Five new oil pipelines are set to open in the Permian Basin through 2021, expanding a gap between production and takeaway capacity that’s already spurring midstream rate cuts and could mean cutthroat competition ahead. Producers in the West Texas and New Mexico oilfield are pumping about 4.72 million barrels a day, according to Rystad Energy …
Oil spiked as tensions in the Middle East flared after a U.S. strike near Baghdad international airport killed a top Iranian general. Futures in New York and London surged more than 4% after the attack. The strike killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force, according to two people familiar …
At December’s meeting in Vienna, OPEC plus agreed production cuts of 500,000 barrels a day for the first quarter of 2020. This is over and above the production cut of 1.2 million b/d (m b/d) announced a year ago. Furthermore, Saudi Arabia continues to shoulder most of the extra voluntary cuts in output, in an …
ExxonMobil has secured more than 1.7 million acres for exploration offshore Egypt. “These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We look forward to working with the government and deploying our proven expertise and advanced technology.” The acquisition includes acreage …
OPEC+ output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March. “Oil-production cuts can’t be eternal; we will gradually need to make a decision on exiting” the accord, Energy Minister Alexander Novak said in an interview with state television channel …
Kalnin Ventures announced that an affiliate of its investment vehicle BKV Oil & Gas Capital Partners, has entered into a Purchase and Sale Agreement to acquire Devon Energy’s assets in the Barnett shale. The expected closing date is in 2020, subject to customary closing conditions, and the overall transaction is worth $770 million. The transaction …
