Author: omc_admin

(Bloomberg) — Exxon Mobil Corp. and Chevron Corp. are likely to shoulder more of the Permian basin’s oil growth as independent producers cut back due to falling crude prices.  Chevron operations in the Permian basin Chevron expects growth “to resume in the Permian in the second quarter with higher frac activity,” the company said in a presentation Friday. Exxon didn’t comment specifically on its plans for the rest of the year but intends to grow Permian production 50% by 2030 to 2.3 million bpd.  Several independent operators appear to be taking the opposite approach after U.S. President Donald…

Mubadala Energy, the Abu Dhabi headquartered international energy company, has today signed an agreement with Kimmeridge, the energy-focused alternative asset manager, to acquire a 24.1% interest in Kimmeridge’s SoTex HoldCo LLC. Mubadala Energy enters major U.S. upstream gas and LNG operation with Kimmeridge. Image courtesy of Mubadala Energy SoTex holds two portfolio companies: Kimmeridge Texas Gas, which operates an upstream unconventional gas business in the Eagle Ford in South Texas, and Commonwealth LNG, which owns the 9.3 million metric tons per year (MMtpa) pre-FID LNG liquefaction and export facility strategically located at the mouth of the Calcasieu Pass…

Image credit: Felipe Torres, Equinor. Equinor has entered into agreements with Brazilian company PRIO to sell its 60% operated interest in the Peregrino field in Brazil for a total value of $3.5 billion USD. PRIO, Brazil’s largest independent oil and gas company, will pay a consideration of USD 3.35 billion and a maximum of USD 150 million in interest to Equinor for the transaction. The final cash payment will reflect the closing date and any deductions generated by the asset since the effective date, which is 1 January 2024. Equinor will be responsible for operations of the field…

(Oil & Gas 360) – Join us as we celebrate three decades of bringing together the energy industry’s companies, investors, analysts, and industry leaders!  Investors are encouraged to register for EnerCom Denver – The Energy Investment Conference featuring a broad group of public and private energy companies at www.enercomdenver.com   A robust list of companies has confirmed their participation, and more are being added daily    Sponsorship opportunities are available for companies seeking to increase marketplace and brand awareness through EnerCom’s multi-digital approach before, during, and after each event DENVER – April 29, 2025 – EnerCom, Inc. today opened registration for its 30th annual…

National Ocean Industries Association (NOIA) President Erik Milito issued a statement on Friday in support of the House Natural Resources Committee reconciliation package:  “Chairman Westerman’s bill is a game-changer for offshore energy, delivering regulatory certainty, responsive royalty rates, and a robust schedule of 30 Gulf of America lease sales over 15 years,” Milito said. “By streamlining permitting, protecting key lease sales, and fostering operational efficiency, this legislation strengthens America’s energy security, supports high-paying jobs, and ensures our nation remains a global energy leader. NOIA proudly supports this forward-thinking approach.”Regular, mandated lease sales in the Gulf of America are…

(Bloomberg) – Prime Minister Mark Carney pledged to make Canada the world’s “leading energy superpower” through a plan that includes establishing a single office that would decide on major projects within two years. The Liberal Party leader said at a campaign stop in Calgary that his government would create a Major Federal Project Office with a “one project, one review” mandate. The aim would be to eliminate duplication of federal and provincial environmental assessments, speeding up reviews. “We are going to aggressively develop projects that are in the national interest in order to protect Canada’s energy security, diversify…

Crude oil markets took a fresh hit this weekend after OPEC+ stunned traders by announcing a larger-than-expected output increase for June. In a virtual meeting on Saturday, key producers led by Saudi Arabia and Russia agreed to raise collective output by 411,000 barrels per day (bpd), nearly triple the volume originally scheduled.The move follows a similar surge announced for May and signals a sharp reversal from OPEC+ efforts to defend oil prices. Instead, Riyadh appears to be embracing a low-price strategy, aiming to discipline overproducing members like Kazakhstan and Iraq. Both nations have repeatedly exceeded their quotas, with Kazakhstan surpassing…

Two major US scientific societies have announced they will join forces to produce peer-reviewed research on the climate crisis’s impact days after Donald Trump’s administration dismissed contributors to a key Congress-mandated report on climate crisis preparedness.On Friday, the American Meteorological Society (AMS) and the American Geophysical Union (AGU) said that they will work together to produce over 29 peer-reviewed journals that will cover all aspects of climate change including observations, projections, impacts, risks and solutions.The collaboration comes just days after Trump’s administration dismissed all contributors to the sixth National Climate Assessment, the US government’s flagship study on climate change. The…

London/Dubai: Eight OPEC+ countries meeting on Saturday have agreed to a further accelerated oil output hike for June of 411,000 barrels per day, two sources told Reuters while an online meeting of the countries was under way.Last month, the eight countries made a larger-than-planned output hike for May, also of 411,000 bpd. Together with U.S. trade tariffs, the decision helped to drive oil prices below $60 a barrel to a four-year low. The sources said the June increase had been agreed as the countries held an online meeting, brought forward from Monday, to decide on output.Oil prices fell over 1%…

(Oil & Gas 360) – April 22, 2025 – For over 25 years, global petroleum consultancy Netherland, Sewell & Associates, Inc. (NSAI) has hosted its highly regarded Oil & Gas Property Evaluation Seminar.  This content-rich program is designed to give non-technical energy professionals such as bankers, investors, analysts, lawyers, accountants, and new oil and gas industry professionals a basic education detailing the information and data that goes into evaluating oil and gas assets and preparing an independent reserves report.  NSAI is pleased to announce it is hosting a two-day session in Dallas on May 5th and 6th. The seminar covers the…