Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004, according to the U.S. Department of Energy and its Energy Information Administration.
All eyes are once-again on the anticipated extension of the output product cut agreed between OPEC and non-OPEC producers, with speculation and potential outcomes being voiced ahead of the Thursday’s meeting in Vienna.
Colorado Gov. John Hickenlooper last week ordered state oil and gas industry regulators not to fight a court ruling requiring protection of public safety, health and the environment by the state as a precondition to drilling.
Venezuelan state oil company PDVSA said on Wednesday it has deposited funds for the payment of interest on 2024 and 2026 bonds, after three bond-holders reported a delay in payment due early this week.
UK-based independent oil and gas explorer Tullow Oil said Wednesday it has encountered around 75 meters of net oil pay in two zones at the Emekuya-1 well, located in the Block 13T of northern Kenya, Kallanish Energy reports.
Independent U.S. producers underspent their first-quarter budgets by as much as $2.5 billion collectively, largely because they couldn’t find enough fracking crews to handle planned work, according to research/consulting firm Infill Thinking.
ConocoPhillips said Wednesday it completed the $13.3 billion sale to partner Cenovus of its 50% non-operated interest in the Foster Creek Christina Lake oil sands partnership and the majority of its western Canada Deep Basin gas assets.