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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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
