Rigzone Industry News

Upon the closing of the transaction, Orlen's natural gas production in Norway will increase to over 141.26 billion cubic feet (4 billion cubic meters) annually.

Oil extended gains as traders boosted bets that the OPEC+ alliance will intervene in the market to bolster prices.

The Kazakh authorities ordered the North Caspian Operating Company, which runs Kashagan, to pay a 2.3 trillion tenge ($5 billion) fine earlier this year.

Oil rebounded as traders boosted bets that OPEC and its allies will work to counteract the plunge in prices over the past four weeks.

Oil plummeted to the lowest since July as trend-following trades accelerated losses that were kicked off by swelling inventories and the failure of key technical support levels.

Oil fell after a government report showed swelling US crude inventories and a Federal Reserve official signaled interest rates may remain elevated.

Oil narrowly held onto a four-day winning streak as investors weighed a mixed supply-and-demand outlook.

Oil rose 1.4% after three weeks of declines set the stage for a relief rally.

Oil rose along with equities on Friday, but still declined for a third straight week on growing concerns over global demand and the unwinding of the Israel-Hamas war's risk premium.

Ovintiv expects to turn in line 170–180 wells net in the Permian Basin for 2023.