Day: August 24, 2024

U.S. oil and gas production will continue to grow over the next 15 months, reaching a new record of 14 million barrels per day for oil and 1,175 billion cubic meters per year for gas, according to forecasts from the U.S. Department of Energy. The primary growth driver is the Permian Basin.

This massive field is the main source of new records in U.S. oil and gas production. The graph shows that other fields are stagnant: they aren’t even attempting to reach 2019 production levels. However, relying on the Permian comes with an obvious risk that U.S. oil companies are forced to accept. Production here is highly sensitive to price fluctuations. The graph shows that the primary impact of the 2020 cuts was felt in the Permian Basin. The second, repeatedly mentioned risk: any field will eventually run dry; the Permian cannot be drilled indefinitely. When the Permian reaches its production plateau, it will become a powerful catalyst for global oil price growth. https://preview.redd.it/c5covlfg8gkd1.png?width=1256&format=png&auto=webp&s=a1314a771cc470a5f6394f16032f3e22b5321084 submitted by /u/XGramatik [link] [comments]

Organizer of a $4 Billion Crypto Pyramid Scheme Arrested in Turkey

A Swedish citizen, Andreas Sakacs, was arrested in Turkey on suspicion of being involved in the operation of the OmegaPro cryptocurrency pyramid scheme, which was launched in 2017 and caused investors to lose approximately $4 billion. Reportedly, the tip-off to the police came from a Dutch citizen who personally lost $7 million in the project and now represents 3,000 other investors whose total investments amounted to around $103 million. OmegaPro stopped withdrawals at the end of 2022 and fully ceased operations in July 2023. The project’s capital is allegedly linked to OneCoin, one of the largest crypto pyramid schemes in history. submitted by /u/FXgram_ [link] [comments]

Eni has completed a deal to sell its oil assets in Nigeria to Oando for $783 million, marking a significant shift in the country’s oil industry.

This move follows similar asset sales by other major companies such as ExxonMobil, TotalEnergies, Shell, and Equinor, which are also divesting their onshore and offshore assets to local firms. These transactions come amid years of issues with oil spills, theft, and sabotage in the troubled Niger Delta region, which has significantly reduced Nigeria’s oil production. In July, the country’s oil output stood at 1.46 million barrels per day, well below its potential capacity of 2.2 million barrels per day. https://preview.redd.it/539hngqn9gkd1.png?width=997&format=png&auto=webp&s=dd27c6645afeb3015b32802ffa1fcd56ecfad5a7 submitted by /u/XGramatik [link] [comments]

Tether does not plan to develop its own blockchain.

The CEO of the company Paolo Ardoino told Bloomberg. According to him, there are many other good solutions on the market that are suitable for USDT stablecoin. https://preview.redd.it/6t6v0ns3chkd1.png?width=692&format=png&auto=webp&s=bdb6ede889491cd1d5efb4e9e1b47d29d05d2ddb submitted by /u/Lor1al [link] [comments]