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The oil and gas and basic industry sectors are expected by Barclays to be the most active for M&A during the next year.
This week alone, Energy Transfer LP agreed to buy WTG Midstream in a $3.25 billion deal, while ConocoPhillips announced a $17 billion deal for fellow producer Marathon Oil Corp. View the full article
The LK7-1-1 exploration well was drilled and completed at a depth of approximately 4,400 m, which encountered a total of 76 m oil and gas pay zones. The well was tested to produce about 210 cubic meters of crude oil and nearly 1 MMcmgd, a new record for natural gas tested productivity in Bohai Bay. View the full article
China’s largest oil and gas driller said production rose to 905.5 MMboe in the period. Beijing has pushed its state-owned oil giants to invest heavily in production to help the nation meet energy security goals. View the full article
Falcon Oil & Gas Ltd. has announced the spudding of the Shenandoah S2-4H horizontal well (previously referred to as the SS3H well) in exploration permit 98 in the Beetaloo Sub-basin, Northern Territory, Australia. View the full article
The U.S. Energy Information Administration expects that the United States will import more crude oil to fill the widening gap between refinery inputs of crude oil and domestic crude oil production in 2021 and 2022. View the full article
Enbridge Inc. is moving forward with upgrades to its pipeline network serving the northeastern U.S. to ship more shale gas from the prolific Appalachian Basin as opposition to new conduits mounts in the region. View the full article
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year. View the full article
A coalition of energy companies, along with state and local partners, plans to spend $844 million on roads, education, workforce development, housing, broadband and health care in the region, according to the Permian Strategic Partnership, which assembled the group. View the full article
OPEC+ agreed to maintain its schedule of gradual monthly oil-production increases, sending crude prices sharply higher. View the full article
BHP Group and Woodside Petroleum Ltd. approved investment in a $12 billion Australian gas project as the companies also confirmed details of a merger to combine their energy assets. View the full article
Petro-Victory Energy Corp. secured 19 new oil and gas blocks in the company's core operating area, the Potiguar Basin onshore Brazil, the company announced. View the full article
The 30-minute fire at LyondellBasell Industries NV’s Houston refinery Tuesday underscored just how quickly U.S. gasoline production can fall at a time when the country is experiencing record-high prices at the pump. View the full article
Neptune Energy announced drilling has begun on a new production well at its operated Rӧmerberg oil field in the Rhine Valley, southwestern Germany. View the full article
The SARB and Umm Lulu offshore concessions deploy cutting-edge digitalization and AI technologies for remote monitoring, smart well operations and production management to optimize production efficiency, reduce emissions, enhance safety and increase production capacity. View the full article
The company plans to restart its first production line this week, with the intent to start the remaining units shortly thereafter, Browne said. Still, production is expected to be at reduced rates, a spokesperson said, without saying how long the reduction would last. The plant is designed to produce 15 million metric tons of LNG annually. View the full article
The package includes older wells in the Permian’s Central basin that produce small but stable amounts of oil, according to people familiar with the matter who declined to be named because sale negotiations are private. View the full article
North Sea Midstream Partners (NSMP) has announced the successful start-up of a new onshore electric-drive compressor which will increase gas flows from Breagh Field. View the full article
(Bloomberg) - Argentine state-run energy company YPF SA will join a venture being developed by rival shale driller Pan American Energy Group SL and liquefied natural gas shipper Golar LNG Ltd., Executive Chairman Horacio Marin said. View the full article
People in Texas are suffering at present on an unprecedented scale and when the city mayor shot himself in the foot, while the response should have been a shot in the arm – not in vaccine sense – it hardly helps to boost the morale of ordinary people, let alone the vulnerable.
Clearly, the demand of electricity has outweighed supply and the risks of wind power as a substitute are there for all to see. How many of us saw this coming – the frozen wind turbines? I certainly is not one of them.
The final investment decision on a key pipeline will see Total tap more than a billion barrels of crude from Uganda and ship it across East Africa to the coast. A decision on the development of the oil fields feeding the pipe is likely at the same time. View the full article
Turkish President Recep Tayyip Erdogan announced that state energy company Tpao has found 135 billion cubic meters of gas at the Amasra-1 offshore well, bringing the total amount of deposits discovered in the Black Sea over the past year to 540 billion cubic meters. View the full article
Tenaris has been awarded the supply of a complete package of products, technologies and services for the Libra offshore exploratory block - renamed Mero 3 - in Brazil’s pre-salt, one of the largest deepwater discoveries in the world. View the full article
Saudi Aramco said the natural-gas crisis was already boosting oil demand and reiterated plans to increase its production capacity. View the full article
OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves. View the full article
Shale explorers in the Permian Basin chewed further into their supply of ready-made wells for a 20th straight month, leaving the smallest inventory of low-cost wells in the biggest U.S. oil field in more than half a decade. 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.
