth of products was delivered ahead of schedule following the award of two contracts for metal pipes and valves worth $4.6 billion to local manufacturers. View the full article
The Biden administration is considering triggering tougher anti-smog requirements that could curb drilling across parts of the Permian Basin, the world’s biggest oil field that straddles Texas and New Mexico. View the full article
To accelerate field delivery of the subsea tieback to existing infrastructure, SLB OneSubsea will leverage configurable solutions compliant with NCS2017+ for standardized subsea production systems for application in the Norwegian Continental Shelf (NCS). The objective for Troll Phase 3, Stage 2 is to accelerate production from the reservoir equivalent to about 55 Bcmg. View the full article
Algeria’s SONATRACH and ExxonMobil signed a Memorandum of Understanding to study existing opportunities to develop oil and gas resources in the Ahnet basin and the Gourara basin, with an emphasis on operational excellence, technological innovation , respect for the environment and best sustainability practices. View the full article
Saudi Arabia and its partners will gather on June 2 — a day later than initially planned — to review roughly 2 MMbpd of production curbs, introduced to stave off a surplus and shore up crude prices. Crude traders expect the cutbacks will be maintained, and several delegates who asked not to be identified predicted the same. View the full article
By securing the additional fabrication facility, HSM Offshore Energy is positioning itself to meet the increasing demand in the offshore renewable market, focusing on the offshore wind, gas, carbon capture and storage (CCS) and hydrogen segments in the North Sea and Baltic Sea. View the full article
Repsol recently signed a deal with state-owned Petroleos de Venezuela SA that adds jointly managed fields to its operations. In the next few months, the assets are expected to produce 20,000 bpd, doubling what the European major currently produces in one of its three ventures, Chief Executive Officer Josu Jon Imaz said in a call with investors in April. View the full article
On the back of recent investments, exploration and production updates and strong willingness by the government, the Republic of Congo is taking historic measures to ensure its oil and gas industry drives resource monetization and energy access throughout Africa View the full article
Baker Hughes’ awarded scope includes the supply of 20 compression trains based on Frame 5 gas turbine and BCL compressor technology, which will be installed across three gas boosting stations within the Hassi R’ Mel natural gas field. View the full article
The Hess Corp. chief executive officer is telling investors he got the best deal possible, and that Chevron could walk away if the merger doesn’t get voted through at a May 28 shareholder meeting, according to the people, who asked not to be identified because the discussions are private. 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.
