Conventional Energy

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How Western Sanctions Are Strangling Putin’s Arctic Gas Ambitions

CDN and International News, Conventional Energy, Latest, Natural Gas / By

Pipeline exports to Europe have slumped, turning focus to LNG Novatek’s Arctic LNG 2 is crucial to expanding export capacity Bloomberg Russia’s fortress economy has proved remarkably resilient to an onslaught of Western sanctions. Two years after the Kremlin’s invasion of Ukraine, it continues to fund a costly war and to prop up President Vladimir Putin. …

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U.S. Oil and Gas Rig Count Falls to Lowest Since January 2022 – Baker Hughes

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, US News / By

May 3 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of …

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Oil Climbs as Gaza Tensions Rise, Saudi Arabia Hikes Prices

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Prospects for Israel-Hamas truce narrow Saudi Arabia hikes June crude oil prices for most regions China’s April business sentiment rises, data shows (Reuters) – Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas …

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Oil Settles Down on U.S. Jobs Data, Steepest Weekly Loss in 3 Months

Conventional Energy, Latest, Oil, Tri-Pinned / By

Summary OPEC+ could extend supply cuts beyond June, sources say US job growth weaker than expected in April US drillers cut oil and gas rigs for second week in a row NEW YORK, May 3 (Reuters) – Oil prices settled lower on Friday, and posted their steepest weekly loss in three months as investors weighed …

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OPEC+ Likely to Extend Production Cuts in June

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far. If OPEC+ (Organization of the …

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Occidental Explores Sale of Permian Assets Worth Over $1 Billion

Conventional Energy, Latest, Oil, US News / By

Occidental Petroleum is exploring a sale of a part of its operations in the Permian Basin that could fetch more than $1 billion for the energy producer, according to people familiar with the matter. The company’s divestment effort is linked to Occidental’s broader plan to slash its debt, which stood at $18.5 billion at the …

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Biden, BP and the High-Stakes Sequel to Deepwater Horizon

Conventional Energy, Energy Topics & Technology, Latest, Offshore, Oil, US News / By

The British petroleum giant is back in the Gulf of Mexico as the US gets stuck between the black stuff and going green By Javier Blas Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.” …

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Pipeline Operator TC Energy Beats Profit Estimates on Strong LNG Demand

Conventional Energy, Energy Topics & Technology, Latest, LNG, Natural Gas, Pipelines, US News / By

By Reuters (Reuters) – Pipeline operator TC Energy  beat first-quarter profit estimates on Friday, helped by robust demand for liquefied natural gas (LNG). Demand in the U.S., the largest importer of Canada’s oil and gas, rose in the first quarter according to the U.S. Energy Information Administration, benefiting Canadian energy firms. Total earnings from TC Energy’s pipeline …

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Biggest Oil and Gas Sector Deals Since the Start of the Century

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Mergers and Acquisitions, Natural Gas, Oil, US News / By

(Reuters) – Top U.S. oil and gas producer Exxon Mobil  has won the approval of the Federal Trade Commission (FTC) to close its deal for Pioneer Natural Resources  on the condition that former Pioneer CEO Scott Sheffield is kept off its board. The U.S. oil and gas industry went on a $250 billion buying spree in 2023 …

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Explainer: What OPEC+ Oil Output Cuts are Currently in Place?

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

(Reuters) – OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut. These curbs from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, come on top of earlier reductions …

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