E&P Highlights: May 6, 2024
Here’s a roundup of the latest E&P headlines, including technology milestones and new contract awards.
Dara Energy Acquires Assets in Three States from Vinland
Dara Energy closed an acquisition of low decline oil and gas assets in Kentucky, Tennesee and Texas from Vinland Energy.
IBAT, US Mag Partner to Advance Modular Direct Lithium Extraction Plant
Full commissioning and startup of the commercial modular direct lithium extraction plant being developed by US Magnesium and International Battery Metals is expected within three months, the companies said May 6.
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
OTC: SLB Exec Says Goal is to Expand Production, Lower Emissions
Despite rapidly expanding global renewables capacity, oil and gas products will still supply around half of global energy demand by 2040, an SLB executive said during the 2024 Offshore Technology Conference.
IOG Resources Acquires Interests from Civitas
IOG Resources acquired interests in the Denver-Julesburg Basin from Civitas Resources.
What’s Affecting Oil Prices This Week? (May 6, 2024)
Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
TC Energy Preparing for Natural Gas Demand Surge
TC Energy executives expect data centers in Wisconsin and Virginia to drive as much as 8 Bcf/d of natural gas demand for power generation.
U.S. Natgas Flows to Freeport LNG in Texas Rise to 2-Month High – LSEG
The amount of natural gas flowing to Freeport LNG’s export plant in Texas rose to a two-month high on Sunday in what energy traders said was another sign that the plant was wrapping up a series of outages over the past month or so.The startup and shutdown of Freeport and other U.S. liquefied natural gas …
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Chevron Arbitration to Go Into 2025, Exxon CEO Woods Tells CNBC
U.S. energy major Exxon Mobil’s arbitration over Chevron’s plans to buy Hess’s Guyana oilfield stake will extend into 2025, Exxon CEO Darren Woods said to CNBC in an interview, souring expectations of a resolution this year. Exxon and CNOOC Ltd filed cases before the International Chamber of Commerce in March, seeking the right-of-first-refusal over any sale of Hess’s …
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