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Exxon delivers $9.2bn second-quarter profit, raises output target

– Exxon raises 2024 oil and gas output goal to 4.3 million bpd– Raises capital spending guidance to $28 billion for 2024– Aims to cut cumulative $5 billion in costs through 2027 London — Exxon […]

Crescent Energy, SilverBow Resources form second-larger Eagle Ford player following $2.1 billion acquisition closing

(WO) – Crescent Energy Company announced the closing of its acquisition of SilverBow Resources, Inc. The transaction was closed ahead of schedule. The SilverBow integration is well underway, with approximately $35 million of […]

Petrobras looks to acquire “significant” stake in Galp Energia’s massive Mopane oil and gas discovery offshore Namibia

(WO) – Petrobras has made an offer to acquire a significant stake in Galp Energia’s highly-anticipated oil and gas discovery offshore Namibia, according to Reuters. If successful, Petrobras would become the operator of the Mopane […]

Shell Q2 profit slides to $6.3bn on weaker trading

London — Shell reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months, as refining margins and oil and gas trading weakened, though still beating analysts’ forecasts. The results were […]

OPEC+ sticks to oil policy, repeats could pause Oct hike

*Austrian police officers stand in front of the OPEC headquarters in Vienna, Austria, June 3, 2023. REUTERS/Leonhard Foeger/File Phot. – Russia comfortable with current oil prices– Algeria sees demand on upward trend in coming weeks– […]

PETRONAS accelerates development of 12 fields offshore Malaysia with multiple PSC deals

(WO) – PETRONAS signed Production Sharing Contracts (PSCs) for three clusters of Discovered Resource Opportunities (DRO) marketed under the Malaysia Bid Round Plus (MBR+) Round I. These clusters are located offshore Peninsular Malaysia. […]

Nigeria’s Kerosene price soars to N1,555/litre in June 2024

*Petrol dispenser nozzle. Mkpoikana Udoma Port Harcourt — The average retail price of household kerosene has surged by 7.22percent to N1,555.11 per litre in June 2024, compared to N1,450.35 in May 2024, according to the […]

U.S. LNG exports dramatically reduce greenhouse gas emissions, study finds

(WO) – Natural Allies for a Clean Energy Future (NACEF) and the Partnership to Address Global Emissions (PAGE) released a comprehensive study on the lifecycle of greenhouse gas emissions (GHG) from U.S. liquefied natural gas […]

Oil rebounds after Hamas leader killed in Iran, but China caps gains

*Hamas leader, Ismail Haniyeh killed in Iran. – U.S. crude stocks fell 4.495 mln bbls last week – API data– OPEC+ likely to stick to output policy at Aug. 1 meeting Bengaluru — Oil prices […]

Increased oil and gas production driven by FPSO performance boost, Petrobras reports

(WO) – Petrobras ended Q2 2024 with an average production of 2.7 MMboed, an increase of 2.4% compared to the same period of the previous year. The increase was driven by the increase in production […]