Oil

Northern Oil and Gas Inc. (NOG) has agreed to acquire stakes in Permian Basin properties spanning about 2,800 acres in New Mexico and Texas from Alpha Energy Partners for $157.5 million. NOG reported that Mewbourne Oil Co. is the primary operator of the assets, which span about 2,800 acres in the Permian’s Delaware sub-basin in…

Houston-based Occidental Petroleum Corp. and Western Midstream Partners LP (WES) are looking for ways to deliver low-carbon oil and natural gas products from their existing portfolios in Colorado and Texas. Oxy, as it is known, and WES plan to explore carbon dioxide (CO2) capture projects in the Permian and the Denver-Julesburg (DJ) basins, according to…

U.S. oil output declined last week as prices descended and concerns mounted about global recession and geopolitical tumult tied to Russia’s invasion of Ukraine. Production for the week ended Sept. 23 declined by 100,000 b/d to 12.0 million b/d, the U.S. Energy Information Administration (EIA) said Wednesday in its Weekly Petroleum Status Report. The drop…

Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…

Policymakers must ensure the supply of conventional energy sources alongside lower carbon ones as the energy transition marches on, according to Saudi Arabian Oil Co. (Aramco) CEO Amin Nasser. The head of the state-owned oil behemoth has been warning of the threats to global energy security posed by underinvestment in oil and natural gas. “Many…

U.S. oil output was flat for a third consecutive week as demand fell amid increasing consternation about a looming economic recession, U.S. Energy Information Administration (EIA) data released Wednesday showed. Production for the period ended Sept. 9 was even with the previous two weeks at 12.1 million b/d, EIA said in its Weekly Petroleum Status…

OPEC and its Russian allies, on Monday agreed to reduce global crude oil output by 100,000 b/d in October, in what the Saudi-led cartel said was a proactive move to stabilize the market. At the monthly ministerial meeting, the cartel noted the “adverse impact of volatility and the decline in liquidity on the current oil…

U.S. crude production ticked up last week, approaching a 2022 high, keeping pace with an increase in demand for travel fuels, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended Aug. 26 rose by 100,000 b/d to 12.1 million b/d from the prior week, EIA said in its Weekly Petroleum Status…

Having secured $138 million in new funding from an investment group led by private equity firm DCVC, emerging geothermal power plant developer Fervo Energy is focused on completing at least two projects in the Western U.S. Houston-based Fervo said the additional funding, which augments the $39 million it raised previously by about 350%, would help…