Brent crude futures are trading at a rare discount to Middle Eastern oil, with growing production in Europe and the Mediterranean heaping pressure onto markets for the high-quality oil that underpins the global benchmark. Brent was 16 cents below Dubai swaps on Thursday, according to data compiled by Bloomberg, the first discount since May 2024. The global […]
Continue ReadingChris Wright did a great job on the Fox Show with Bret Baird. He is also showing how deceptive and outright lying the Biden administration is by hiding the truth about LNG exports and harming our allies around the world. It is ok to lie and hide the truth if it helps your climate agenda […]
Continue ReadingRevoking Chevron’s license in Venezuela could drive oil sales back underground, reducing transparency and benefiting corrupt intermediaries. Sanctions on Venezuela have had mixed effects. Removing licenses may disrupt Venezuela’s foreign exchange market and private sector. On 26 February, U.S. President Donald Trump announced his intention to end General License 41, which allowed Chevron to operate […]
Continue ReadingAn explosion has rocked the Trans-Niger Pipeline at Bodo, Gokana Local Government Area of Rivers State. The affected section of the major pipeline is currently on fire, though the exact cause of the explosion remains unknown at this time. Authorities have yet to determine whether the incident resulted from human interference, especially amid recent threats […]
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ENB Pub Note: While much of the markets are looking to the bearish side of the oil market, I am almost in the perma bull market looking to the $80 dollar, and Michael is leaning more to the lower side. We will be covering much of this in the next few weeks on the podcast. […]
Continue ReadingGuyana’s oil production and exports are surging, with output exceeding 660,000 bpd and expected to reach 1.3 million bpd by 2030. Europe is the biggest buyer of Guyana’s crude, with 66% of its exports heading there in 2024. ExxonMobil and partners are expanding operations, planning gas-to-shore projects, increasing gas production, and considering LNG exports, further […]
Continue ReadingFloater specialist BW Offshore has sold the FPSO BW Pioneer to US oil and gas player Murphy Oil subsidiary. The FPSO was sold for $125m which includes an initial payment of $100m upon delivery of the FPSO at the end of the current contract period which ends on March 18, 2025. This will be followed […]
Continue ReadingENB Pub Note: We kind of need the Canadian heavy oil sands more now – just saying. In 2023, Chevron\’s joint ventures with Venezuela\’s state oil company, Petróleos de Venezuela S.A. (PDVSA), were producing approximately 135,000 barrels per day (bpd), according to independent estimates and shipping data. This figure marked a significant increase from 2022 […]
Continue ReadingThe search for a missing crewmember from the containership Solong that struck the tanker Stena Immaculate in the UK North Sea has been called off as fires aboard both ships continued to burn overnight. The 140-m-long Solong, owned by Hamburg-based Ernst Russ, hit the 183-m-long Stena Immaculate while anchored near Hull, rupturing at least one […]
Continue ReadingUK-based energy supermajor Shell has awarded a new contract to one of Noble Corporation’s drillships. Noble said via social media channels that a one firm well plus one option well deal was awarded to the Noble Viking rig. The contract, which is a direct continuation of a previous one, is set to start around the […]
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