Prospera Energy Inc. announced a $12.2 million promissory note amendment and a positive monthly operational update, reporting increased oil production and strong sales. The company’s proactive maintenance program and strategic inventory management are boosting efficiency and profitability. With rising oil prices and tight heavy oil differentials, Prospera is well-positioned for continued growth.
Shell’s Nigerian subsidiary, SNEPCo, has approved the Bonga North deep-water oil project, a subsea tie-back to the Bonga FPSO facility. Expected to produce 110,000 barrels of oil per day at peak, this project adds over 300 million barrels of recoverable oil equivalent, sustaining production at the Bonga facility and demonstrating Shell’s commitment to near-field opportunities. First oil is projected by the end of the decade.
Petrobras, the Brazilian oil giant, reported a strong third quarter with record refinery utilization, pre-salt oil processing, and gasoline production. The company’s investments in modernization and technology are driving these impressive results, while its international ventures continue to expand its reach.
Petrobras, Brazil’s oil and gas giant, is on the verge of a major breakthrough with its Tupi oil field. After years of negotiations, the company is close to resolving a tax dispute with Brazilian regulators, paving the way for significant redevelopment plans. This move promises to not only revitalize Brazil’s oil output but also solidify the country’s position as a major player in the global energy market.
Shell PLC is taking precautionary measures to protect its operations in the Gulf of Mexico as Tropical Disturbance 35 threatens the region. The company is shutting down production at the Stones and Appomattox fields and evacuating non-essential personnel from the Mars Corridor. While production at other locations remains unaffected, Shell is pausing some drilling operations.
Exxon Mobil Corporation is preparing for Hurricane Francine by significantly reducing production at its Baton Rouge, Louisiana refinery. The storm, expected to make landfall on Wednesday, has prompted evacuations and preparations across the region. Other major U.S. Gulf oil and gas producers are also taking precautions, with Shell shutting down production at several offshore assets. This event highlights the potential impact of severe weather on energy production and the importance of preparedness in the industry.
Chevron Corporation (CVX) has announced the commencement of water injection operations at its Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico, aiming to enhance oil and natural gas recovery and increase production. These projects are expected to boost the St. Malo field’s ultimate recovery by 175 million barrels of oil equivalent and contribute to Chevron’s goal of reaching 300,000 net barrels of oil equivalent per day in the Gulf by 2026.
OPEC (Organization of the Petroleum Exporting Countries) and its allies, collectively known as OPEC+, play a significant role in regulating the global oil market. Founded in 1960, OPEC comprises 12 member countries, accounting for approximately 30% of the world’s oil production. OPEC+ includes 10 additional non-OPEC oil exporters, including Russia, and represents around 41% of global oil output. The group’s primary objective is to manage the supply of oil to the global market, influencing prices and affecting the global economy.
The total number of active drilling rigs for oil and gas in the United States fell this week, with the total rig count dropping by 6 to 613. This is a significant decrease from the 755 rigs operating this time last year. The number of oil rigs declined by 5 this week, while the number of gas rigs fell by 1. Despite the drop in rig count, U.S. crude oil production remained unchanged for the seventh consecutive week. However, oil prices were trading up on Friday, with both benchmarks gaining around $0.50 per barrel.
Diamondback Energy (FANG) has seen strong performance in recent months due to rising oil prices and operational efficiency. However, concerns about valuation and the sustainability of oil production growth have led the author to downgrade their outlook to neutral. The author sees a potential correction in the stock price and recommends buying only if it falls below $170. They also suggest that direct oil futures ETFs like USO may be a better bet as oil is expected to rise due to underinvestment and potential supply disruptions.
