Closing Bell Story‎ – Page 8

Tullow Oil confirms talks with Kosmos Energy over potential all-share takeover

December 13, 2024

(Yahoo Finance) – Kosmos Energy has confirmed that it is in “preliminary discussion” with Tullow Oil, an independent oil and gas exploration company, regarding a potential all-share takeover offer. The announcement follows recent media reports speculating about the deal. Tullow Oil, which has faced leadership changes following the resignation of CEO Rahul Dhir on 4 December, acknowledged the approach in

Venture Global’s new plant set for first LNG production

December 13, 2024

(Oil Price) – U.S. LNG developer and producer Venture Global is set to produce the first liquefied natural gas from its newest project, Plaquemines LNG, as soon as this week, but the commissioning phase will last up to two years during which Venture Global will keep all revenues. The first production at Plaquemines LNG, possibly this week, would be the first

Trafigura net profit, equity drops after Mongolia fraud

December 13, 2024

(Investing) – LONDON – Global commodity trading house Trafigura saw a sharp drop in its earnings for 2024 and has revised down its equity and profits for previous years after it discovered a billion-dollar oil fraud in Mongolia, the company said on Friday. Earnings dropped by 60% on the year in 2024 to $2.8 billion, the lowest since 2020. Trafigura’s financial

Offshore wind in Sweden needs support, government body says

December 13, 2024

Yahoo Finance – Sweden has cancelled 13 planned offshore wind farms in the Baltic Sea on security grounds. The government in Stockholm, a new NATO member, announced on Monday that it would no longer issue any licences for the construction and operation of the farms, which were to extend off the Swedish east coast down to the Öresund strait near Denmark.

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

U.S. rig count had no change this week, at 589

December 13, 2024

This week’s Baker Hughes Rig Count shows that the U.S. had no change over last week, resulting in a total count of 589 rigs. Canada had a decrease of 3 over last week, resulting in a total Canadian count of 191 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Granite Wash, and the Haynesville regions experienced

Oil climbs 1% to 3-week high as more sanctions loom on Russia, Iran

December 13, 2024

(Investing)– NEW YORK – Oil prices edged up about 1% to a three-week high on Friday on expectations additional sanctions on Russia and Iran could tighten supplies, while lower interest rates in Europe and the U.S. could boost demand for the fuel. Brent futures rose 67 cents, or 0.9%, to $74.08 a barrel by 10:55 a.m. EST (1555 GMT). U.S. West Texas

Texas oil and gas producer fights back against $250M insurance demands

December 12, 2024

(World Oil) – An independent Texas oil and gas producer is striking back against a group of insurance companies, which collectively are seeking $250 million in collateral beyond what the oil company has already contracted for bonds backing its production activities. The energy company, Houston-based W&T Offshore, is asking a federal judge to declare insurers have colluded to damage the

Argentina to eclipse Colombia as oil production growth continues

December 12, 2024

(Oil Price) – Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast, from the EIA: Argentina will soon eclipse Colombia as the third-largest oil producer in South America. It’s time for a new shale boom. Crude oil

Summit carbon project would be reassessed if tax credits repealed, attorney says

December 12, 2024

(Investing) – The Summit Carbon Solutions’ massive carbon dioxide pipeline project proposal would need to be reassessed if the United States repeals tax credits for carbon capture and storage, a company attorney said on Thursday. Summit intends to capture carbon dioxide from 57 ethanol plants across the Midwest and transport it along a pipeline more than 2,000 miles (3,218 km)

Russian Rosneft, India’s Reliance strike biggest-ever oil deal

December 12, 2024

(Oil Price) – Russia’s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to India’s Reliance Industries in the biggest oil supply deal between the two countries, Reuters reported on Thursday. The 10-year agreement is worth roughly $13 billion a year at current prices. Under the deal, Rosneft will deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons)

Oil little changed as IEA surplus forecast offsets rate cut optimism

December 12, 2024

(Investing) – LONDON -Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures were down 23 cents, or 0.3%, at $73.29 a barrel by 1421 GMT. U.S. West Texas Intermediate crude futures were down 27 cents, or 0.4%, at $70.02.

Weekly Gas Storage: Inventories increase by 68 Bcf- oil and gas 360

Weekly Gas Storage: Inventories decrease by 190 Bcf

December 12, 2024

Natural Gas Inventories as of December 6, 2024 The EIA has released its natural gas inventory report, showing a net decrease of 190 Bcf as of December 6, 2024. Working gas in storage was 3,747 Bcf as of Friday, December 6, 2024, according to EIA estimates. This represents a net decrease of 190 Bcf from the previous week. Stocks were

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