E&P Highlights: Feb. 3, 2025
Here’s a roundup of the latest E&P headlines, from a forecast of rising global land rig activity to new contracts.
Latest
Argent LNG, Baker Hughes Sign Agreement
Baker Hughes will provide infrastructure for the Argent LNG’s 24 mtpa Louisiana project, which is slated to start construction in 2026.
What’s Affecting Oil Prices This Week? (Feb. 3, 2025)
The Trump administration announced a 10% tariff on Canadian crude exports, but Stratas Advisors does not think the tariffs will have any material impact on Canadian oil production or exports to the U.S.
COMMENTARY: Crude Oil Produces Much More Than Gasoline – Yogi Schulz
By Yogi Schulz The oil and natural gas industry refines over 100 million barrels of crude oil daily to produce much more than gasoline. Here’s an overview of how pervasive hydrocarbons are in our economy and how essential hydrocarbons are to the many products we depend on in our modern society. This overview is also …
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Exxon Enlists Baker Hughes to Support Uaru, Whiptail Offshore Guayana
Baker Hughes’ will provide specialty chemicals and related services in support of the Uaru and Whiptail projects in the Stabroek Block.
Vitol Sees 2040 Global Oil Demand Little Changed From Current Levels
Feb 3 (Reuters) – Global oil demand will likely be close to current levels in 2040, energy and commodities trader Vitol said in its long-term demand outlook on Monday, with rising consumption later this decade offset by a decline through the late 2030s. The world’s largest independent oil trader expects oil demand – which the …
Vitol Sees 2040 Global Oil Demand Little Changed From Current Levels Read More »
OPEC+ Rolls Over Oil Policy, Ditches US Government Data
(Reuters) – 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 …
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US NatGas Prices Jump 9% on Colder Forecast, Sanctions Worries
(Reuters) – U.S. natural gas futures jumped about 9% on Monday on forecasts for colder weather and higher heating demand next week and worries about supplies from Canada related to U.S. President Donald Trump’s sanctions. In 2024, about 9%, or roughly 8.4 billion cubic feet per day (bcfd) of the gas consumed in the U.S. …
US NatGas Prices Jump 9% on Colder Forecast, Sanctions Worries Read More »
Pinnacle Midstream Execs Form Energy Spectrum-Backed Renegade
Renegade Infrastructure, led by Permian-centric Pinnacle Midstream developers Drew Ward and Jason Tanous, have received a capital commitment from Energy Spectrum Partners.
Oil Prices Ease as US Tariffs On Mexico Paused for a Month
WTI crude futures were down $0.04, or 0.01%, at $72.49 after climbing as much as 3.7% earlier in the session to reach their highest since Jan. 24 at $75.18.