Qatar’s state-owned oil and natural gas company has announced entry into the Canadian energy patch by picking up a 40% share in a suspended ExxonMobil Canada Ltd. drilling project 270 miles offshore of the Newfoundland capital, St. John’s. QatarEnergy, formerly Qatar Petroleum, described the deal as gaining a foothold in an established producing region by…
Oil
Articles from Oil
Valero Says Gasoline Sales Near Pre-Pandemic Levels, Natural Gas-to-Oil Switching Imminent
Management of refining giant Valero Energy Corp. painted a bullish picture for oil products demand on Thursday, citing low inventories and surging global natural gas prices among factors boosting healthy crack spreads for U.S. refineries. “Refining margins were supported by strong recovery in product demand coupled with product inventories falling to low levels during the…
Domestic Oil Stocks Dip as Petroleum Demand Roars Back, Output and Imports Decline
U.S. crude inventories declined for the first time in four weeks as demand for gasoline and other fuels derived from oil bounced back and imports and production slid lower. The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 15, excluding those in the Strategic Petroleum Reserve, decreased by 400,000…
Tech Innovations Boost Permian Oil and Natural Gas Productivity, EIA Says
Advanced technologies, such as longer lateral wells and multi-well pad drilling, are driving ongoing efficiencies and increased productivity in developing oil and natural gas resources in the prolific Permian Basin, the U.S. Energy Information Administration (EIA) said in a report Tuesday. The Permian, which spans West Texas and southeastern New Mexico, accounted for about 30%…
California Court Strikes Down Monterey County’s Ban on New Oil, Gas Drilling
A Northern California county has lost an appeal to curb oil and natural gas development following an appeals court ruling. Monterey County voters in November 2016 approved Measure Z, a ballot initiative to prohibit new drilling activities in unincorporated areas. San Ramon, CA-based Chevron Corp. and other producers then filed a lawsuit, arguing the county…
OPEC Downgrades Oil Demand Expectations for 2021, but Consumption Holds Strong
While strong, consumption of oil proved uneven through the first nine months of 2021, interrupted by outbreaks of the coronavirus Delta variant. This led the world’s largest cartel of crude producers to downgrade its demand outlook for the full year. The Organization of the Petroleum Exporting Countries (OPEC), however, said Wednesday that lofty natural gas…
Canada Calls for Cutting Oil, Natural Gas Methane Emissions by 75% by 2030
Canada stepped forward Monday as the first and so far only national subscriber to a global climate change policy goal of cutting oil and gas industry methane emissions by 75% from 2012 levels as of 2030. Federal Environment Minister Jonathan Wilkinson kept a Canadian Liberal government re-election promise by endorsing a toughened version of a…
ExxonMobil Boosts Potential for Guyana’s Offshore Stabroek Oil, Gas Block to 10 Billion Boe
The Stabroek block offshore Guyana holds substantially more discovered oil and natural gas recoverable resource potential, with ExxonMobil notching it 1 billion boe higher from June to 10 billion boe. The updated resource estimate includes a discovery at the Cataback-1 well, the supermajor said. That brings the total significant discoveries in Stabroek to more than…
Oil, Gas Activity Accelerates as Prices Soar, Energy Companies Tell Kansas City Fed
As oil and natural gas prices surged, drilling and energy business activity across the Federal Reserve Bank of Kansas City’s footprint hastened in the third quarter, results of a new survey show. The Kansas City Fed, as it is commonly known, said its quarterly Tenth District Energy Survey found that oil and gas firms collectively…
With Imports Up, U.S. Crude Inventories Climb a Second Week
Domestic petroleum demand rose last week, but strong crude production and imports ended up driving U.S. inventory gains for a second straight week, the Energy Information Administration (EIA) said. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 11.3 million b/d for the week ended Oct. 1, up from 11.1 million b/d the…