Oil prices rise due to summer demand and OPEC+ cuts

Challenger Energy has initiated the reprocessing of legacy 3D seismic data for the AREA OFF-3 offshore block in Uruguay, with the project expected to conclude by the second quarter of next year. Advanced techniques, including amplitude

Challenger Energy Group PLC has completed a significant transaction, selling a 60 percent stake in Uruguay’s offshore AREA OFF-1 block to Chevron Corporation for $12.5 million in cash. Located in an area with similar geophysical properties

Challenger Energy Group (CEG) has finalised the sale of a majority stake in an offshore exploration block, AREA OFF-1, located off Uruguay’s coast. This transaction grants Chevron Uruguay Exploration, a subsidiary of Chevron, the role of

Crude oil prices began the week on an upward trend, with an increase of over $1 per barrel. This rise followed news that OPEC+ had decided to postpone its planned partial rollback of production cuts. Originally,

Oil prices experienced a notable increase on Friday, climbing more than 2% following reports that Iran was planning a retaliatory strike on Israel from Iraq in the near future. This surge, however, still left the benchmarks

Challenger Energy has successfully completed the transfer of a 60% stake in the offshore AREA OFF-1 block in Uruguay to Chevron’s subsidiary, Chevron Mexico Finance LLC, Sucursal Uruguay. This transaction has been fully approved by Uruguayan

Oil prices inched upwards during Monday’s Asian trading session after a steep decline of over 7% the previous week. The sharp drop was largely attributed to concerns over declining demand in China, the world’s largest oil

On 19 September, the Uruguayan state-owned oil company ANCAP, which oversees offshore licences, gave its approval to Challenger Energy’s farmout agreement for the AREA OFF-1 licence with Chevron. The agreement had initially been announced on 6

Challenger Energy’s farmout agreement with Chevron for the offshore exploration license AREA OFF-1 has received approval from Uruguay’s regulator, ANCAP. The agreement, which was initially announced in March, marks a significant step for both companies in

Challenger Energy has secured approval from Uruguay’s state-owned oil company and regulator, Ancap, for its farm-out agreement with Chevron regarding the AREA OFF-1 licence. Originally announced in March 2024, the deal was subject to regulatory consent,

Challenger Energy’s farm-out of the AREA OFF-1 licence to Chevron has received approval from Uruguay’s state-owned oil company, Ancap. This move will make Chevron the operator of the block, acquiring a 60% stake, while Challenger, through

Producers and consumers need to cooperate to maintain global gas supply security in light of escalating geopolitical tensions, as highlighted in a new IEA report. The demand for natural gas is growing faster in 2024 compared

Oil prices increased on Thursday as concerns about a potential escalation of conflict in the Middle East took precedence over the outlook for stronger global supply. This heightened apprehension about crude oil flows from the region,