October 4, 2023 – Oil & Gas 360

Civitas issues statement in conjunction with debt offering- oil and gas 360

Civitas Resources adds accretive bolt-on in Permian Basin

October 4, 2023

Oil and Gas 360 Acquisition increases Free Cash Flow and balances portfolio between Permian and DJ Basins DENVER–(BUSINESS WIRE)– Civitas Resources (NYSE: CIVI) (“Civitas”) today signed an agreement with Vencer Energy (“Vencer”), a Vitol investment, to acquire oil producing assets in the Midland Basin of west Texas for a total consideration of approximately $2.1 billion, subject to customary terms, conditions, and

Baker Hughes wins $400 million LNG contract from ADNOC

October 4, 2023

World Oil (WO) – ADNOC has awarded a contract, valued at more than $400 million (AED 1.47 billion), to Baker Hughes, through its Nuovo Pignone International S.R.L. legal entity, for the supply of all-electric compression systems for the liquefaction of natural gas, to be powered by clean energy, for its low-carbon LNG asset in the Al Ruwais Industrial City, Al

Petrobras studies Chevron’s re-entry into Venezuela to develop new oil projects

October 4, 2023

World Oil (Bloomberg) – Petrobras is studying how Chevron Corp. managed to resume operations in Venezuela to see if it makes sense for Brazil’s state-controlled oil company to reenter the oil-rich nation, Chief Executive Officer Jean Paul Prates said. It makes “geopolitical sense” for Petrobras to look at expanding into Venezuela and Bolivia because they are neighboring countries with vast

Exxon picks BlackRock as buyer of its 71% stake in Italian LNG terminal

October 4, 2023

Oil Price ExxonMobil has selected the world’s largest asset manager, BlackRock, as a buyer for its 70.7% stake in Adriatic LNG, Italy’s first regasification import terminal, the U.S. supermajor told Reuters on Wednesday. Exxon currently holds 70.7% of Adriatic LNG via its subsidiary ExxonMobil Italiana Gas. The other shareholders in Italy’s main LNG import terminal off the Adriatic coast in northern Italy are a

OPEC leaders Saudi Arabia, Russia to stick with 1 MMbpd oil production cut until end of year

October 4, 2023

World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow

BP considers selling $1 billion stake in its Gulf Of Mexico pipeline network

October 4, 2023

Oil Price BP is considering selling 49% of its oil and gas pipeline network on the U.S. Gulf Coast, eyeing proceeds of $1 billion, Reuters has reported, citing unnamed sources. The supermajor has already organized its pipeline stakes into a separate company, in which it plans to keep 51% and sell the rest to fund future dividend payouts and pay down debt,

U.S. crude oil inventories decrease by 2.2 million barrels

October 4, 2023

Weekly Crude Oil Storage as of September 29, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.2 million barrels from the previous week. At 414.1 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year, according to the EIA crude oil and

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