October 20, 2023 – Oil & Gas 360

Senator Manchin slams Venezuelan oil, gas sanction relief, calls for boost in domestic production

October 20, 2023

World Oil (Bloomberg) – Senator Joe Manchin condemned the Biden administration’s decision to lift sanctions against Venezuela’s oil and gas sector, arguing the U.S. should instead turn to domestic crude production to fill any shortfall. The administration is looking to “one of the world’s dirtiest energy producers and an oppressor of its own people to help make up the production that

US seeks to buy 6 million barrels for oil reserve by January

October 20, 2023

Nasdaq The U.S. Department of Energy said on Thursday it hopes to buy six million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to refill the emergency stockpile. The DOE added that it will continue refilling the reserve with monthly solicitations through at least May 2024, for volumes

Worst-case Israel-Hamas war scenario could mean $140 oil, Allianz Trade warns

October 20, 2023

World Oil (Bloomberg) – War in the Middle East could cause the oil price to surge to $140 a bbl and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz Trade. Speaking to Kriti Gupta on Bloomberg Television, the Paris-based analyst placed a 20% probability of such an outcome transpiring,

Where are the borrowing bases headed?

October 20, 2023

Haynes and Boone As the fall 2023 borrowing base redetermination season approaches in the midst of an improved commodity price environment, lenders and producers are carefully monitoring the reserve-based lending market. What’s next for reserve-based loans? As part of our ongoing series of oil and gas related publications, we invite you and other industry leaders to participate in a short

International drilling rebound helps SLB beat earnings estimates

October 20, 2023

Oil Price Oilfield services giant SLB (NYSE: SLB) reported on Friday higher-than-expected earnings for the third quarter as global drilling demand further strengthened amid what the world’s biggest oilfield services provider described as an ongoing “multiyear growth cycle”. SLB posted a net income of $1.12 billion for the third quarter, up by 9% sequentially and up by 24% year-on-year. Earnings per

Global natural gas supply needs $7 trillion investment to meet demand

October 20, 2023

Oil Price Around $7 trillion in global investments in natural gas supply are necessary to ensure enough gas and avoid supply crunches through 2050, according to the Institute of Energy Economics, Japan (IEEJ). As countries look to cut emissions and shift to gas from coal, these investments will have to go to development of new gas fields, construction of new

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count had an increase of 2 this week, at 624

October 20, 2023

Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had an increase of 2 over last week, resulting in a total count of 624 rigs. Canada had an increase of 5 over last week, resulting in a total Canadian count of 198 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Granite Wash,

Venezuela pursuing former oil clients after US sanctions lift

October 20, 2023

Nasdaq HOUSTON – Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts amid the temporary lifting of U.S. sanctions, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its

Oil set for second week of gains on Israel-Gaza contagion fears

October 20, 2023

CNBC Oil prices extended gains on Friday and were on track to rise for a second week on heightened fears that the Israel-Gaza crisis may spread in the Middle East and disrupt supply from one of the world’s top-producing regions. Brent crude futures was up 87 cents to $93.25 a barrel. U.S. West Texas Intermediate crude was at $90.18 a barrel, up 81

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