September 30, 2024

FTC bars Hess CEO from joining Chevron board following $53 billion deal on OPEC collusion accusations

September 30, 2024

(World Oil) – U.S. regulators will allow Chevron to move forward with its $53 billion acquisition of Hess but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC. The U.S. Federal Trade Commission said in a statement Monday that Hess communicated with members of the group and its allies, encouraging them

Elliott Affiliate wins Citgo auction with $7.3 billion bid

September 30, 2024

(Yahoo Finance) – An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a bid for $7.3 billion, clearing a key hurdle in the fund’s push to acquire an oil refiner that was once Venezuela’s largest foreign asset. The affiliate, Amber Energy Inc., submitted the best bid for Citgo’s US parent, PDV Holding, Robert Pincus,

IEA’s mid-year report suggests a bottom for oil prices

September 30, 2024

(Oil & Gas 360) – While oil demand continues to grow globally, its trajectory has been leveling somewhat, according to the International Energy Administration (IEA) in its World Oil Market Report released in September. It says the 800,000 barrels a day (bbl/d) increase for the first half of 2024 is the slowest growth rate since the Covid year of 2020;

ADNOC, SLB, Patterson-UTI partner to accelerate UAE’s unconventional oil and gas program under Turnwell Industries name

September 30, 2024

(World Oil) – SLB announced an agreement to create Turnwell Industries LLC OPC (Turnwell), a joint venture (JV) with ADNOC Drilling Company, SLB and Patterson-UTI. The JV will allow the three companies to leverage leading innovations in AI, smart drilling design, completions engineering and production solutions. The JV will focus on the acceleration of UAE’s unconventional oil and gas program,

Analysts cut oil price forecasts for fifth month in a row

September 30, 2024

(Oil Price) – Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, weaker Chinese oil demand and high inventories globally prompted economists

FTC bars Hess CEO from joining Chevron board following $53 billion deal on OPEC collusion accusations

Elliott Affiliate wins Citgo auction with $7.3 billion bid

IEA’s mid-year report suggests a bottom for oil prices

ADNOC, SLB, Patterson-UTI partner to accelerate UAE’s unconventional oil and gas program under Turnwell Industries name

Analysts cut oil price forecasts for fifth month in a row

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