Oil

Saudi Arabian Oil Co. is taking a 10% stake in a Chinese petrochemical company to expand its crude oil presence in the country. Aramco, as it is known, said it would pay around $3.6 billion to buy the interest in Rongsheng Petrochemical Co. Ltd.  Aramco Overseas Co. (AOC) would manage the stake. Under a long-term…

U.S. crude output last week held at robust levels as American exploration and production (E&P) companies remained active to bolster domestic supplies and help meet global demand. E&Ps generated 12.3 million b/d for the week ended Feb. 24. That was on par with the highest level since March 2020, when the pandemic was declared. U.S.…

After a 29-day interruption to repair a leak in Kansas, oil flows resumed Thursday to all destinations on Keystone Pipeline for up to 600,000 b/d of Canadian exports into the United States. TC Energy Corp. said added precautions enabled the restart, including a reduction to a high operating pressure previously allowed by a special permit…

Bolstered by modest gains in both natural gas and oil drilling, the combined U.S. rig count climbed three units to 782 for the week ended Friday (Nov. 18), according to updated numbers published by Baker Hughes Co. (BKR). Changes in the United States for the week included gains of two natural gas-directed rigs and one…

Not only is Guyana set to become one of Latin America’s shining economic stars, but the once poor backwater could soon be a key player in the new global energy map. The International Monetary Fund (IMF) sees the Guyanese economy growing by a staggering 47% this year, even as the rest of the world could…

The Biden administration aims to substantially curb new oil and natural gas drilling on public lands as it attempts to combat climate change and emphasize renewable fuels. The White House said it would resume selling leases to drill for oil and gas on federal lands, though the number of acres available declined dramatically and it…

Cowboy Midstream LLC is set to bring online a crude oil truck offload facility in the Powder River Basin (PRB) next month. The Casper, WY-based midstream provider began construction on the Ross Road Terminal in October. The terminal is being built along Cowboy’s Powell Lateral II Pipeline, to which the terminal would be connected.  The…

U.S. oil and natural gas leaders this week pledged to support Ukraine in light of Russia’s unprovoked invasion, which roiled financial markets around the world. Russia’s attack against Ukraine, forewarned by Russian President Vladimir Putin for months, came on the heels of major sanctions by the United States and its allies. It also followed Germany’s…

Pioneer Natural Resources Co. will limit its net annual oil production growth to 0-5% even if the oil price hits $150, a possibility that CEO Scott Sheffield is not ruling out. “I’m getting more and more confident about the long-term oil strip being much higher than we had expected,” Sheffield told analysts on Thursday during…