November 21, 2023 – Oil & Gas 360

NOG announces bolt-on acquisitions; expands northern Delaware position and enters Ohio Utica shale in Appalachia

November 21, 2023

Oil and Gas 360 HIGHLIGHTS Bolt-on acquisitions of core non-operated working interest properties in the Northern Delaware and Appalachian Basins for a combined initial purchase price of $170 million in cash and 107,657 shares of common stock, subject to typical closing adjustments Combined average expected 2024 production of ~6,500 Boe per day (26% oil, 2-stream) Combined cash flow from operations

IEA expects oil market surplus even if OPEC+ extends production cuts

November 21, 2023

Oil Price The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a fast rate”, Bosoni

US Coast Guard seeks source of some 1.1 million gallons of crude oil in Gulf of Mexico

November 21, 2023

Yahoo Finance The U.S. Coast Guard on Monday said it was still looking for the source of a leak from an underwater pipeline off the Louisiana coast in the Gulf of Mexico that it estimated had released more than a million gallons of crude oil. The 67-mile long pipeline was closed by Main Pass Oil Gathering Co (MPOG) on Thursday

Clean Energy start-ups are struggling as they wait for government aid

November 21, 2023

Oil Price Some American clean energy and technology startups are struggling to keep afloat while waiting for the U.S. Administration to disburse the pledged loans and funds under the landmark Inflation Reduction Act (IRA). Several startups have already filed for bankruptcy, others have flagged the ability to continue as a going concern or hired advisors to evaluate financing and strategic

INSIGHT-Giant batteries drain economics of gas power plants

November 21, 2023

Nasdaq LONDON – Giant batteries that ensure stable power supply by offsetting intermittent renewable supplies are becoming cheap enough to make developers abandon scores of projects for gas-fired generation world-wide. The long-term economics of gas-fired plants, used in Europe and some parts of the United States primarily to compensate for the intermittent nature of wind and solar power, are changing

Iran sees its oil production rising to 3.6 million barrels per day by March 2024

November 21, 2023

Oil Price Iran expects its oil production to rise to 3.6 million barrels per day (bpd) by the end of the current Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has said. The minister talked about Iranian oil production during a visit by Iran’s President Ebrahim Raisi to the headquarters of the Ministry of

ANALYSIS-Russia basks in the oil price comfort zone ahead of OPEC+

November 21, 2023

Nasdaq MOSCOW – As the world’s most powerful oil producers ponder further supply cuts, Russia has little incentive for a radical change as its energy revenue is strong, oil prices are higher than its forecasts and its budget deficit is narrowing. Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet

Exxon Mobil Corp. (XOM) vs. Baker Hughes (BKR) – Energy Stock Q4 Predictions

November 21, 2023

2023-11-21 04:16:11 ET An increasing oil and gas demand, coupled with supply constraints,…

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