Oil and Gas 360 Key Development: Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024 Fourth Quarter Financial and Operational Highlights: Net income was $413 million, or $1.34 per share, compared with $497 million, or $1.61
World Oil (WO) – QatarEnergy has announced the award of the four main Engineering, Procurement, Construction, and Installation (EPCI) contract packages related to the next development phase of the offshore Al-Shaheen field (Qatar’s largest oil field) to increase production by about 100,000 bopd. The award is part of Project Ru’ya (vision in Arabic), which is the third phase of Al-Shaheen’s
Oil Price Less than a month after news that Phillips 66 was discussing the sale of some of its assets, the company has been forced to shut down a section of a natural gas pipeline due to a fire. The natural gas pipeline in the Oklahoma Panhandle ruptured after a fire on Tuesday, with Phillips 66 saying in a Wednesday
Nasdaq SINGAPORE/NEW DELHI/LONDON – To avoid the Red Sea, the supertanker Grand Bonanza set out early this month on a roughly 40-day journey carrying 1.8 million barrels of Abu Dhabi crude for TotalEnergies from the United Arab Emirates all the way around Africa to France. The trip will take at least two weeks longer than the normal route via the
Oil Price Something strange is happening in the U.S. oil patch. Oil drilling—an activity that has always been energy-intensive—has turned into a massive drain on the grid. The trend is an ironic twist to the U.S. grid problem, which is how to accommodate soaring demand for electricity in a non-inflatable grid. Last November, the North American Reliability Corp. warned that blackouts could
World Oil (Bloomberg) – Venezuelan oil production at a four-year high is expected to decline quickly if the US follows through on threats to reinstate sanctions on the nation. The Biden administration on Tuesday said sanctions relief to Venezuela’s oil and gas sector will be allowed to expire on April 18, unless the government holds free and fair presidential elections.
Nasdaq LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the
Weekly Crude Oil Storage as of January 26, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 421.9 million barrels, U.S. crude oil inventories are 5% below the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage
ACHESON, Alberta, Jan. 31, 2024 (GLOBE NEWSWIRE) — North American Construction Group Ltd. ( …
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