The statewide gas price average in Texas is $3.22 for a gallon of regular unleaded fuel. This is according to the AAA Texas Weekend Gas Watch. That price is six cents more per gallon than it was on this day last week and is 56 cents less per gallon. This is in comparison to this […]
The Biden administration greenlighted the enormous $8 billion Willow oil project on Alaska’s North Slope last month. Many decried the move as a betrayal of the United States pledge. A pledge to move away from fossil fuels in the fight against climate change. This is just a fraction of all the oil and gas projects […]
The Business Research Company’s research on the oil and gas market industry growth forecasts the global oil and gas market size to grow from $6,989.6 billion in 2022 to $7,330 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the […]
Energy Transfer LP announced on Monday that it had acquired pipeline operator Lotus Midstream. It is for a a $1.45 billion cash-and-stock deal to boost its presence in the Permian Basin. The acquisition is expected to solidify ET as one of the top midstream companies in the region. It will also provide greater access to […]
As the oil sector deal-making starts to show signs of recovery. Brookfield Renewable Partners will acquire Australia’s Origin Energy utility for over $10 billion. On the other hand, the Permian basin has scored oil and gas deal. It was a sweeping victory with a $1.45-billion asset sale. On Monday, a consortium led by Brookfield said […]
Oil prices appear to have taken a break from focusing on macro events, with increasing demand and disruptions in supply pushing oil prices higher at the start of the week. The real news for oil markets this week, however, will come from the Fed’s meeting. Let’s talk more about oil market fundamentals. As French strikes […]
Oil rises again on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand. After jitters initially, on Monday the mood across financial markets has lifted in the wake of UBS’ takeover […]
Drilling activity in the US oil and gas output increased by 51.3pc on an average yearly basis in 2022, driving crude production up to 11.9mn bl/d and marking a 6.4pc increase compared with the 11.2mn bl/d averaged in 2021. The increased output was augmented by US companies completing a large backlog of drilled-but-uncompleted (Duc) wells […]
Rystad Energy’s research shows that annual greenfield capital expenditure (capex) broke the $100 billion threshold in 2022. It will break it again in 2023. This is the first breach for two straight years between 2012 and 2013. The company claims that the offshore oil and gas sector is set for “the highest growth in a decade […]
Oil prices rise by more than 1% on Friday. This is after better-than-expected U.S. employment data. Both benchmarks fell more than 3% on the week on U.S. interest rate hike jitters. Brent rose $1.19, or 1.5%, to $82.78 a barrel. U.S. West Texas Intermediate crude (WTI) was up 96 cents, or 1.3%, at $76.68. Expectations of further […]
