U.S. energy firms this week cut three oil rigs and added three natural gas rigs, keeping the overall rig count unchanged, energy services firm Baker Hughes said in its closely followed report on Friday. After rising for three weeks in a row, the oil and gas rig count, an early indicator of future output, held at 551 in the week to February 13. Baker Hughes said that left the total count down 37 rigs, or 6% below this time last year. Baker Hughes said oil rigs fell by three to 409 this week, [Read more]
Caturus signs LNG supply deal with Saudi Aramco
U.S. gas producer Caturus said on Friday it signed a 20-year agreement to supply 1 million tonnes per annum of LNG to Saudi Aramco from its proposed Louisiana export project. Last month, Reuters reported the deal, citing sources, between Aramco and Commonwealth LNG, owned and operated by Caturus. Commonwealth had said it wants to get to 8 mtpa in offtake to get to FID. Commonwealth's Phase 1 development will generate an estimated $3.5 billion in annual export revenue, with operations [Read more]
Enbridge rises to record high as quarterly profit tops estimates
(Updates) ** Shares of Canadian pipeline operator Enbridge gain 2.1% to reach a record high of C$72.05 ** Co reported quarterly adjusted profit of 88 Canadian cents per share, compared with the analysts' average estimate of 77 Canadian cents - LSEG ** Co says it has about C$39 bln in projects under development, with roughly C$8 bln expected to enter service this year ** "We continue to advance over 50 data center opportunities across North America, requiring up to 10 billion cubic [Read more]
US allows oil majors to resume Venezuela operations, broadly okays new energy investments
The U.S. eased sanctions on Venezuela's energy sector on Friday, issuing two general licenses that allow global energy companies to resume oil and gas operations in the OPEC member and for other companies to negotiate contracts on investments in new energy operations. The Treasury Department's Office of Foreign Assets Control issued a general license allowing Chevron, BP, Eni, Shell and Repsol to resume oil and gas operations in Venezuela. The other license allows companies around the [Read more]
Pentagon to move carrier to Middle East from Caribbean, officials say
The Pentagon is sending an aircraft carrier from the Caribbean to the Middle East, two U.S. officials told Reuters on Friday, a move that would put two carriers in the region as tensions soar between the United States and Iran. The Gerald R. Ford carrier, the United States' newest and the world's largest carrier, has been operating in the Caribbean with its escort ships and took part in operations in Venezuela earlier this year. One of the officials, who was speaking on condition of [Read more]
TC Energy beats profit estimates on natural gas, power demand
Canadian pipeline operator TC Energy beat analysts' estimates for fourth-quarter adjusted profit on Friday, helped by strength across its North American operations and increased demand for natural gas and power. Major pipeline operators such as TC Energy are doubling down on expectations of surging natural gas demand as liquefied natural gas export facilities expand and power-hungry AI systems, cryptocurrency miners and data centers ramp up electricity use. TC Energy's adjusted core profit [Read more]
Oil set for second straight weekly drop as Iran risks recede
Oil prices slipped on Friday and were on track for a second weekly decline on receding concerns of a U.S.-Iran conflict that could affect supply. Brent crude oil futures were down 6 cents, or 0.1%, at $67.46 a barrel at 0448 GMT after falling 2.7% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $62.72 after falling 2.8%. Brent prices are set to drop 0.8% this week, while WTI is set to fall 1.1%. Prices gained earlier this week on concerns the [Read more]
Discount on Western Canada Select steady
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures was steady on Thursday. WCS for March delivery in Hardisty, Alberta, settled at $15.75 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, steady on Wednesday's close. * The last time the discount on Canadian heavy crude consistently traded this low was prior to the opening of the Trans Mountain pipeline expansion in the spring of 2024, said Enverus analyst Michael [Read more]
Venezuela to grant more oil drilling blocks to Chevron, Repsol, Bloomberg News reports
Venezuela plans to grant more oil-production land to Chevron and Spain's Repsol SA, Bloomberg News reported on Thursday citing people familiar with the matter. Officials in Caracas are poised to award the exploration and production blocks as soon as this week, the report added. Chevron and Repsol did not immediately respond to Reuters' requests for comments. Last month, U.S. President Donald Trump said major U.S. companies would invest billions of dollars in Venezuela to quickly rebuild [Read more]
Alberta separatists step up efforts to leave Canada after meeting with Trump officials
Separatists in Alberta are ramping up a petition campaign aimed at triggering an independence vote in the western province that has long complained its economy is being held back by the rest of Canada. Volunteer canvassers are hoping to collect by May 2 approximately 177,000 signatures, or 10% of the province's registered voters, the threshold required to launch a citizen-led referendum on separation from Canada. While unlikely to result in an independent Alberta, the campaign poses a challenge [Read more]
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