Oil

U.S. petroleum use decreased for a third-consecutive week, with gasoline and jet fuel demand both declining during a period that, in typical years, is marked by heavy travel around the Thanksgiving holiday. In its latest Weekly Petroleum Status Report covering the period ended Nov. 27, the Energy Information Administration (EIA) said Wednesday that overall petroleum…

Concerns about peak oil demand and stranded assets may curtail the energy industry’s appetite for sanctioning projects with long lead times, according to Raymond James & Associates Inc. The analyst team led by Pavel Molchanov in a note to clients on Monday said forecasting the peak of global oil demand is unsure “but suffice it…

The Texas oil and gas jobs picture was brighter in October for the second consecutive month, but there remains an overhang from Covid-19’s pressure on demand, according to a top energy industry group. The state’s upstream sector added 600 jobs in October, the Texas Oil and Gas Association (TXOGA) said Wednesday. September’s job gains also…

The U.S. natural gas rig count increased one unit to 77 during the short holiday work week ended Wednesday (Nov. 25), while the overall domestic tally rose sharply on a double-digit increase in the oil patch, according to the latest figures from Baker Hughes Co. (BKR). The United States added 10 rigs overall for the…

“I think that we still have a window of time to explore and develop our natural riches, but we need to do so now,” said Sergio Pimentel, Commissioner at Mexico’s Comisión Nacional de Hidrocarburos (CNH). “If not, we are leaving these resources in the ground and could be depriving future generations of Mexican citizens of…

Enbridge Inc. has vowed “a thorough response through the legal process” against a new lawsuit by the Michigan government’s Democrat executive branch that seeks to revoke the state easement for its Line 5 oil conduit across the Straits of Mackinac. In Alberta, source of most of the oil that Enbridge delivers, Energy Minister Sonya Savage…

Houston-based Occidental Petroleum Corp. is aiming for net-zero carbon emissions, but rather than investing in renewables, it plans to capture and then reuse the carbon from its global oil developments, CEO Vicki Hollub said Tuesday. During a third quarter conference call, Hollub and the executive team offered details about the sweeping strategy to boost oil…

Surging coronavirus cases in the Americas and Europe necessitated an additional cut to the Organization of the Petroleum Exporting Countries’ (OPEC) closely watched forecasts for oil demand. OPEC said Wednesday it now expects full-year 2020 global oil demand to decline by 9.8 million b/d, or 10%, from a year earlier. That marked a downward revision…

A C$100 million ($75 million) oil development is planned over the next two years by a new northeastern Alberta drilling partnership announced Monday between Headwater Exploration Inc. and Cenovus Energy Inc. The deal gives Headwater a working ownership from Cenovus of Marten Hills, a 295-square-mile prospect, with C$35 million ($26 million) in cash plus 50…