Author: omc_admin

In the final days of the Washington legislative session, lawmakers hashed out agreements to approve a bill that sets limits on rent increases and a measure that gives striking workers unemployment benefits. The two bills await decisions by Gov. Bob Ferguson, a Democrat.If signed into law, the rent stabilization bill would be among the first in the nation, adding Washington to states like Oregon and California that have sought new ways to curb homelessness. Washington joined Oregon in efforts to give striking workers unemployment payments, following recent walkouts by Boeing factory workers, hospital nurses and teachers in the Pacific Northwest.…

The global oil market is in very rare territory right now, with futures pricing that points to near-term tightness while also flagging a “meaningful surplus” further out, according to Morgan Stanley. “The Brent forward curve has an unusual shape at the moment: downward sloping across the first nine contracts and upward sloping thereafter,” analysts including Martijn Rats and Charlotte Firkins said in a note. “This is so unusual that, in fact, there is little historical precedent,” they said. Crude has been rocked this month by the fall-out from the US-led trade war, moves by OPEC+ to boost supply at a…

APA Corporation, together with its partners Lagniappe Alaska LLC of Armstrong and Oil Search (Alaska) LLC of Santos Limited, has completed a flow test at the Sockeye-2 exploratory well with satisfactory results. APA said in a media release that the well, located on state lands of the eastern North Slope, performed in line with expectations during the 12-day production test, averaging 2,700 barrels of oil per day during the final flow period, without artificial lift. The Sockeye-2 well was drilled to around 10,500 feet, yielding a high-quality Paleocene-aged clastic reservoir with an average porosity of 20 percent, the company said.…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Activist investors start with a simple enough idea: take an underperforming company, sometimes with too much debt. Push it to slim down. Hammer its remaining business into reasonable shape. And then enjoy a veritable gush of cash. That is a reasonable description of Elliott’s bet on beleaguered oil major BP. Yet sometimes the universe has other ideas. BP reported earnings on Tuesday that were half what they were a year ago. That wasn’t because of the oil price, which was $65 a barrel…

In a statement sent to Rigzone by the Unite team on Friday, the union announced that offshore workers employed by TotalEnergies are being balloted for strike action. Unite noted in the statement that around 50 Unite members based on the Elgin Franklin and North Alwyn platforms “are involved in an escalating dispute after the overwhelming rejection of an unacceptable pay offer”. “The dispute centers on the pay claim for 2025 which should take effect from 1 January. TotalEnergies originally offered a 1.5 per cent basic salary increase, which after being overwhelmingly rejected by the workers, was minimally increased to 1.75…

Woodside Energy Group Ltd. said Tuesday it had made a positive final investment decision (FID) on the Louisiana LNG project. “The forecast total capital expenditure for the LNG project, pipeline and management reserve is US$17.5 billion (100 percent)”, the Australian oil and gas exploration and production company said in an online statement. As part of a deal announced earlier this month, New York City-based Stonepeak Partners LP will provide a staggered contribution of $5.7 billion in exchange for a 40 percent stake. Woodside later signed an agreement with Uniper SE to supply the German power and natural gas utility up…

Crescent Energy Company said it has closed the sale of non-operated Permian Basin assets to an undisclosed private buyer for $83 million in cash, subject to customary post-closing purchase price adjustments. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3,000 barrels of oil equivalent (boepd), consisting of around 35 percent oil, the company said in a news release. Proceeds from the sale will be used to reduce outstanding borrowings on the company’s revolving credit facility, Crescent said. The transaction has an effective date of December 31, 2024, and Crescent said it plans…

London: Several former traders from oil major Shell have set up trading house Atmin, backed by Afreximbank, to focus on African oil trading, two trading sources familiar with the development said.The move takes place as oil majors and Western banks retreat from Africa and the continent is facing a decline in oil and gas production due to under-investment, while also spending $30 billion annually on fuel imports. Billions of barrels of oil and gas in Africa are at risk of being stranded as a race among global producers is heating up to extract as many resources as possible before the…

Singapore: Chinese offshore oil and gas major CNOOC Ltd’s first-quarter net profit fell 7.9 per cent , weighed by weaker oil prices but higher output helped stem the decline.Net income for January-March reached 36.56 billion yuan ($5.03 billion), versus 39.7 billion yuan in the same period last year, according to the company’s filing with the Hong Kong Stock Exchange on Tuesday. The listed arm of the state oil giant China National Offshore Oil Company (CNOOC), reported a 4.1 per cent fall in revenue to 106.85 billion yuan in the first quarter thanks to higher output.CNOOC Ltd’s total net production during…

New Delhi: Bharat Petroleum Corporation Ltd (BPCL) on Tuesday reported a 24 per cent drop in its March quarter net profit on the back of losses on sale of subsidised domestic cooking gas LPG and lower refining margins. Standalone net profit of ₹3,214.06 crore in January-March – the fourth quarter of April 2024 to March 2025 financial year – compared with ₹4,224.18 crore earnings in the same period a year back, according to a stock exchange filing of the company. Profit fell 31 per cent quarter-on-quarter when compared with ₹4,649.20 crore earnings in the October-December 2024 period. BPCL and other…