July 16, 2024

BREAKING NEWS: ExxonMobil unveils 30-well drilling campaign for seventh oil and gas project offshore Guyana

July 16, 2024

World Oil (WO) – Reuters has reported that ExxonMobil is planning a potential 30-well drilling campaign for its seventh oil and gas project offshore Guyana, named Hammerhead. Hammerhead aims to start production in 2029, boosting Guyana’s oil production capacity to over 1.4 MMbpd. Exxon, along with partners Hess Corp and China’s CNOOC, expects Hammerhead to produce between 120,000 and 180,000

IMF cuts Saudi economic growth projection on oil cuts

July 16, 2024

Oil Price The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year,

Bolivia makes $7 billion natural gas discovery in largest find since 2005

July 16, 2024

World Oil (WO) – On Monday, July 15, Reuters reported that Bolivian President Luis Arce announced the discovery of a 1.7 trillion cubic foot (Tcf) natural gas reserve near La Paz. Arce has reportedly said the field will have a market value of nearly $7 billion. This discovery, the largest since 2005, is expected to become the third-largest producing field

Trump’s VP choice could signal rollback of climate protections

July 16, 2024

Oil Price Environmental campaigners have slammed Donald Trump’s pick for running mate, Ohio Republican Senator J.D. Vance, saying that he is a climate change denier and a “Big Oil sell-out” who will strongly support continued fossil fuel production. Trump announced on Monday that he had picked Vance, 39, once a critic of the former president but now a staunch supporter, to

“Economic powerhouse:” Permian basin contributes over $100 billion, 800,000 jobs on leading U.S. oil and gas production

July 16, 2024

World Oil (WO) — The Permian basin continues to grow rapidly, reflecting the region’s importance as an economic powerhouse for Texas, New Mexico and the country. This year’s Economic Report from the Permian Strategic Partnership (PSP) highlights the region’s essential role in supporting critical government functions such as road improvements, public schools and teachers, police and fire departments, community hospitals

US power demand hits hourly record high on hottest day of summer, EIA and LSEG say

July 16, 2024

U.S. News U.S. demand for power hit a preliminary hourly record high on Monday as homes and businesses cranked up their air conditioners to escape a brutal heat wave blanketing most of the Lower 48 states on the hottest day so far this summer. Extreme weather reminds consumers of the fatal freeze in February 2021 that left millions of Texans

BREAKING NEWS: ExxonMobil unveils 30-well drilling campaign for seventh oil and gas project offshore Guyana

IMF cuts Saudi economic growth projection on oil cuts

Bolivia makes $7 billion natural gas discovery in largest find since 2005

Trump’s VP choice could signal rollback of climate protections

“Economic powerhouse:” Permian basin contributes over $100 billion, 800,000 jobs on leading U.S. oil and gas production

US power demand hits hourly record high on hottest day of summer, EIA and LSEG say

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