February 3, 2025 – Oil & Gas 360

Crescent Energy closes $905 million deal in strategic Eagle Ford expansion

February 3, 2025

(World Oil) – Crescent Energy Company announced the closing of its acquisition of Central Eagle Ford assets from Ridgemar Energy for upfront consideration of $905 million, consisting of $830 million in cash and 5,454,546 shares of Class A common stock, plus future oil price contingent consideration, subject to customary purchase price adjustments. Crescent plans to provide 2025 guidance reflecting the acquisition

Baker Hughes lands major contract for ExxonMobil Guyana FPSOs

February 3, 2025

(World Oil) – Baker Hughes has secured a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in Guyana’s prolific Stabroek Block. The announcement was made during Baker Hughes’ 25th Annual Meeting in Florence, Italy. The multi-year contract includes all topsides, subsea, water injection and utility chemicals for the

Vitol expects oil demand to remain robust until 2040

February 3, 2025

(Oil Price) – Crude oil demand will remain at current levels over the next 15 years at least, commodity trading major Vitol has forecast, shattering earlier predictions from outlets such as the International Energy Agency that has consistently been predicting peak oil demand growth before 2030. Demand for crude is set to rise further in the coming years, to peak at

Ovintiv closes $2.3 billion acquisition of Montney assets in Alberta

February 3, 2025

(World Oil) – Ovintiv has closed its previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (MBOE/d) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, strategically located near the Ovintiv’s current Montney operations with ample access to midstream infrastructure

Oil prices ease as US tariffs on Mexico paused for a month

February 3, 2025

(Investing) – HOUSTON -Oil prices edged lower on Monday after rising more than $1 earlier in the session after the United States and Mexico announced a month-long pause on tariffs the U.S. had slapped on its southern neighbour. U.S. President Donald Trump had imposed tariffs on Canada, Mexico and China to take effect from Tuesday, raising fears of supply disruption. Brent

Ecopetrol, OXY to drill 34 wells in Permian under development plan extension

February 3, 2025

(World Oil) – Ecopetrol S.A. announced that its U.S. subsidiary, Ecopetrol Permian, has reached an agreement with Occidental Petroleum (OXY) to extend its development plan of Rodeo Midland Basin LLC under the joint-venture first established in July 2019. his agreement, reached by the companies, includes a drilling plan for 34 wells between April 2025 and June 2026, in addition to

OPEC+ sticks to oil policy, ditches US government data

February 3, 2025

(Investing) – LONDON -OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government’s Energy Information Administration from the sources used to monitor its production and adherence to supply pacts. OPEC+ and Donald Trump clashed repeatedly during his first administration in 2016-2020 when the U.S. President demanded it raise production to

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