Demand forecasts set tone for oil prices

Demand forecasts set tone for oil prices

Crude oil prices this week will swing on the lingering impact of Hurricane Ida and demand expectations from global market forecasts, analysts said. West Texas Intermediate, the U.S. benchmark for the price of oil, increased 1.4 percent during the week ending Sept. 10 on the back of the ongoing impact of Hurricane Ida,. Crude closing Friday […]

Permian Basin oil and gas industry continues to consolidate in the wake of COVID-19

Permian Basin oil and gas industry continues to consolidate in the wake of COVID-19

Oil and gas operators in the Permian Basin continued to consolidate land used to produce fossil fuels, purchasing acreage already in production to drive up returns for investors. The industry began its consolidation in the wake of the COVID-19 health crisis which saw the price per barrel plummet below $0 per barrel for the first […]

Why South America Is Big Oil’s New Favorite Continent

Why South America Is Big Oil’s New Favorite Continent

South America continues to feature prominently among petroleum industry headlines. Offshore Brazil and Guyana have become the focal point of what is shaping up to be the continent’s two biggest oil booms, while Venezuela’s once mammoth oil industry has nearly collapsed. Ongoing wrangling within OPEC plus over production cuts, with the United Arab Emirates disagreeing […]

The Dawn Of A New Era In Deepwater Drilling

The Dawn Of A New Era In Deepwater Drilling

A new era in deepwater drilling is about to begin. With the sanctioning of the Anchor project super-major operator, Chevron, NYSE: CVX) signaled that it was ready to risk billions tapping the ultra-high pressure, Lower Wilcox Tertiary play, some 35,000 feet below the mudline. At least two other projects are in advanced FID status with […]

Callon Petroleum to buy Delaware Basin assets from Primexx for $788 mln

Callon Petroleum to buy Delaware Basin assets from Primexx for $788 mln

Oil and gas exploration company Callon Petroleum Co (CPE.N) said on Wednesday it would buy assets in the Delaware Basin from Primexx Energy Partners for $788 million, as it looks to expand its presence in the westernmost shale field within the Permian. The Permian basin of Texas and New Mexico is at the heart of the shale […]

U.S., Germany to announce deal on Nord Stream 2 pipeline in coming days -sources

U.S., Germany to announce deal on Nord Stream 2 pipeline in coming days -sources

The United States and Germany are expected to announce in coming days a deal resolving their long-standing dispute over Russia’s $11 billion Nord Stream 2 natural gas pipeline, sources familiar with the matter said on Monday. President Joe Biden and German Chancellor Angela Merkel failed to settle their differences over the undersea pipeline when they […]