U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14. Despite this week's rig increase, Baker Hughes said the total count was still down 33 rigs, or 5% below this time last year. Baker Hughes said oil rigs rose by one to 481 [Read more]
Diamondback in talks to buy Double Eagle for more than $5 billion, WSJ reports
Diamondback Energy is in talks to buy EnCap-backed Double Eagle, a big West Texas energy producer, for more than $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter. Last year, Reuters reported that Double Eagle was exploring a sale of its Permian Basin-based producer in a deal that could be worth more than $6.5 billion, including debt. The WSJ report said a deal could be announced in coming days, if the talks don't fall apart, and it is also [Read more]
Oilfield services firm SLB names new chief strategy, performance officer
Oilfield services provider SLB has named new chief strategy and performance officers, according to a company memo seen by Reuters, the latest steps in a larger reorganization of its global structure. Aparna Raman has been appointed chief strategy and marketing officer, the memo said, effective March 1. Raman was most recently president of reservoir performance. Tarek Rizk takes on a newly created role of chief performance officer, also effective on March 1. Rizk was most recently the [Read more]
Russia seen struggling to reach its LNG targets, experts say
Exports of Russia's liquefied natural gas (LNG) will likely not exceed 67 million metric tons by 2030, falling far short of its 100 million target due to international sanctions, experts said at an industry conference on Friday. Russia has focused on development of LNG, which could be delivered by sea tankers, as its pipeline gas exports to Europe have plummeted over the conflict with Ukraine, while it struggled to significantly boost it to China. It has planned to raise its share in the [Read more]
Latest US sanctions on Russia throw global oil trade into disarray
Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington's January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow's oil revenue, the aim of western sanctions imposed after its invasion of Ukraine three years ago. The new rules have left millions of barrels floating on ships [Read more]
Russia to be ‘reintegrated’ into world economy if war in Ukraine ends, Orban says
Russia will be "reintegrated" into the world economy and the European energy system once a peace deal is achieved and the war ends in Ukraine, Prime Minister Viktor Orban told state radio on Friday. "If the U.S. president comes and creates peace, there is a deal, I think Russia will be reintegrated into the world economy... the European security system and even the European economic and energy system, that will give a huge boost to the Hungarian economy," Orban, an ally of President Donald [Read more]
Oil to snap three-week losing streak amid US tariff delays
Oil prices rose in Asian trade on Friday, poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect until April, giving more time to avoid a trade war. Brent futures were up 23 cents, or 0.3%, at $75.25 a barrel by 0505 GMT, while U.S. West Texas Intermediate (WTI) crude gained 16 cents, or 0.2%, to $71.45. For the week, Brent was up about 0.6% and WTI 0.5%. U.S. President Donald Trump on [Read more]
Discount on Western Canada Select heavy crude narrows
The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Thursday: * WCS for March delivery in Hardisty, Alberta, settled at $13.15 a barrel under WTI, according to brokerage CalRock, having ended at a $13.25 discount on Wednesday. * The discount on Canadian heavy crude prices has been easing since February 5, when it sat at $14 a barrel under WTI. * U.S. President Donald Trump paused his plan to impose a [Read more]
Trump says India agreed to purchase more US oil and gas
President Donald Trump said on Thursday the U.S. and India have struck an agreement that includes India importing more U.S. oil and gas to shrink the trade deficit between the two countries. Trump made the comments after a bilateral meeting at the White House with India's Prime Minister Narendra Modi. (Reporting By Jarrett Renshaw; Editing by Chris Reese) [Read more]
North Dakota oil output estimated down 50,000-80,000 bpd due to frigid temperatures, state regulator says
North Dakota oil output is estimated to be down currently by 50,000 to 80,000 barrels per day due to frigid temperatures, the state regulator said on Thursday. Oil production had been down 60,000 to 90,000 bpd on Tuesday, owing to the cold weather and operations challenges, said Justin Kringstad, director of North Dakota Pipeline Authority. (Reporting by Georgina McCartney in Houston; Editing by Chris Reese) [Read more]
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