Oil futures on Thursday posted their first loss in three sessions. Saudi Arabia has suggested that OPEC could decide to cut production if an Iranian nuclear deal is reached, as an agreement would lift Western sanctions and ultimately see additional oil barrels come onto the global market, said Tyler Richey, co-editor at Sevens Report Research. However, "from a fundamental standpoint, any production cuts would be aimed at offsetting the return of Iranian barrels to the global market and not a material new bullish catalyst," he said. October WTI crude CLV22, -1.72% fell $2.37, or 2.5%, to settle at $92.52 a barrel on the New York Mercantile Exchange.
Occidental to Begin Construction of Direct Air Capture Plant in Texas Permian Basin
Occidental Petroleum Corp. is set to begin construction of its first carbon capture...
Occidental Petroleum Corp. is set to begin construction of its first carbon capture project in the Permian Basin this fall, the Houston-based company said in an Aug. 25 release.
“The construction of Oxy’s first DAC (direct air capture) plant is an important milestone on the pathway to achieving our net-zero ambitions and helping the world meet the Paris Agreement’s climate goals,” Oxy President and CEO Vicki Hollub commented in the release.
Occidental said its subsidiary 1PointFive will begin engineering and early site construction on the plant in the third quarter. The plant, which will deploy direct air capture technology developed by Carbon Engineering Ltd., is set to be located in Ector County, Texas, near Oxy’s portfolio of acreage and infrastructure in the Permian Basin.
Norway has overtaken Russia as Europe's biggest supplier of natural gas - and vowed to keep output high as the energy crisis worsens
Norway has taken the lead from Russia in supplying natural gas to Europe, Reuters has reported, as Moscow...
Norway has taken the lead from Russia in supplying natural gas to Europe, Reuters has reported, as Moscow chokes off its deliveries and EU countries work on cutting Russian energy imports.
The Nordic country plans to keep its natural gas production at current high levels, its energy minister told Reuters on Tuesday, as Europe battles a power-generation crisis that could hobble its industries.
"I expect that we can maintain the production levels we are at now until 2030," Norway's energy minister Terje Aasland said.
Shell Signs LNG Supply Deal for Lake Charles Project in Louisiana
Shell Plc signed an LNG supply deal with Energy Transfer LP for its...
Shell Plc signed an LNG supply deal with Energy Transfer LP for its Lake Charles project on Aug. 24, marking Shell’s return to the proposed facility to be located in Lake Charles, Louisiana.
“We believe that Lake Charles is the most competitive LNG project on the Gulf Coast. And we are particularly pleased that one of the most prominent LNG industry participants has selected Lake Charles LNG as a supplier,” commented Tom Mason, president of Energy Transfer LNG Export LLC, a subsidiary of the Dallas-based company.
Energy Transfer’s Lake Charles LNG export facility is a fully permitted project on the Gulf Coast having received authorizations from the Federal Energy Regulatory Commission as well as export authorizations from the Department of Energy.
Diamondback Energy Completes $575.2 Million Merger with Rattler Midstream
Diamondback Energy Inc. completed on Aug. 24 the previously announced merger between...
Diamondback Energy Inc. completed on Aug. 24 the previously announced merger between Rattler and Diamondback in a $575.2 million roll-up of the Midland, Texas-based independent oil and gas producer’s midstream subsidiary.
Rattler Midstream is a Delaware limited partnership formed in July 2018 by Diamondback Energy to own, operate, develop and acquire midstream and energy-related infrastructure assets in the Midland and Delaware basins of the Permian, where Diamondback is focused.
Diamondback Energy announced an agreement in May to acquire all the publicly held common units it doesn’t already own in Rattler Midstream, roughly three years after Diamondback took its midstream subsidiary public.
