Oil

ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block. The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d. “Yellowtail’s…

As Europe seeks replacements for Russian oil, the Canadian government has withheld approval of a $12 billion supply project led by Norwegian producer Equinor ASA offshore of Newfoundland. The Liberal federal cabinet in Ottawa in late February its second 40-day postponement for a decision on the 200,000 b/d platform planned for an Atlantic discovery known…

Amid continued expansion in the Permian Basin, the U.S. rig count climbed three units overall to reach 673 for the week ended Friday (April 1), according to the latest numbers from Baker Hughes Co. (BKR). Two oil-directed rigs and one natural gas-directed rig were added in the United States for the period, putting the combined…

Contrary to the dominant theme of 2022, U.S. crude producers nudged output higher last week, while travel fuel consumption declined along with overall petroleum demand, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ended March 25 ticked up to 11.7 million b/d after holding at 11.6 million b/d through all of…

Natural gas futures floundered on Tuesday as the domestic weather outlook shifted increasingly bearish, production ticked up and energy commodities broadly dipped lower amid pandemic flare-ups and the potential for a cease-fire in Ukraine. On its final day as the prompt month, the April Nymex gas futures contract lost 17.2 cents day/day and settled at…

Calgary-based completions expert Calfrac Well Services Ltd. has suspended its work in Russia’s oil and natural gas fields in response to its invasion of Ukraine and the trade sanctions imposed by Western nations, including Canada. The oilfield services (OFS) company, which chiefly works in Canada and the United States, also works in Argentina.  Calfrac’s Russian…

Even as President Biden has stressed the short-term need to increase oil and natural gas output and expedite liquefied natural gas (LNG) project development, the 2023 budget released by the administration Monday focuses almost entirely on transitioning away from fossil fuels. The president’s 2023 budget request for $5.3 trillion total includes funds for the Department…

As Europe seeks replacements for Russian oil, the Canadian government has withheld approval of a $12 billion supply project led by Norwegian producer Equinor ASA offshore of Newfoundland. A week after the Russian invasion of Ukraine began on Feb. 24, the Liberal federal cabinet in Ottawa announced its second 40-day postponement of a decision on…

State-owned Saudi Arabian Oil Co., aka Aramco, scored lucrative profits in 2021, which are set to fuel its standing as an even more consequential player in the global oil and natural gas markets over the next decade. Aramco, owned by the Saudi royal family, said profits climbed 124% year/year. The gains came from strong oil…