Wednesday, August 14, 2024

Closing Bell Story‎

Qatar to invest in U.S.-backed critical minerals initiative

August 7, 2024

Oil Price Qatar will invest $180 million in a Europe-based critical minerals investment company, joining the U.S. development bank in supporting the firm that invests in key metals for the energy transition outside China. Qatar Investment Authority (QIA), the Gulf nation’s sovereign wealth fund, said on Wednesday it would invest $180 million in TechMet, an investment company focused on building businesses across

Cheniere Energy reinforces “critical” role of U.S. natural gas with 20-year Galp LNG deal

August 7, 2024

World Oil (WO) – Cheniere Energy, Inc. entered into a long-term liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Galp Trading S.A., a subsidiary of Galp Energia. Galp has agreed to purchase approximately 0.5 MMtpa of LNG for 20 years from Cheniere Marketing on a free-on-board basis for a purchase price indexed to the Henry Hub price, plus

U.S. crude oil inventories increase by 1.4 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 3.7 million barrels

August 7, 2024

Weekly Crude Oil Storage as of August 2, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 429.3 million barrels, U.S. crude oil inventories are 6% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

UAE and LNG- Big players taking a piece of ADNOC deal

August 6, 2024

Oil and Gas 360 The United Arab Emirates (UAE) has attracted some big industry investors in its bid to challenge the U.S., Australia, and Qatar as the world’s leading LNG exporters.  Shell and fellow European energy titans TotalEnergies and BP each take 10% of Abu Dhabi’s Ruwais project; Mitsui of Japan takes another 10%. The remaining 60% will be

U.S. shale production could surprise to the upside

August 6, 2024

Oil Price Record Permian production and increased efficiency across the shale patch have prompted many U.S. oil producers to raise their output guidace, which could boost American production above the expectations of limited gains for this year. Last week, the supermajors reported record oil and natural gas output from the top shale basin, the Permian. They also spoke of their plans to

Exclusive: Gradient Geothermal Executive Interview with EnerCom- oil and gas 360

Exclusive: Chapman Nuclear Executive Interview with EnerCom

August 6, 2024

Publisher’s Note: Jim Felton with EnerCom sat down with Chapman Nuclear CEO John Chapman, a fourth-generation nuclear scientist focused on the hunt for natural gas needed for his hydrogen fusion reactor projects with NASA and other clients. Chapman talks about the opportunities, economics and strategy for growing the company, which includes other business sectors such as radioactive isotopes for medical use.

Phillips 66 slashes jobs, caps reduction at 1%- oil and gas 360

Mexico’s richest man Carlos Slim boosts stakes in Talos, PBF Energy with $24.2 million investment

August 6, 2024

World Oil (Bloomberg) –Carlos Slim, Latin America’s richest person, took advantage of the equity-market selloff to boost his majority stakes in two U.S. energy companies. Slim’s Control Empresarial de Capitales SA spent $24.2 million on the first two days of this month to snap up 923,000 shares of Talos Energy Inc. and 357,000 shares of PBF Energy Inc., according to

Goldman Sachs sees a $75 floor for Brent oil prices

August 6, 2024

Oil Price Goldman Sachs expects a $75 per barrel floor under Brent Crude prices that is unlikely to be breached due to the current macroeconomic fears of a U.S. recession. Oil prices slumped by 6% in the past few days, dragged down by weaker-than-expected jobs data in the U.S. on Friday, which sparked a massive selloff in equity markets globally and in

World oil demand is strong despite market “overreaction” Aramco CEO says

August 6, 2024

World Oil (Bloomberg) – The selloff in global oil markets on perceived bad economic news was overdone because demand remains strong, according to top crude exporter Saudi Aramco. Brent crude dropped to almost $75 a barrel on Monday, alongside a rout in global stock markets, after a weaker-than-expected U.S. jobs report sparked fears of a recession. Prices stabilized on Tuesday

Expanded Trans Mountain pipeline capacity fails to lift Canadian heavy oil price

August 6, 2024

BOE Report The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started. Many analysts had forecast the differential on Western Canada Select (WCS) versus U.S. crude would gradually narrow to single digits thanks to the

Petrobras makes deepwater natural gas discovery offshore Colombia

August 5, 2024

World Oil (WO) – Petrobras achieved the main target of the Uchuva-2 well, confirming the extent of the natural gas discovery made in 2022 while drilling of the Uchuva-1 well. This well adds relevant information for the development of a new frontier of exploration and production in Colombia, reinforcing the volumetric potential for natural gas in the region. Uchuva-2 well,

Can oil & gas go green? Answers within DECARBON 2025

August 5, 2024

Oil and Gas 360 Taking place in Berlin, Germany, on 10-11 February, the Oil and Gas Decarbonisation Congress (DECARBON) 2025 gathers top-level management and leading technical specialists to explore the latest advancements, strategies and solutions in reducing the industry’s carbon footprint. DECARBON is an annual networking event which brings together oil and gas companies, EPCs, pipeline operators and refineries, hosted

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