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Norwegian Oil Investments to Hit Record High as Inflation Drives Up Costs

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

Summary Statistics office compiles oil, gas investment survey Norway oil investments to hit record NOK 257 bln in 2024 (Reuters) – Norwegian oil and gas investments are expected to hit a record this year and stay at elevated levels in 2025, driven by ongoing field developments and rising inflation, a national statistics office (SSB) survey …

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Energy Producer Maverick’s Owner Explores Sale Valuing it at $3 Billion, Sources Say

Energy Topics & Technology, Latest, Mergers and Acquisitions, US News / By

(Reuters) The private equity owner of Maverick Natural Resources is exploring a potential sale that could value the U.S. oil and gas producer at nearly $3 billion, including debt, according to people familiar with the matter. The Houston-based exploration and production company, which is owned by energy-focused investment firm EIG, is working with investment bankers …

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US Crude Inventories Rise After Six Weeks of Drawdowns, EIA Says

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

(Reuters) U.S. crude oil stockpiles rose unexpectedly last week, building for the first time since late June, while gasoline and distillate inventories fell more than forecast, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 1.36 million barrels to 430.7 million barrels in the week ended Aug. 9, the EIA said, compared …

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Oil Patch M&A Wave Recedes While Majors Digest Deals

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

Exxon, Chevron helped drive robust year for dealmaking Smaller producers like Devon, Permian Resources clinched deals Bloomberg News Some shale producers are seeking deals even as the biggest names in oil and gas, Exxon Mobil Corp. and Chevron Corp., remain on the sidelines digesting their mega mergers after a blistering run. Dealmaking activity in the sector is poised …

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Kamala Harris Once Trashed Fracking, and Pennsylvania Hasn’t Forgotten

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

The vice president’s past call for a fracking ban raises doubts in the must-win, gas-producing state.  Ask Mickey Molinaro, an asphalt worker with a bushy beard and easy-going smile. Harris, in her last White House run, called for a ban on fracking, before reversing her stance this year. And fracking helped Molinaro survive the Great …

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Slowing Global Jet Fuel Consumption Adds to Oil Demand Concern

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(Reuters) – Global jet fuel demand is poised to soften as a slowdown in consumer spending hits travel budgets, a shift that could weigh on oil prices in the months ahead. Global oil demand has struggled to meet expectations in the first half of the year due to weaker-than-forecast consumption in the United States and …

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Texas Oil Regulator Under Scrutiny as Zombie Wells Gush Back to Life

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

(Reuters) – On a sprawling ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to uncover an abandoned or so-called zombie well that had sprung back to life despite being plugged just over a year earlier, hissing gas and bubbling toxic water into the dry Texas dirt. Dressed …

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New Drilling Technology to Put Billions of Barrels of Oil in Reach

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, Offshore, Oil, Pinned Primary, US News / By

HOUSTON, (Reuters) – An oil production breakthrough that producers say can safely tap ultra-high pressure fields could put up to 5 billion barrels of previously inaccessible crude into production, analysts said. Chevron on Monday disclosed it had pumped first oil from a field at 20,000 pounds per square inch pressures, a third greater than any prior well. …

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U.S. Shale Companies Produce More Crude Using Fewer Rigs

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

Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies as OPEC also plans to unwind its output cuts later in the year. Producers are extending their wells to as much as three miles, squeezing …

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Tourmaline Oil to Buy Crew Energy in $947 Million Deal

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Natural Gas / By

Company pushes further into ranks of biggest energy producers Acquisition follows C$1.5 billion Bonavista deal last year Tourmaline Oil Corp. agreed to buy Crew Energy Inc. for C$1.3 billion ($947 million) as Canada’s biggest gas driller pushes to grow production in anticipation of rising gas demand for power and exports. The all-stock transaction is valued at approximately C$6.69 …

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