Author: omc_admin
(Bloomberg) – Colombian businesses are bracing for a deepening shortfall in natural gas supply that threatens to shutter some operations. Supplies of gas are expected to fall at least 10% short of demand next year, compared with 5% currently, according to the commodities exchange. In a worst-case scenario, the shortfall could reach as high as 20%. While this year’s shortfall is being met by spare capacity at Colombia’s only LNG import terminal, new infrastructure will need to be built to meet the growing deficit. A shortage would leave some industries scrambling for fuel as current regulation prioritizes supplying homes, transportation…
(Oil Price)– Santos has granted exclusive due diligence access for six weeks to the consortium led by Abu Dhabi’s ADNOC that has made an $18.7 billion non-binding takeover bid for the Australian energy giant. Santos, which earlier this month received – and plans to accept – the offer, has now entered into a process and exclusivity deed with XRG, a subsidiary of Abu Dhabi National Oil Company and lead investor of a consortium including Abu Dhabi Development Holding Company and Carlyle, the Australian gas giant said on Friday. The XRG Consortium has submitted a non-binding indicative proposal to acquire 100% of the issued shares…
(WO) – The Energy Workforce & Technology Council (EWTC) has released the following statement praising the Trump Administration’s announcement of a historic offshore lease sale in the Gulf of America, covering an area larger than the entire United Kingdom. The lease sale is slated to offer nearly 80 million acres for oil and gas development, signaling a clear shift back to American energy dominance. “This is exactly the kind of leadership our industry and economy need,” said EWTC President Tim Tarpley. “By unlocking vast offshore reserves, the Administration is sending a loud and clear message: America is open for energy business again,…
(Bloomberg) — France’s TotalEnergies SE is in talks with at least two suitors who have submitted bids for its shale oil assets in Argentina, according to people familiar with the matter. Progress with the divestment comes after CEO Patrick Pouyanne said earlier this year that he’d be willing to offload stakes in the fields at the right price. Total declined to comment. Crude production in the Vaca Muerta shale formation is growing, topping 442,000 barrels a day in April, 22% more than a year earlier. But much of that is being pumped by homegrown companies. Global players like Exxon…
Most tech-savvy observers understand that AI is transforming large enterprises across functions such as customer service, HR, and the supply chain. Chatbots and virtual assistants are now powered by large language models (LLMs) that respond to nearly any natural-language query.These models are trained on business-specific data to provide targeted, accurate answers. According to a poll from the US Chamber of Commerce and Teneo, 98% of small businesses now use AI-enabled software, and 40 % of them employ generative tools like chatbots and image creators to cut costs and speed workflows. But AI isn’t just making a splash at big corporations:…
(BOE Report)– Options markets suggest the probability of a disruption of oil flows through the Strait of Hormuz is just 4% following the Iran-Israel ceasefire, Goldman Sachs analysts said in a note on Thursday. Fears that Iran could close the Strait of Hormuz after U.S. strikes on its nuclear facilities sent Brent crude futures to a high of $81.40 on Monday, but concerns eased in the wake of the truce declared the next day, sending crude back below $68. The sharp drop in the geopolitical risk premium likely reflected traders’ recent experiences with major geopolitical shocks without significant oil disruptions,…
(Bloomberg) – Colombian businesses are bracing for a deepening shortfall in natural gas supply that threatens to shutter some operations. Supplies of gas are expected to fall at least 10% short of demand next year, compared with 5% currently, according to the commodities exchange. In a worst-case scenario, the shortfall could reach as high as 20%. While this year’s shortfall is being met by spare capacity at Colombia’s only LNG import terminal, new infrastructure will need to be built to meet the growing deficit. A shortage would leave some industries scrambling for fuel as current regulation prioritizes supplying homes, transportation…
(WO) – The Energy Workforce & Technology Council (EWTC) has released the following statement praising the Trump Administration’s announcement of a historic offshore lease sale in the Gulf of America, covering an area larger than the entire United Kingdom. The lease sale is slated to offer nearly 80 million acres for oil and gas development, signaling a clear shift back to American energy dominance. “This is exactly the kind of leadership our industry and economy need,” said EWTC President Tim Tarpley. “By unlocking vast offshore reserves, the Administration is sending a loud and clear message: America is open for energy business again,…
Russia’s oil product exports dropped in June to the lowest in eight months amid extended work at refineries supplying Baltic ports, coupled with efforts to stabilize domestic fuel supplies before the upcoming seasonal surge in agricultural and holiday consumption. Seaborne shipments of refined fuels totaled 2 million barrels a day in the first 20 days in June, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s the lowest monthly tally since October and an 8% decline compared to both the previous month and last year in June. Flows from Baltic ports recorded the sharpest drop of more…
Oil held steady as traders weighed the uncertain status of nuclear talks between the US and Iran against reports that OPEC+ may extend its run of super-sized production increases. West Texas Intermediate edged up to settle above $65 a barrel after swinging between gains and losses. Bloomberg reported that several OPEC delegates, who asked not to be identified, said their countries are ready consider another 411,000 barrel-a-day increase for August when they convene on July 6, following similarly sized hikes agreed upon in each of the previous three months. While that figure is broadly in-line with expectations, “the indications are…