Oil

A Newfoundland candidate to launch liquefied natural gas (LNG) exports from Canada’s Atlantic coast stepped forward Tuesday with a prospective native partner and support from the provincial government. LNG Newfoundland & Labrador Ltd., Miawpukek First Nation, the First Nations Major Projects Coalition and provincial Premier Andrew Furey unveiled a “framework agreement” for a C$10 billion…

Strike while the iron is hot, ConocoPhillips CEO Ryan Lance said Tuesday of the decision to pay $9.5 billion for Royal Dutch Shell plc’s Permian Basin portfolio. The world’s largest exploration and production (E&P) company late Monday agreed to buy Shell’s West Texas portfolio, spread across 225,000 net acres of private land in the Delaware…

U.S. stockpiles of crude are down substantially this year amid rising demand and curtailed production, with inventories at the Cushing Hub in Oklahoma driving the downward trend. Stocks at Cushing totaled 32.9 million bbl for the week ended Sept. 10, down 42% from the start of the year, the U.S. Energy Information Administration (EIA) said…

The U.S. natural gas rig count eased one unit lower to make it an even 100 for the week ended Friday (Sept. 17), while higher drilling totals in the oil patch saw the overall domestic tally climb sharply for the period, the latest figures from Baker Hughes Co. (BKR) show. A 10-rig increase in oil-directed…

The aftershocks of Hurricane Ida kept a lid on petroleum output and demand last week, long after the storm hammered Louisiana and production facilities in the Gulf of Mexico (GOM) on Aug. 29, the latest U.S. Energy Information Administration (EIA) inventory report showed. For the week ended Sept. 10, production inched ahead to 10.1 million…

The International Energy Agency (IEA) expects continued tightening of the global oil market this month, driven by factors on both the supply and demand sides of the equation. In its latest monthly Oil Market Report, the global energy watchdog said it now expects global oil demand to rise by 5.2 million b/d this year, and…

Global oil demand in 2022 is gathering pace to exceed pre-pandemic levels, the Organization of the Petroleum Exporting Countries (OPEC) said Monday. In its Monthly Oil Market Report, the cartel said the Covid-19 Delta variant put a crimp in forecasts for the second half of 2021. However, economic growth worldwide in 2021 and 2022 remains…

Backed by a $500 million private equity (PE) commitment, Sierra Energy Holdings LLC plans to pursue mineral and royalty stakes in the Lower 48. The firm was created by Providence Energy Ltd. and funds managed by Oaktree Capital Management LP. Privately held Providence units own and/or manage interests in nearly two million gross acres across…

Close to 77% of the total natural gas and oil produced in the Gulf of Mexico (GOM) remained offline Wednesday, more than 10 days after Hurricane Ida slammed into the heart of Louisiana’s energy home base in Port Fourchon. The Interior Department’s Bureau of Safety and Environmental Enforcement (BSEE) in a midday update said 77.25%…