E&P Highlights: April 14, 2025
Here’s a roundup of the latest E&P headlines, from CNOOC’s latest production startup to an exploration well in Australia.
Head of Biggest US Power Grid, PJM, to Step Down
April 14 (Reuters) – The CEO of the largest U.S. power grid, PJM Interconnection, will leave his post at the end of the year, the organization said on Monday. Manu Asthana, who has led the PJM for more than five years, steps down at a time of rising electricity prices in the country’s biggest power …
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JP Morgan Cuts Oil Price Forecasts on Weak Demand, Higher Output
April 14 (Reuters) – JP Morgan on Monday lowered its oil price forecasts for 2025 and next year, citing higher production from OPEC+ and weaker demand. The bank cut its 2025 Brent price forecast to $66 per barrel from $73 and its 2026 target to $58 from $61. It lowered the 2025 WTI price outlook …
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Evolution Petroleum Closes Non-Op ‘TexMex’ Deal
Evolution Petroleum Corp. closed on its previously announced acquisition of non-operated oil and natural gas assets in New Mexico, Texas and Louisiana at a lower PV-10 than when the deal was first announced.
E&Ps IP’ing 76%-Plus Oil from New Irion County Wells in Midland Basin
Drillers in Irion County are stepping up the pace this year, D&C’ing already as many wells as were brought online in all of 2024. The county has a “bad reputation” for being gassy but is showing up with 76%-plus oil wells.
South Bow Watching Weather Before Proceeding With Keystone Pipeline Restart
(Reuters) – Pipeline operator South Bow said Monday it is keeping an eye on inclement weather before proceeding with a planned controlled restart of its Keystone oil pipeline system. The Calgary, Canada-based company had previously indicated it was targeting Tuesday for full service restoration on the Keystone pipeline, which has been shut down since last …
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US Natgas Prices Drop 6% to 9-Week Low on Record Output, Lower Demand
(Reuters) – U.S. natural gas futures fell about 6% to a nine-week low on Monday on record output over the weekend and forecasts for less demand next week than previously expected. Gas futures for May delivery on the New York Mercantile Exchange fell 20.2 cents, or 5.7%, to settle at $3.325 per million British thermal …
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Chevron-Chartered Vessel to Complete Oil Cargo Return in Venezuela, Data and Source Say
(Reuters) – A vessel chartered by Chevron carrying some 500,000 barrels of Venezuelan oil is about to complete the discharge of the cargo at a Venezuelan port, according to shipping data and a source, following state company PDVSA’s order to return the crude amid payment uncertainty related to U.S. sanctions. At least nine tankers Chevron …
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Trump Says Iran Must Give Up Dream of Nuclear Weapon or Face Harsh Response
(Reuters) – President Donald Trump said on Monday he believes Iran is intentionally delaying a nuclear deal with the United States and that it must abandon any drive for a nuclear weapon or face a possible military strike on Tehran’s atomic facilities. “I think they’re tapping us along,” Trump told reporters after U.S. special envoy …
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NextDecade, TotalEnergies Enter 20-Year Supply Deal for Rio Grande LNG
TotalEnergies Gas & Power North America will purchase 1.5 million tons per annum of LNG from Rio Grande’s Train 4, which has yet to reach FID.