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ADVERTISEMENTWhile supplies of liquefied natural gas from the US “remain of strategic importance for the European Union”, Ursula von der Leyen gave no indication that the EU executive planned to further ramp up imports, in a speech at a two-day summit on the future of energy security that opened in London on Thursday.The Commission president noted how Russia had “intentionally weaponised” energy supplies while conflict in the Middle East threated global shipping. “And across the Atlantic, the threat of tariffs risk further disruption of crucial supply chains,” she added in a direct reference to the trade war launched by the US…
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 0.2 million barrels from the week ending April 11 to the week ending April 18, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. This report was released on April 23 and included data for the week ending April 18. It showed that crude oil stocks, not including the SPR, stood at 443.1 million barrels on April 18, 442.9 million barrels on April 11, and 453.6 million barrels on April 19, 2024. Crude oil in the SPR stood at 397.5…
BHP Group is preparing to begin looking for a new chief executive officer in the coming months, with key lieutenants already jostling for position to succeed Mike Henry at the top of the world’s biggest miner. The understanding at BHP is that Henry is now heading toward the end of his tenure, according to company insiders. They emphasized that no decision has been made. But some people close to BHP say a change could come as soon as early next year, and some top executives have begun increasing their interaction with investors and other stakeholders ahead of a likely succession…
Eni SpA on Thursday reported EUR 1.41 billion ($1.6 billion) in adjusted net income attributable to shareholders, down 11 percent from the same three-month period a year ago as oil prices weakened and oil and gas output fell. Before adjustment for nonrecurring or extraordinary items, net earnings landed at EUR 1.17 billion, down 3 percent year-on-year. The Italian state-backed integrated energy major saw liquid production in the January-March 2025 period drop 1 percent year-over-year to 786,000 barrels per day. Natural gas production declined 9 percent to 4.5 billion cubic feet a day. “The asset divestments closed in 2024 in Nigeria,…
Honeywell International Inc. has signed an agreement with Argent LNG to deploy Honeywell’s pretreatment solutions at a liquefied natural gas (LNG) terminal to be built at Port Fourchon, Louisiana. Honeywell’s LNG pretreatment solutions help remove contaminants from natural gas, enabling facility operators to enhance production and operational efficiency, the company said in a media release. By combining Honeywell’s modular Mercury Removal Unit (MRU), Acid Gas Removal Unit (AGRU), and SeparSIV Unit, operators can effectively eliminate mercury, carbon dioxide, sulfur, water, and heavy hydrocarbons to meet LNG specifications. Furthermore, Honeywell UOP SeparSIV accommodates different feed compositions and has the potential to…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Few companies enjoy volatility, but it is the avoidable kind that most chief executives really loathe. Yet that is what the UK continually serves up when it comes to North Sea oil and gas. A government consultation on securing the North Sea’s “energy future” closes next week. As the UK moves towards cleaner energy sources, the aim is to avoid the kind of industrial shock that accompanied the closure of coal mines and steel works in the eighties and nineties.Consultations on the…
New Mexico’s San Juan Basin, a historic oil and gas hub, is struggling as Trump’s tariffs raise costs and dampen drilling prospects. Local driller Sean Dugan notes pipeline costs soaring from $80,000 to $120,000 due to Asian import tariffs, squeezing margins in a region already hit by low natural gas prices post-2008. Low oil prices, below the $ 65-per-barrel threshold needed for profitable drilling, and tariff-driven economic fears are stalling new projects in this historic region. “You know, drill baby drill and lower oil prices are not simpatico,” explained George Sharpe, investment manager for Merrion Oil and Gas, one of the San Juan…
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In a release sent to Rigzone by the Enverus team late Tuesday, the company’s subsidiary, Enverus Intelligence Research (EIR), revealed that U.S. upstream mergers and acquisitions (M&A) hit $17 billion in deal value in the first quarter of 2025 and highlighted that this was the second best start to a year since 2018. “However, activity was disproportionately driven by one company, Diamondback Energy, which accounted for nearly 50 percent of total value between its acquisition of Double Eagle IV and a dropdown of minerals to its affiliate Viper Energy Partners,” EIR noted in the release. “Outside of Diamondback, buyers were…
A quiet revolution is reshaping the business model of software-as-a-service. The SaaS industry is shifting from monthly “per seat” licenses to embrace usage-based, pay-as-you-go pricing.The driving force? AI, and specifically a new class of reasoning models that are computationally intensive and expensive to operate.This isn’t just a pricing experiment; it may be an economic necessity for some companies as they adjust to the cost of running AI-powered software services.The rise of costly inferenceIf you’ve been reading my stories, you’ll know I warned that the generative AI revolution would bring major pricing changes to some internet businesses. Back in January 2024,…