October 17, 2024 – Oil & Gas 360

Exxon plans to sell percentage of shale assets in Bakken formation

October 17, 2024

(World Oil) – Exxon Mobil Corp has announced plans to sell a portion of its assets in North Dakota’s Bakken shale formation, according to Reuters. Top oil producers are strategically reevaluating their asset portfolios in the wake of several big mergers in U.S. shale patches. “ExxonMobil is exploring market interest for select assets in the Bakken Shale Play, which includes approximately 137

This is about as bearish as oil has been since the 2008 financial crisis

October 17, 2024

(Oil Price) – Oil prices are little changed in Wednesday’s intraday sessions after they tumbled more than 4% on Tuesday to a near two-week low on easing Iranian supply disruption fears. According to a report by the Washington Post, Israeli Prime Minister Netanyahu told the Biden administration that Israel is willing to strike Iran’s military infrastructure rather than oil or nuclear facilities,

Euro carmakers want to pump brakes on EV mandates

October 17, 2024

(Oil & Gas 360) – Earlier this week, the world-famous Paris Auto Show saw some international political heft inserted into its usual line-up of fast cars over the European Union’s electric vehicle (EV) mandates. BMW’s CEO Oliver Zipse warned that EU efforts to virtually eliminate the production of internal combustion engines (ICE) and diesel-powered vehicles over the next ten years

Oman’s oil exploration firm raises $2 billion in record domestic IPO

October 17, 2024

(Oil Price) – OQ Exploration and Production Company (OQEP), Oman’s wholly-state-owned upstream oil and gas operator, has raised $2.03 billion from its IPO which was the largest ever for the Gulf oil nation and the biggest in the region so far this year. OQEP, which is a wholly owned subsidiary of OQ, the Sultanate of Oman’s energy company, sold 2 billion

Transocean announces $193 million ultra-deepwater drillship contract in Gulf of Mexico

October 17, 2024

(World Oil) – Transocean Ltd. today announced a one-year contract for the Deepwater Conqueror with an undisclosed operator in the U.S. Gulf of Mexico. The contract is expected to commence in October 2025 and contribute approximately $193 million in backlog, including additional services. About Transocean Transocean is a leading international provider of offshore contract drilling services for oil and gas

Mexican Senate votes to give constitutional preference to state power company

October 17, 2024

(Investing) – MEXICO CITY – Mexico’s Senate voted to amend the country’s constitution late on Wednesday to give dispatch preferences to state electricity company CFE, cementing the national power generator’s preferential status above foreign or private competitors. The initiative passed the upper chamber of Congress with 86 votes to 39, meeting the requirement of two-thirds support to change the constitution. The

Europe’s renewable power prices drop

October 17, 2024

(Oil Price) – Moderating inflation and reduced market volatility compared to 2022 and 2023 resulted in lower prices for renewable electricity in power purchase agreements across Europe. During the third quarter of 2024, power purchase agreements (PPAs) for electricity sourced from renewable energy showed a 12.4% decline in price, compared to the same period of 2023, according to data from price

Weekly Gas Storage: Inventories decrease by 40 Bcf- oil and gas 360

Weekly Gas Storage: Inventories increase by 76 Bcf

October 17, 2024

Natural Gas Inventories as of October 11, 2024 The EIA has released its natural gas inventory report, showing a net increase of 76 Bcf as of October 11, 2024. Working gas in storage was 3,705 Bcf as of Friday, October 11, 2024, according to EIA estimates. This represents a net increase of 76 Bcf from the previous week. Stocks were

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