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An average of 13.4 million bpd of crude oil was produced in the United States during August 2024, a new record according to data from the U.S. Energy Information Administration Petroleum Supply Monthly. View the full article
Texas Governor Greg Abbott told a media briefing on Feb. 17 that he was banning gas from leaving the state through Feb. 21 to ensure in-state power generators had ample supplies. Abbott said he was forced to act as millions of Texans remain without power for a third day amid frigid temperatures, with no clear timeline for restoring service. View the full article
Oil has gotten stuck in recent weeks, as traders look for more signs of a recovery in consumption from the Covid-19 pandemic. Trading volumes fell below their 15-day average every day last week as the market awaits a breakout. In the meantime, the OPEC+ alliance agreed to add more barrels from May. View the full article
Energy giant BP sees a strong recovery in global crude demand and expects it to last for some time, with U.S. shale production being kept in check, according to CEO Bernard Looney. View the full article
The contract is for the provision of RLWI services onboard the M/V Island Venture, C-I’s flagship intervention vessel commissioned in 2017. View the full article
Energy consultancy Xodus has continued its global expansion with the acquisition of Houston-based data interpretation consultancy Ocean Geo Solutions, adding capabilities in geophysical data processing, interpretation and reporting. View the full article
The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the UK -- an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+. View the full article
The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment. View the full article
Targa Resources Corp. has agreed to buy Permian natural gas processor Lucid Energy Delaware LLC from Riverstone Holdings LLC and Goldman Sachs Asset Management for $3.55 billion in cash. View the full article
Enbridge Inc. won a battle in its fight with Michigan’s governor to keep its Line 5 pipeline operating after a judge ruled the legal battle over the oil conduit belongs in federal court. View the full article
Eirin is a gas field located 250 km west of Stavanger. The field will be developed as a subsea facility that will be adapted and prepared as a tie-in point for future discoveries in the area that can be expanded with new wells. View the full article
In the past 24 hours, 47 new fires emerged in the province, most of them south of the unofficial oil sands capital of Fort McMurray, said Kai Bowering, spokeswoman for Alberta Wildfire. The arid conditions are expected to persist for the next 24 hours, making it easier for the blazes to spread, she said. View the full article
The 3 MW floating wind turbine will be located 2 km west of the Culzean platform, 220 km offshore Scotland. This turbine, expected to be fully operational by end 2025, will supply around 20% of Culzean’s power requirement, thereby reducing its GHG emissions. View the full article
bp Plc expects its net debt to have risen in the third quarter due to lower refining margins and changes to the timing of asset sales. View the full article
(Bloomberg) – A harsh winter would push Asian and European consumers into competition for the same gas as supplies of the fuel are stretched, according to Equinor ASA. Plans for oil production from the Norwegian continental shelf remain unchanged, says Equinor. View the full article
Lowering Mexico's tax demands on Pemex, its biggest taxpayer, could help the oil giant reorder its finances as it struggles with a $110.3 billion debt load, sinking production, and some of the highest tax obligations of any oil company in the world. View the full article
Halliburton has signed an eight-year contract with the Norwegian Petroleum Directorate to deploy and operate Diskos, the Norwegian national repository of seismic, well, and production data for the oil and gas industry. View the full article
The Texas AandM Engineering Experiment Station will collaborate with energy-sector stakeholders, several national labs and universities in ten states as the manager of a new Ocean Energy Safety Institute. View the full article
The world’s largest oil companies are bidding up prices for renewable energy projects, squeezing profits from wind and solar farms just as climate planning focuses more on green energy sources. View the full article
Dutch and UK gas futures continue to hit fresh records along with rising power prices. Rocketing energy costs are stoking inflationary pressures and fueling concern that economic growth will slow, prompting a slump in European stocks. View the full article
European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.” View the full article
The combined entities will offer advanced milling and swarf handling services to deliver permanent, verifiable, emission-free well barriers and highly predictable alternative zonal isolation solutions to the plugging and abandonment industry. View the full article
Russia’s Rosneft PJSC is proceeding with its flagship Vostok Oil project in the Arctic, Chief Executive Officer Igor Sechin said, just over a week after a key partner announced it’s exiting the development over the invasion of Ukraine. View the full article
Warren Buffett’s Berkshire Hathaway Inc. won approval from U.S. regulators to buy as much as 50% of Occidental Petroleum Corp. after spending months acquiring its shares. Occidental’s shares surged on news of the authorization. View the full article
Transocean Ltd. announced contract fixtures for three of its harsh environment semisubmersibles. Together, the fixtures represent approximately $161 million in firm contract backlog. 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.
