Iraq’s Biggest Gas Field Set To Boost Output By 50% After Early Completion
Iraq’s Khor Mor gas field, the country’s largest non-associated...
Iraq’s Khor Mor gas field, the country’s largest non-associated gas field, is set to increase output by 50% to 750 million standard cubic feet per day (MMscf/d) after the field’s key stakeholders, Crescent Petroleum and Dana Gas, delivered project KM250 eight months ahead of schedule. KM250 will also produce 7,000 barrels of condensate per day and 460 tonnes per day of LPG, supplementing the current production of 15,200 bbl/d of condensate and 1,070 t/d of LPG. [read moreKhor Mor gas field]
Located in the Kurdistan Region of Iraq (KRI), the project will bolster power generation and industrial growth across the KRI, underpinning the Kurdistan Regional Government’s initiative to deliver 24-hour electricity, while boosting power supply to other regions of Iraq. The $1.1 billion project was listed on the Nordic Alternative Bond Market and backed by financing from the U.S. Development Finance Corporation (DFC) and the Bank of Sharjah, as well as proceeds from Pearl Petroleum's $350 million senior secured bonds. Crescent Petroleum and Dana Gas own 35% stake apiece in the Khor Mor gas field.
Trump announces plan to stop aid to Colombia, US’ longtime Latin American ally.
Yesterday, the president posted remarks to Truth Social that ...
Yesterday, the president posted remarks to Truth Social that denigrated Colombian President Gustavo Petro as “an illegal drug leader strongly encouraging the massive production of drugs” across Colombia. He also announced all forms of aid or subsidies to the country would be cut off because of what President Trump sees as Petro not doing enough to stop the flow of drugs from Colombia to the US. Colombia had been receiving around $700 million in aid per year from the US in the recent past, but that figure dropped to $230 million in the fiscal year that ended Sept. 30, according to the Associated Press. Petro denied the accusations and accused the Trump administration of assassinating an innocent Colombian fisherman in a missile strike last month, for which Petro said he would initiate legal proceedings against the US.
Tesla headlines corporate earnings: The federal tax...
Tesla headlines corporate earnings: The federal tax credit for electric vehicles expired at the end of September, so investors will be eager to hear from Tesla on Wednesday to see how it expects the next quarter to go. GM reports earnings on Tuesday, and Ford reports on Thursday. In other industries, Netflix and Coca-Cola report earnings on Tuesday, IBM details its results on Wednesday, followed by Intel on Thursday and Procter & Gamble on Friday.
Israel and Hamas accused each other of violating their ceasefire agreement, which President Trump said remains in place despite attacks in Gaza this weekend.
Ukrainian President Volodymyr Zelensky and President Trump ended up in a “shouting match” last week, with Trump urging Zelensky to accept Russia’s terms for ending the war, the Financial Times reported.
A cargo plane skidded off the runway in Hong Kong, killing two ground workers.
Rodrigo Paz, a pro-market centrist, won Bolivia’s runoff presidential election.
Israel Suspends Aid and Strikes Gaza After Accusing Hamas of Violating Truce
Israel on Sunday launched its heaviest...
Israel on Sunday launched its heaviest wave of attacks on Gaza since a fragile cease-fire took hold a week ago and said it was suspending humanitarian aid to the territory after accusing Hamas of firing on its forces and violating the truce.
Israel said two of its soldiers were killed in combat in Gaza on Sunday. Gaza’s health ministry initially reported 14 Palestinian deaths across Gaza on Sunday.
Both Israel and Hamas have now accused each other of violating the truce after repeated flare-ups of violence over the past three days. But both made clear on Sunday that they were still committed to maintaining the truce.
The transfer of aid into Gaza has been halted until further notice, according to two Israeli officials who requested anonymity to discuss sensitive issues.
U.S. Drillers Add Oil, Gas Rigs for First Time in Three Weeks
U.S. energy firms this week added oil and natural gas...
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Oct. 17.
The total oil and gas rig count, an early indicator of future output, rose by one to 548 in the week to Oct. 17.
Despite this week’s rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year.
Baker Hughes said oil rigs held steady at 418 this week, while gas rigs rose by one to 121, their highest since August.
In the Gulf of Mexico, Baker Hughes said the rig count fell by two this week to eight, the lowest since September 2021.
In Texas, the biggest oil and gas-producing state, the rig count dropped by one to 237, the lowest since September 2021.
In Wyoming, the rig count fell by one to 12, the lowest since August 2024.
In Colorado, meanwhile, the rig count rose by one to 15, the highest since April 2024. Oklahomagained two rigs to 42.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.
Around 20 independent exploration and production companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by about 4% in 2025 from 2024 levels.
That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021.
