NorthAmOil - North America Oil & Gas

Rice’s whales are again an issue in the US Gulf of Mexico

Environmentalists secured a victory recently when a federal court said the US government had underestimated the risks of offshore oil and gas development in the Gulf of Mexico such as the critically endangered Rice’s whale.

Citgo teeters amid Venezuela crisis and $20bn creditor claims

The future of Citgo, once a crown jewel in Venezuela's overseas oil empire, hangs in the balance as the company grapples with mounting losses and legal challenges.

US shale productivity gains boost 2024 targets

The efficiency improvements that fuelled last year's unexpected rise in US crude production are making a comeback, prompting shale producers to revise their 2024 targets upwards just as OPEC is preparing to ease its supply cuts.

Alberta regulator fines Imperial over Kearl oil sands incident

The Alberta Energy Regulator (AER) is imposing an administrative penalty of CAD50,000 ($31,200) on Imperial Oil regarding the Kearl Oil Sands Project tailings seepage.

Exxon to sell Permian non-core assets for $1bn, says report

ExxonMobil is mulling selling assets in the Permian Basin for an estimated $1bn.

Baltimore sues US shale producers in alleged conspiracy class action

The city of Baltimore has sued major US shale oil drillers such as Permian Resources and Hess alleging they fixed prices of gasoline, diesel and heating oil, having conspired to limit production.

Elliott emerges as top bidder for Citgo parent in US court-ordered auction

Elliott Investment Management has reportedly taken pole position in the US court-mandate auction for the parent company of Citgo Petroleum Corp, the refiner which cut ties with its Venezuelan owners in 2019 following the imposition of sanctions.

Venezuela's Citgo crisis deepens as union leaders decry cross-party mismanagement

Citgo, Venezuela's prized US asset, faces heavy losses and a looming auction sale. Union leaders blame poor management post-Guaidó takeover and call for worker involvement to save the refiner, seen as crucial to the country's economic future.

Crackdown on Iranian oil trade hard for next US administration

Former US president Donald Trump is expected to unleash another bout of "maximum pressure" on Iran if he makes it to the White House again in the November election, to choke off Iran’s burgeoning oil trade with China.

US oil and gas sector defies price plunge, production and profits soar – EY

US oil and gas production soared to a record high in 2023, while costs fell 6%, says a new report by Ernst & Young. This was despite lower commodity prices compared with 2022.

Natural gas glut leads to production cuts

An oversupply of natural gas in the US has been driving down prices, leading to further cutbacks in US drilling, despite the hottest summer in the contiguous US on record.

NorthAmOil: Natural gas glut leads to production cuts

California unveils plan for refineries to stockpile gasoline to prevent price spikes

California’s governor, Gavin Newsom, has proposed a new plan to require oil refiners in the state to keep stockpiles of gasoline so that supply is maintained even when refineries undergo maintenance.