The Aug Brent futures flat price has had a fairly flat morning, trading in a narrow range between $82.75/bbl and $83.15/bbl. It sits comfortably in $83.00/bbl handles as of 11:05 BST (time of writing). Norwegian oil and gas investments are expected to hit record highs this year and remain strong in 2025, with the sector now expecting to invest 246.9 billion crowns ($23.58billion) in 2024, up from a 243.6 billion crown estimate in February. Hess Corp investors will vote today on Chevron’s proposed $53 billion acquisition of the company, after many investors have called for a delay in hopes of obtaining a better offer for their shares. India is seeking bids through a special upstream bidding round for two recently-discovered small oil and gas fields in the Mumbai offshore region and one coal-bed methane (CBM) gas field in West Bengal. Harry Sargeant III, the owner of Texas-based Global Oil Terminals, has acquired a license to continue buying asphalt from Venezuela without breaching US sanctions, with an initial contract for six 95kbbl cargoes. The front and 6-month spreads are $0.41/bbl and $2.85/bbl, respectively.
