Harbour Energy Acquires Wintershall Dea’s Assets

Harbour Energy has expanded its global portfolio by acquiring Wintershall Dea’s upstream assets in Norway, the UK, Germany, Argentina, Mexico, Southeast Asia, and North Africa, excluding those related to Russia. In other news, oil prices rose 2% due to uncertainty caused by Tropical Storm Francine in the Gulf of Mexico, which accounts for 15% of US oil production.

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Harbour Energy Completes Acquisition of Wintershall Dea Assets 

Harbour Energy has successfully completed the acquisition of Wintershall Dea’s upstream assets, excluding Russia-related activities, marking a significant expansion in its portfolio. This acquisition, effective on June 30, 2023, includes substantial assets in Norway, the United Kingdom, Germany, Argentina, Mexico, Southeast Asia, and North Africa, solidifying Harbour Energy’s position as one of the largest independent oil and gas companies globally.

Oil Prices Rose 2% Due to Francine Storm 

Oil prices rose nearly 2% on Sept. 11, 2024 due to concerns about Hurricane Francine’s impact on US production, although weak demand forecasts limited further gains. November Brent futures climbed 1.8% to US$71.85/b, while October West Texas Intermediate (WTI) futures increased 1.9% to US$68.57/b.

Private Sector Seeks Partnerships With PEMEX for Exploration and Production

AMEXHI urged the incoming administration of Claudia Sheinbaum to design new partnership schemes between the state-owned company PEMEX and operators interested in exploring and producing hydrocarbons in the country. The organization remains optimistic as it considers that new administrations open up new opportunities to work together.  

Tropical Storm Francine Halts Oil and Gas Production in the Gulf of Mexico

Approximately 24% of crude oil production and 26% of natural gas production in the Gulf of Mexico were offline as Tropical Storm Francine approached Louisiana, reports the US Bureau of Safety and Environmental Enforcement. This storm is significant as the Gulf produces over 15% of US oil and 2% of gas.

OPEC+ Delays Planned Oil Output Increase for Two Months

OPEC+ is expected to delay its planned oil output increase for October and November, following a decline in crude prices to their lowest level in nine months. This decision comes as oil prices have been affected by concerns over a weak global economy and soft economic data from China, the world's largest oil importer.