Blogs

Cnooc Ltd. posted higher annual earnings and boosted its dividend, as growth in energy output offset weaker prices. Net income rose to 137.9 billion yuan ($19 billion) in 2024, from 123.9 billion yuan the previous year, China’s largest offshore oil-and-gas driller said in a filing. While that missed expectations of 144.6 billion yuan, and was… Read More "CNOOC Profit Rises on Increased Oil and Gas Drilling Output"

MOL Plc said it has discovered a new oil field near Somogysámson in Western Hungary. The company found oil at a depth of (4,100 feet) 1,250 meters during exploration drilling in December 2024. According to the results, the well located in the Somogysámson oilfield is capable of producing 1,200 barrels per day, MOL said. Production… Read More "MOL Discovers Oil in Western Hungary"

Nigeria’s push to revive oil production and encourage investment has been put at risk by sabotage at the heart of its crude pipeline system. Better security has been key to a recovery in the nation’s output, which rose 40% over the past few years after slumping to little more than half its historic peak. In… Read More "Nigerian Oil Pipeline Sabotage Threatens Crude Output Revival"

Oil snapped a seven-week losing streak as US equity markets rebounded and peace talks between Russia and Ukraine stalled, damping expectations that Moscow’s crude will return to the market soon. West Texas Intermediate rose almost 1% to settle above $67 a barrel, supported by a weaker dollar and an advance in US equities. Brent climbed… Read More "Crude Edges Higher After Seven Weeks of Declines"

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.4 million barrels from the week ending February 28 to the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That report was released on March 12 and included data for… Read More "USA Crude Oil Inventories Rise 1.4MM Barrels WoW"

The industry that paid the highest U.S. oil and gas wage in 2024 was Crude Petroleum Extraction, with an annual average of $227,080. That’s what the Texas Independent Producers & Royalty Owners Association (TIPRO) showed in its latest State of Energy report, which was released recently. The annual average wage for this industry increased by… Read More "New Report Shows USA Oil and Gas Wages by Industry"

Natural gas prices are starting to look exciting to bulls. That’s what Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone in an exclusive interview on Tuesday when asked why the U.S. natural gas price is rising today. “If you would have asked many natural gas traders a few months ago… Read More "Natural Gas Prices Are Starting to Look Exciting to Bulls"

President Donald Trump said 25% tariffs on Canada and Mexico are on track to go into place on March 4, and said he would impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation’s largest trading partners. The president paused the sweeping duties on Canada and Mexico on… Read More "Trump Says Canada, Mexico Tariffs to Take Effect, Adds New China Duty"

Estimated resource volumes on the Norwegian continental shelf rose 36 million standard cubic meters of oil equivalent (scmoe) to 15.61 billion scmoe – before accounting for production – as of year-end 2024, Norway’s upstream regulator has reported. The total figure consisted of 8.73 billion scmoe produced, 2.26 billion scmoe of reserves, 651 million scmoe of… Read More "Norway Raises Estimates for Oil and Gas Resources"

Venture Global said it will launch “commercial operations” for the Calcasieu Pass liquefied natural gas (LNG) export project in Louisiana in April. The facility in Cameron Parish already began production January 2022, according to Venture Global. However, Calcasieu Pass LNG has not supplied offtakers, prompting BP PLC to complain to the Federal Energy Regulatory Commission… Read More "Calcasieu Pass LNG in Louisiana to Start ‘Commercial Operation’ April"

Egypt and Cyprus on Monday signed deals for the reexport and commercialization of Cypriot gas, agreements that are key for Cairo in its push to become a regional energy exporter as its own output suffered declines in the past couple of years. Under the deals, production from the Cronos gas field, off Cyprus’s southwest coast,… Read More "Egypt, Cyprus Sign Deals to Export Cronos, Aphrodite Gas"

In its February short term energy outlook (STEO), which was released on Tuesday, the U.S. Energy Information Administration (EIA) revealed its latest Brent spot price forecasts for 2025 and 2026. According to the STEO, the EIA sees the Brent spot price averaging $74.50 per barrel this year and $66.46 per barrel next year. In its… Read More "USA EIA Reveals Latest Brent Oil Price Forecasts"

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 8.7 million barrels from the week ending January 24 to the week ending January 31, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. The report, which was released on February 5 and included data… Read More "USA Crude Oil Inventories Rise by Almost 9MM Barrels WoW"

Colombian President Gustavo Petro called on state oil producer Ecopetrol SA to sell its operations in the US, citing his government’s position against fracking, which he says is destructive to nature and humanity. Majority state-owned Ecopetrol announced this week it was extending a joint venture with Occidental Petroleum Corp. in the Permian Basin in the… Read More "Colombia’s Leader Asks Ecopetrol to Sell Its USA Shale Operation"

OPEC producer Kuwait will soon launch plans to merge some of its state oil companies as part of a restructuring programme intended to boost performance and cut costs. The Kuwait Petroleum Corporation (KPC), which manages the Gulf country’s hydrocarbon sector, will oversee the restructuring plan, which has been approved by the cabinet and the Supreme… Read More "Kuwait set to launch oil firm mergers within restructuring in Q2 2025"

The United States Federal Energy Regulatory Commission (FERC) has redeclared its decision to grant authorization for an Atlantic pipeline expansion project by Transcontinental Gas Pipe Line Co. LLC (Transco). The Court of Appeals for the District of Columbia Circuit had issued voidance and remanded to FERC a case challenging the Commission’s Certificate and Abandonment Authorization… Read More "US FERC Affirms Approval for Transco Pipeline Expansion in Remanded Case"

In a special U.S. policy oil and gas market update sent to Rigzone by the Rystad Energy team late Wednesday, Matthew Bernstein, a vice president of upstream research at Rystad, stated that, “despite President Trump’s intentions, a significant uptick in U.S. oil production is highly unlikely”. “The ‘drill, baby, drill’ mantra overestimates the industry’s willingness… Read More "Rystad Says Significant Uptick in USA Oil Output Highly Unlikely"

The US intervention in the oil dispute between Baghdad and Kurdistan has been met with resistance from Baghdad, who views it as meddling in internal affairs.The Federal Government of Iraq aims to unify the country under its control by ending Kurdistan’s independence and controlling all oil and gas production and revenue.The ongoing oil embargo and… Read More "U.S. Intervention in Iraq’s Oil Dispute Sparks Backlash"

Oil surpassed $80 a barrel for the first time since August as US inventories tightened and fresh sanctions on Russia began to affect crude flows. Buyers of Russian oil are increasingly turning to other suppliers, with nations including India saying they would bar sanctioned tankers, following the most aggressive sanctions yet by the US. In… Read More "Oil Surges Past $80 Amid Tight Supply"

Executives from oil and gas firms have revealed where they expect the Henry Hub natural gas price to be at various points in the future in the fourth quarter Dallas Fed Energy Survey, which was released recently. The average response executives from 128 oil and gas firms gave when asked what they expect the Henry… Read More "Oil and Gas Execs Predict Future Henry Hub Natural Gas Price"

The U.S. gasoline price will average $3.22 per gallon in 2025, according to GasBuddy’s 2025 Fuel Price Outlook, which was published recently. The outlook includes a range of possible prices for each month next year. The highest figure in that range appears in April, at $3.67 per gallon, and the lowest figure appears in December,… Read More "GasBuddy Reveals 2025 USA Gasoline Price Forecast"

Oil rose in thin end-of-year trading, with investors assessing the outlook for 2025 while tracking developments in the Middle East. West Texas Intermediate climbed 1.4% to settle near $71 a barrel, while Brent topped $74. A gauge of 10-day volatility for WTI ebbed to the lowest since July. In the Middle East, Israel struck targets… Read More "Oil Prices Close Higher in Year-End Trading"

BP Plc and the Iraqi government took another step toward reviving one of the OPEC member’s most prolific oil and gas resources, the Kirkuk field. The agreement on technical terms to redevelop the field in the north of Iraq is an important step toward a fully termed contract, BP Executive Vice President William Lin said… Read More "BP, Iraq take another step toward reviving Kirkuk oil field"

Oil rose as strong US crude exports signaled firm global demand before paring gains after the Federal Reserve reduced the number of rate cuts it expects to make next year. West Texas Intermediate advanced 0.7% to settle below $71 a barrel, while Brent edged higher to settle above $73. WTI’s gain shrank after the session… Read More "Oil Gains on US Exports, Fed Outlook Curbs Gains"

Colombia wants to shorten the production timeline at its biggest deepwater discovery, the nation’s energy chief said, as it braces for a shortfall of natural gas in coming years. State-run Ecopetrol SA and Petroleo Brasileiro SA announced this month the Sirius-2 well off the Caribbean coast could triple the country’s reserves if the deposit proves… Read More "𝐂𝐨𝐥𝐨𝐦𝐛𝐢𝐚 𝐄𝐧𝐞𝐫𝐠𝐲 𝐂𝐡𝐢𝐞𝐟 𝐏𝐮𝐬𝐡𝐞𝐬 𝐭𝐨 𝐏𝐮𝐦𝐩 𝐅𝐢𝐫𝐬𝐭 𝐎𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐆𝐚𝐬 𝐒𝐨𝐨𝐧𝐞𝐫"

A brutal cold snap, on top of concerns that the warm-up after it might not be as warm as previously projected, is giving the U.S. natural gas market a boost, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone in an exclusive interview when asked why the U.S. natural gas price… Read More "Analysts Examine Today’s USA Natural Gas Price Rise"

Libya’s oil production has risen to the highest daily level in more than a decade, just months after a political crisis slashed the country’s output. Crude and condensate production hit 1.422 million barrels on Thursday, the National Oil Corp. said in a post on X. That exceeds the state oil-firm’s target by 22,000 barrels. It’s… Read More "Libya Daily Oil Output Hits 11-Year High"

Prolonging the United States’ pause on new liquefied natural gas (LNG) projects will deprive Asian countries of a price-competitive source, making it harder for emerging economies in the continent to phase out cheaper but more polluting coal, according to an analysis commissioned by Asia Natural Gas and Energy Association (ANGEA). The study by Wood Mackenzie… Read More "𝐔𝐒 𝐋𝐍𝐆 𝐊𝐞𝐲 𝐭𝐨 𝐂𝐨𝐚𝐥 𝐒𝐡𝐢𝐟𝐭 𝐢𝐧 𝐀𝐬𝐢𝐚: 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲-𝐂𝐨𝐦𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐞𝐝 𝐒𝐭𝐮𝐝𝐲"

Triggered by incoming U.S. President Donald Trump, the next four years could prime the liquefied natural gas (LNG) markets for a golden era. That’s what Rystad Energy said in a release sent to Rigzone by the Rystad team this week, adding that, “based on his campaign pledge, the returning president’s expected policies are likely to… Read More "Next 4 Years Could Prime LNG for Golden Era"

Oil prices edged up, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah and Sunday’s Opec+ meeting, in which the group could delay a planned increase to oil output. Brent crude futures rose 29 cents, or 0.4 per cent, to $73.10 a barrel by 0750 GMT and US West Texas… Read More "Oil rises amid Israel-Hezbollah ceasefire, Opec+ focus"

Oil edged higher after swinging between gains and losses as Russia’s war against Ukraine escalated while Iran agreed to stop producing uranium enriched close to the level at which it can be used in nuclear weapons. West Texas Intermediate fluctuated throughout the day but ended 0.3% higher, settling above $69 a barrel. Rising tensions between… Read More "WTI Settles Above $69 Despite Market Volatility"

President-elect Donald Trump’s vows to “frack, frack, frack” are about to collide with a global crude glut that’s set to, finally, temper record shale production. Trump has said he’ll push America’s shale companies to ramp up output – telling supporters pump prices would fall even if it meant producers “drill themselves out of business” —… Read More "Oil Glut Set to Thwart Trump’s Call to ‘Frack, Frack, Frack’"

The discovery is estimated at between 13 and 28 million barrels of oil equivalent.An exploration well with sidetrack has been drilled about 10 kilometres north of the Troll field in the North Sea. Petroleum was struck in both well trajectories. Both oil and gas were discovered, slightly more than half being gas. The discoveries were… Read More "Oil and gas discovery in the North Sea"

Agreements have been signed to pave the way for a United Nations-backed fund for the most climate-vulnerable countries to start project financing in 2025, COP29 host Azerbaijan said Tuesday. The “loss and damage” fund’s board signed a Trustee Agreement and a Secretariat Hosting Agreement with the World Bank and a Host Country Agreement with the… Read More "Climate Loss and Damage Fund Set to Launch into Action Next Year"

Oil edged higher as the tight US presidential election looms over global markets while a tropical storm threatens production from the Gulf of Mexico. West Texas Intermediate rose 0.7% to settle near $72 a barrel. The price had earlier risen as much as 1.7% before paring gains and even briefly turning negative. Brent advanced 0.6%… Read More "Oil Prices Rise Amid US Election Uncertainty and Storm Threats"

TotalEnergies SE on Thursday reported $2.29 billion in net income for the third quarter, down 65.64 percent compared to the same three-month period last year and 39.42 percent quarter-on-quarter, with the company blaming a sharp fall in refining margins and lower oil prices. Adjusted net income, which by the company’s definition is net income less… Read More "TotalEnergies Takes Hit from Weaker Refining Margins, Maintains Dividend"

The Environmental Protection Agency has given its blessing for a proposed Texas oil port capable of exporting 1 million barrels of oil a day, even as the terminals face increasing scrutiny from environmental activists, progressive lawmakers and local officials. In a letter from the EPA made public by opponents of the project Thursday, the agency… Read More "Biden Administration Endorses Approval of Texas Oil Port"

Oil edged higher on a report that Iran may be preparing to attack Israel from Iraqi territory in the coming days, though crude still finished the week lower amid skepticism that the war will disrupt supplies. West Texas Intermediate surged as much as 3.2% on Friday before paring gains to settle below $70 a barrel,… Read More "Middle East Tensions Lift Oil Prices"