The U.S. Energy Department said it has approved a fourth exchange of 870,000 barrels of crude oil for release to Shell Trading (US) Co. from the Strategic Petroleum Reserve (SPR).
Combined, the Energy Department has provided about 8 million barrels of SPR crude oil to boost the nation’s fuel supply, including three previous exchanges awarded last month, the department said in a statement on Jan. 12.
Late in December, the department had approved a release of 2 million barrels of crude oil to Exxon Mobil Corp.
In November, U.S. President Joe Biden’s administration announced it would release about 50 million barrels from its reserves in conjunction with other consumer countries, including China, India and South Korea, to combat the rising cost of fuel.
Companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, depending on the length of time they hold the oil, according to the Energy Department.
Recommended Reading
Utica Oil: Encino Energy’s Liquids Wells Top the Charts in Ohio
2024-06-11 - Encino Energy’s first-quarter wells took the top five spots in Ohio as the company’s liquids output accounted for more than half of the state’s 7.23 MMbbl first-quarter total.
The OGInterview: BPX E-fracs Push ‘Values Up, Emissions Down,’ CEO Says
2024-07-02 - BPX Energy CEO Kyle Koontz discusses the company’s role as the “nimble entrepreneurial” arm of supermajor BP in the Permian Basin and Haynesville and Eagle Ford shales.
Northern Midland: EOG Brings on Dean Oil Well in SE Dawson Stepout
2024-06-18 - EOG Resources has not stated yet that Dawson County is the location of its new “stealth play.” It remained mum in an investment-banking conference this week.
Goodbye Manual Control: Vital Energy’s Automation Program Boosts Production
2024-07-12 - Production, ESP efficiency soared when the company automated decisions with AI at the edge.
E&P Highlights: July 15, 2024
2024-07-15 - Here’s a roundup of the latest E&P headlines, including Freeport LNG’s restart after Hurricane Beryl and ADNOC’s deployment of AI-powered tech at its offshore fields.