Flaring-related methane emissions may be underestimated
New research from the University of Michigan estimates flaring efficiency in Texas and North Dakota oilfields...
New research from the University of Michigan estimates flaring efficiency in Texas and North Dakota oilfields at about 91%, lower than the 98% efficiency assumed by regulators, indicating that methane emissions from flaring may be up to five times greater than thought. In response to the study, American Petroleum Institute Vice President of Upstream Policy Cole said, "Member companies are prioritizing emissions reductions and are taking action."
U.S. oil & gas rig quarterly growth slowest in two years
U.S. energy firms this week added oil and natural gas rigs for a third week in a row,...
U.S. energy firms this week added oil and natural gas rigs for a third week in a row, but growth in the third quarter slowed due to recession fears and nagging supply shortages.
The total oil and gas rig count, an early indicator of future output, rose one to 765 in the week to Sept. 30, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up 237, or 45%, over this time last year.
U.S. oil rigs rose two to 604 this week, while gas rigsfell one to 159. For the month, drillers kept the number of rigs unchanged after cutting them in August.
In the third quarter, drillers added rigs for the eighth quarter in a row but the addition of 12 rigs was the smallest increase since September 2020.
Venezuela Seizes Stake in Oil Venture From Firm With Russia Ties
Venezuela’s state oil company seized a minority stake in a...
Venezuela’s state oil company seized a minority stake in a key joint oil venture from GPB Global Resources, a private energy firm founded by former Gazprom PJSC officials, taking full control of the asset.
Petroleos de Venezuela SA took over the 40% stake in the Petrozamora venture over the past month and replaced the board of directors after notifying GPB with a letter, according to four people with direct knowledge of the matter, who aren’t authorized to speak publicly.
U.S. says oil companies 'must do more' to build domestic fuel levels
HOUSTON (Reuters) - U.S. fuel supplies are "unacceptably" at...
HOUSTON (Reuters) - U.S. fuel supplies are "unacceptably" at or near 5-year lows amid hurricane threats and the oil industry must do more to address prices and demand, a Department of Energy spokesperson said on Friday.
The spokesperson was commenting on a report that the chief executive of Exxon Mobil Corp, the largest U.S. oil producer, had warned the Biden Administration against limiting U.S. fuel exports. Exxon did not immediately reply to a request for comment.
Benchmark U.S. crude oil for November delivery fell $1.74 to $79.49 a barrel Friday. Brent crude for November delivery fell 53 cents to $87.96 a barrel.
Wholesale gasoline for October delivery fell 4 cents to $2.47 a gallon. October heating oil fell 5 cents to $3.37 a gallon. November natural gas fell 11 cents to $6.77 per 1,000 cubic feet.
