January 31, 2025 – Oil & Gas 360

Goldman Sachs: Brent crude could hit $93 if sanctions hit Iranian, Russian oil

January 31, 2025

(Oil Price) – Goldman Sachs analysts predict Brent crude prices could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd). In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent supply disruptions while Russia experiences temporary setbacks, tightening

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count increased by 6 as of this week, at 582

January 31, 2025

This week’s Baker Hughes Rig Count shows that the U.S. had an increase of 6 over last week, resulting in a total count of 582 rigs. Canada had an increase of 13 over last week, resulting in a total Canadian count of 258 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Ardmore Woodford, the Cana Woodford,

Elk Range expands Permian, Eagle Ford assets with strategic acquisition

January 31, 2025

(World Oil) – Elk Range Royalties has announced its acquisition of Newton Financial Corporation, LP, Concord Oil Company, LP, and Mission Oil Company, (Newton/Concord) who collectively own a substantial mineral and royalty interest asset spanning the Permian and Eagle Ford basins. This strategic transaction expands Elk Range’s footprint across premier oil and gas producing regions in Texas. The acquisition includes approximately

Exclusive-Japan weighs Alaska LNG pipeline pledge to win Trump’s favour

January 31, 2025

(Investing) – TOKYO -Japan is considering offering support for a $44 billion gas pipeline in Alaska as it seeks to court U.S. President Donald Trump and forestall potential trade friction, according to three officials familiar with the matter. Officials in Tokyo expect Trump may raise the project, which he has said is key for U.S. prosperity and security, when he meets

Phillips 66 reports fourth-quarter results and announces next phase of strategic initiatives

January 31, 2025

(Oil & Gas 360) January 31, 2025 Fourth Quarter Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery Returned $1.1 billion to shareholders through dividends and share repurchases Record NGL fractionation and LPG export volumes in

Trade dispute could force U.S. to buy Venezuelan oil, Canada says

January 31, 2025

(Oil Price) – President Trump’s threat of tariffs on Canadian imports could leave the United States reliant on crude oil from Venezuela, with which the U.S. doesn’t want to work, Canadian Foreign Minister Melanie Joly told the Financial Times. Joly is visiting this week Washington, D.C. for her first official meeting with U.S. Secretary of State Marco Rubio and other U.S. government leaders. The

Halliburton secures major offshore drilling contract with Petrobras

January 31, 2025

(World Oil) – Halliburton announced a contract award from Petrobras for integrated drilling services across several offshore fields in Brazil, the result of a competitive process. The contract scope includes drilling services for development and exploration wells over a three-year period. In this contract, Halliburton will provide iCruise® intelligent rotary steerable system (RSS) to reduce well time and place wells accurately,

Oil set for weekly decline as Trump tariff threat looms large

January 31, 2025

(Investing) – LONDON -Oil prices were steady on Friday but on course for weekly declines as markets waited to see if U.S. President Donald Trump will follow through on his threat to impose tariffs on Mexico and Canada on Saturday. Brent crude futures for March, which expire on Friday, were down 9 cents at $76.78 a barrel by 1420 GMT. U.S. West

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