Exploration & Production

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ConocoPhillips Considers Selling Permian Assets Worth $2 Billion, Bloomberg News Reports

Energy Topics & Technology, Exploration & Production, Latest, US News / By

(Reuters) – ConocoPhillips is exploring a sale of some of its Permian Basin assets as part of a broader streamlining of its portfolio, Bloomberg News reported on Friday, citing people familiar with the matter. The assets, picked up over the years through deals with Concho Resources and Shell, are expected to fetch about $2 billion, …

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Shell Says US General Licenses for Exploration in Venezuela Will Allow it to Progress with Dragon Natural Gas Project

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas / By

By Curtis Williams and Shadia Nasralla US licenses enable Shell’s Dragon gas project progress Dragon project faced delays due to US policy shifts Shell aims to export gas via Atlantic LNG in Trinidad HOUSTON/LONDON, Feb 19 (Reuters) – General licenses for oil and gas exploration in Venezuela issued by the U.S. this month will allow …

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US Refiners Phillips 66, Citgo Seek to Buy Crude Directly From Venezuela, Sources Say

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

By Nicole Jao, Arathy Somasekhar and Marianna Parraga Phillips 66, Citgo seek to purchase directly starting in April, Valero later in the year Venezuelan crude prices ease amid US Gulf Coast supply surge Direct purchases may face challenges under general license HOUSTON, Feb 18 (Reuters) – U.S. refiners Phillips 66 and Citgo Petroleum are seeking …

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BP’s Buyback Cut is Short-Term Pain That Could Be Shell’s Gain: Bousso

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

(Reuters) – BP’s decision to scrap buybacks may be painful in the short run, but by prioritising production growth over shareholder payouts it can begin to repair its shaky financial footing. Cutting buybacks marks the most significant shift in BP’s financial framework since it halved its dividend in August 2020 following the pandemic-driven collapse in …

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Chevron Buys West Texas Ranch in ‘Zombie’ Oil Well Settlement

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

By David Wethe and Kevin Crowley Chevron Corp. acquired a ranch in West Texas whose owner had been waging a legal battle accusing the US energy giant of negligently spilling toxic water and crude oil on the 22,000-acre property. The sale of Ashley Watt’s Antina Ranch was recorded on Feb. 3 by the Crane County …

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Saudi, US Firms to Partner on Northeast Syria Energy Project

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas, Oil, US News / By

By Timour Azhari [image] Saudi, US firms to explore oil and gas in northeast Syria Project follows Assad’s ousting, lifting of US sanctions Consortium includes Baker Hughes, Hunt Energy, ACWA Power, TAQA, Argent LNG RIYADH, Feb 10 (Reuters) – Two Saudi Arabian and three U.S.-based firms are set to form a consortium for oil and …

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Shell Needs Big Discovery or Deals as Oil, Gas Reserves Dwindle

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas, Oil, US News / By

By Shadia Nasralla and Stephanie Kelly Shell reserves at lowest since at least 2013, faces output gap Reserve life 8 years, markedly below Exxon Analysts see need for M&A, exploration success LONDON, Feb 9 (Reuters) – Shell needs an acquisition or exploration breakthrough to make up for an expected production shortage of 350,000-800,000 barrels of …

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Chevron’s Tengiz Oilfield Back to 60% of Usual Output, Two Sources Say

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

Tengiz output has recovered to about 550,000 bpd, sources say Full recovery expected by February 23 Kazakhstan’s overall oil production on the rise January fires at power facilities caused prolonged shutdown Kazakhstan’s oil exports declined due to Tengiz outage MOSCOW, Feb 9 (Reuters) – The giant Chevron-led (CVX.N) Tengiz field in Kazakhstan has recovered to …

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Trump Is Remaking the Global Oil Market, and Exxon and Chevron Want In

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

By Kevin Crowley and Veena Ali-Khan Exxon Mobil Corp. and Chevron Corp. are setting their sights on expanding production in nations tied to OPEC, including some of the world’s riskiest geopolitical hotspots, as President Donald Trump’s assertive foreign policy helps them strike deals. Venezuela, home to the world’s largest reserves, is the most high-profile opening …

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ConocoPhillips Wants Venezuelan Payback Before Drilling for Oil

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

By David Wethe ConocoPhillips Chief Executive Officer Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. Despite roughly $10 billion in favorable judgments from international arbitrators holding Venezuela liable for the seizures, the Houston oil giant’s efforts to …

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