Markets

In a recent development, Alaska-based US District Judge Sharon Gleason has ruled in favor of the Biden administration's decision to greenlight ConocoPhillips' Willow oil project, dismissing concerns raised by environmentalist groups.

The OPEC producer in Latin America, buoyed by recent U.S. sanctions relief, is actively engaging with domestic and international oilfield service providers to revitalize its crude oil production.

In the month, the country achieved an unprecedented milestone in its energy sector as crude production reached an all-time high of 404.6MM bbl.

The recent headlines surrounding Chevron and ExxonMobil's multi-billion-dollar acquisitions signify a strategic shift in their exploration and production (E&P) futures, while highlighting an intense competition to secure valuable energy assets.

The US removed prohibitions for six months on oil exports from the Latin American country as well as new investments in its hydrocarbon sectors..

OPEC+ member nations, Saudi Arabia and Russia, have jointly announced their commitment to continue a combined supply cut of 1.3MM b/d until the end of 2023.

In the second quarter of 2023, publicly traded US oil companies increased their investments in capital expenditures (CAPEX) and mergers and acquisitions (M&A) while facing a decline in cash from operations.

In a remarkable development, Norway's Johan Sverdrup medium sour crude achieved a historic milestone by reaching an unprecedented premium against the benchmark Dated Brent on October 4th.

The Biden administration has unveiled its five-year offshore oil and gas leasing plan, signaling a notable shift in energy policy.