December 13, 2023 – Oil & Gas 360

Freehold Royalties to attract ExxonMobil, Endeavor, others to Permian assets with $82 million acquisitions

December 13, 2023

World Oil (WO) – Freehold Royalties Ltd. has entered into definitive agreements with two private sellers to acquire high-quality Permian mineral title and royalty assets in the Midland basin and the Delaware basins in New Mexico and Texas for approximately $82.4 million. The acquired assets are located primarily in Martin County, Texas, capturing some of the thickest stacked pay reservoir

BP’s former CEO forfeits £32 million pay on misleading board

December 13, 2023

Yahoo Finance (Bloomberg) — BP Plc’s former Chief Executive Officer Bernard Looney will forfeit as much as £32.4 million ($40.6 million) in pay after resigning in September because he lied about his personal relationships with other employees. “Mr Looney knowingly misled the board,” the company said in a statement on Wednesday. “The board has determined that this amounts to serious

OPEC maintains oil demand outlook amid resilient economic growth

December 13, 2023

Oil Price OPEC kept on Wednesday its oil demand growth forecasts for this year and next, citing better-than-expected economic performance so far this year and blaming “exaggerated concerns about oil demand growth” for the recent slump in oil prices. In its closely-watched Monthly Oil Market Report (MOMR) out on Wednesday, OPEC kept its forecast for world oil demand growth in 2023 unchanged

COP28 deal underscores U.S. offshore industry’s “pivotal role” in global energy transition

December 13, 2023

World Oil (WO) – National Ocean Industries Association (NOIA) President Erik Milito issued a statement on the non-binding pact signed at the conclusion of the two-week-long COP28 climate summit in Dubai: “The goals set by COP28 underscore the pivotal role of the American offshore industry in achieving the objectives of mitigating climate change while enhancing global living conditions. “As global

Oil prices up 1% on bigger-than-expected US storage withdrawal

December 13, 2023

Yahoo Finance NEW YORK – Oil prices edged up about 1% on Wednesday from a five-month low in the prior session on a much bigger-than-expected weekly withdrawal from U.S. crude storage. The U.S. Energy Information Administration (EIA) said energy firms pulled 4.3 million barrels of crude from stockpiles during the week ended Dec. 8. [EIA/S] [EIA/A] That compares with a

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 4.3 million barrels

December 13, 2023

Weekly Crude Oil Storage as of December 8, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.3 million barrels from the previous week. At 440.8 million barrels, U.S. crude oil inventories are 2% below the five year average for this time of year, according to the EIA crude oil and petroleum

OPEC’s latest monthly report hints at a tough 2024 – and further supply cuts to come

December 13, 2023

2023-12-13 04:13:06 ET Just hours before the COP28 summit ended with the historic agree…

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