Tag Archives: World Oil

U.S. crude oil production reached the second-highest level on record in July as output from Texas’s Permian basin soared to an all-time high. The nation’s production rose to 12.991 MMbpd, the highest since a peak of 13 MMbpd in November 2019, according to data from the Energy Information Administration. Most …

The number of oil rigs operating in the U.S. increased this week for the first time since June as crude prices soared, but drilling remains well below where it was at the beginning of the year. Some 513 drill rigs are operating in the U.S., up one from the previous …

Equinor has acquired a 25% interest in Bayou Bend CCS LLC, positioned to be one of the largest U.S. carbon capture and storage projects located along the Gulf Coast in Southeast Texas. Bayou Bend is positioned to be one of the largest CCS solutions in the U.S. for industrial emitters, …

Libya’s Sharara oil field is gradually resuming production after protesters that shut the facility earlier last week left, a person familiar with the matter said. The protesters ended their demonstration after officials released a man who’s vying to become the nation’s next central bank governor. The nearby — but smaller …

OPEC invited Ecuador to rejoin the oil producers’ group just over three years after its departure, according to a letter received by the country’s Energy Ministry. Secretary-General Haitham Al-Ghais wrote that readmission of the Latin American nation is a “top priority” for OPEC and offered to visit to “explain the …

Eni has begun offloading the first LNG cargo into Snam’s new regasification terminal in Piombino, in the presence of the Minister of the Environment and Energy Security, Gilberto Pichetto Fratin. The terminal has a total processing capacity of 5 Bcm per year, or approximately 7% of Italy’s gas demand. The …

Japanese investors will be supported to increase investment in natural gas projects in Mozambique as the Southeastern African country aims to develop giant offshore projects, Prime Minister Fumio Kishida said. Japan will encourage “the entry of more Japanese businessmen” in Mozambique, Kishida said on Thursday in the capital, Maputo. “Cooperation …

China Petroleum & Chemical Corporation (“Sinopec”) has initiated the drilling of Project Deep Earth 1-Yuejin 3-3XC Well on May 1 in the Tarim basin, Xinjiang Uyghur Autonomous Region. With a design depth of 9,472 meters, it will be the deepest oil and gas well in Asia and a breakthrough of …

Shell Australia is selling bp Plc its interests in the carbon-intensive Browse offshore natural gas project, one of Australia’s largest untapped gas fields. “The Browse asset is no longer a strategic fit in the context of Shell’s global portfolio,” Shell said in a statement Saturday, without elaborating on the size …

BP Plc and Abu Dhabi National Oil Co. will form a natural gas joint venture and have made an offer to take Israel’s NewMed Energy private in a deal worth around $2 billion. The move will deepen BP’s presence in the eastern Mediterranean and mark ADNOC’s first venture into the …