Oil

In a trade with Calgary’s Cenovus Energy Inc., BP plc is building its prospects offshore Eastern Canada and selling its half-stake in the Sunrise oilsands project.  Total consideration includes C$600 million cash and a variable C$600 million payment over two years. BP is gaining the 35% stake that Cenovus has in the Equinor ASA-led Bay…

Natural gas production from seven key U.S. onshore regions is set to surge 781 MMcf/d higher from June to July, paced by the Haynesville Shale and the Appalachian Basin, updated modeling from the Energy Information Administration (EIA) shows. The Appalachia and Haynesville regions are on pace to grow output by 231 MMcf/d and 226 MMcf/d,…

Fueled by bursts in energy costs, including natural gas, U.S. inflation spiked to an 8.6% annual rate in May, reaching the highest point in more than 40 years. The U.S. Department of Labor on Friday said its Consumer Price Index showed energy costs overall last month climbed 35% from May 2021. Energy commodities, a subcategory…

International benchmark Brent crude prices will average $140/bbl between July and September and hang near that level through the first half of next year, analysts at Goldman Sachs Group forecasted. That marks a substantial jump from their earlier call for global prices to average $125 in the third quarter. Prices may need to climb even…

American oil producers held the line on output last week, while demand climbed and global supply worries intensified. The U.S. Energy Information Administration (EIA) said Thursday output was flat at 11.9 million b/d for the week ended June 3. It marked the fourth straight week in which production was held at that level. While that…

Texas independent Callon Petroleum Co. has revised its 2022 spending plans upward, citing higher than expected inflation in oilfield services (OFS) costs. Houston-based Callon has updated its operational capital budget to a range of $790 million to $810 million for the full year, up from previous guidance of $725 million published in February. Production guidance…

Lithium is one of many components of the salty brine, or produced water, that accompanies natural gas and oil production. It is also a key component of battery production for electric vehicles (EVs), power grid storage, and numerous other manifestations of the energy transition. Recovering commercial volumes of lithium from the oil and gas byproduct…

After a two-year pause during the Covid-19 pandemic and an ownership shuffle, a third project aimed at reviving Canadian oil production offshore Newfoundland has progressed. Cenovus Energy Inc. and Suncor Energy Inc. announced work would resume on their C$3.2 billion ($2.6 billion) West White Rose supply development, which was paused in March 2020. The move…

European Union (EU) leaders agreed late Monday to cut off the majority of oil imports from Russia, a sweeping step aimed at crippling the Kremlin’s ability to finance its invasion of Ukraine. EU officials planned to meet Wednesday to finalize the embargo. It would exempt oil delivered via pipelines – nearly one-third of imports from…