(Oil & Gas 360) – Anyone spending any real-time driving on American highways the last five months had the pleasant surprise of falling gasoline and diesel prices, both down compared to this time in 2023. Both fuels saw a price spike in the spring with the onset of the summer driving season, but prices have been in a slow, steady decline
(Oil Price) – The world’s biggest oilfield services provider, SLB (NYSE: SLB), expects to exceed its commitment of returns to shareholders this year as its third-quarter profit beat estimates and cash flow generation remained strong despite softened short-cycle activity. SLB reported on Friday earnings per share (EPS), excluding charges and credits, of $0.89 for the third quarter, up by 5% sequentially and 14%
(World Oil) – Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s. The mantra “all the oil counts” will guide the company’s next strategic plan that will be unveiled in late November, members of the management team
(Oil Price) – BP is considering a potential sale of a minority stake in its offshore wind business in a move to reduce spending on project developments in the sector, anonymous sources have told Reuters. Currently, BP doesn’t operate offshore wind farms, but it had a pipeline of offshore wind developments worth 9.6 gigawatts (GW) as of June this year. The UK-based
(World Oil) – ADNOC announced today the deployment of AIQ’s Advanced Reservoir 360 (AR360) solution on more than 30 reservoirs across ADNOC’s upstream operations, following the solution’s successful initial deployment in early 2024 on two ADNOC reservoirs at Bab and Umm Shaif fields. Developed by AIQ with SLB as part of ENERGYai, ADNOC’s artificial intelligence and digital technology strategy, AR360
(Investing) – LONDON-Oil futures dropped on Friday as they headed for a roughly 7% weekly drop as China’s economic growth slowed and threats to supply abated in the Middle East. Brent crude futures fell 89 cents, or 1.2%, to $73.56 a barrel by 1328 GMT, while U.S. West Texas Intermediate crude was at $69.72 a barrel, down 95 cents or 1.3%. The
(BOE Report) – A new pipeline carrying shale natural gas from west Texas toward export hubs on the U.S. Gulf Coast has eased constraints that crashed local prices this year, and will help pave the way for higher U.S. oil production, energy executives said. Pipeline companies largely quit adding new capacity following the pandemic, when shale production dried up and
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