Range Resources has agreed to sell its North Louisiana natural gas assets for just one-tenth of what it paid for it in 2016, as shale drillers struggle with high debt and low commodity prices. Range Resources said on Monday that it had signed an agreement to sell its North Louisiana assets for gross proceeds of…
BILLINGS, Mont. — The Trump administration is seeking to ease more rules for oil and gas drilling that were adopted under the Obama administration, with the latest changes projected to save energy companies more than $130 million over the next decade. The U.S. Bureau of Land Management proposal would streamline requirements for measuring and reporting…
MOSCOW – Russia’s Energy Ministry said on Sunday that the country’s oil output in July was unchanged from levels seen in June, in line with an OPEC+ agreement.The ministry added that its level of compliance with the deal in July was close that recorded in June, when it stood at 99%. Energy ministry data published…
Mallam Mele Kyari, the Group Managing Director, the Nigerian National Petroleum Corporation (NNPC), has said the corporation is working on lowering crude oil cost of production from $17 per barrel to about $10 per barrel. Kyari disclosed this at Seplat Energy Summit 2020, titled “The Impact of Global Energy Transition on African Economies” held on…
Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a…
The United States will do everything it can to ensure Russia’s Nord Stream 2 gas pipeline project does not pose a security threat to Europe, but needs more tools to do so, U.S. Secretary of State Mike Pompeo said on Thursday. Russia aims to use the pipeline to double the amount of gas shipped to…
Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies. Aramco is expected to cut the official selling price for its flagship Arab Light grade by 48 cents a barrel for…
BILLINGS, Mont. — U.S. energy consumption plummeted to its lowest level in more than 30 years this spring as the nation’s economy largely shut down because of the coronavirus, federal officials reported Wednesday. The drop was driven by less demand for coal that is burned for electricity and oil that’s refined into gasoline and jet…
TOKYO – Tokyo Gas Co Ltd will spend 69 billion yen ($657 million) to take control of a U.S. shale gas operator, Castleton Resources, and to buy a U.S. solar power development project in a bid to expand its overseas operations, it said on Wednesday. The move reflects a long-term strategy mapped out by Japan’s…
Due to the demand crash in the lockdown, the seven largest independent oil refiners in the United States are expected to report losses for the second quarter that would be the worst Q2 quarterly figures in the refining industry in a decade, Reuters estimates of analyst forecasts show. The earnings reporting season for U.S. refiners…
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