Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft, made an "urgent appeal" to economy and energy minister Katherina Reiche to resolve a standoff with the United States over the refinery's future.The letter outlines escalating problems at the refinery…
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction" can be recognized or considered valid until a formal application is submitted, and the prescribed legal process has been completed.French oil giant TotalEnergies, and Brazil's Petrobras…
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that they each acquired a 42.5% share in an offshore Namibia exploration license. The firms are looking to develop oil at one of the last frontiers in exploration. Maravilla Oil and Gas and Eight Offshore Investments Holdings acquired the stakes of the PEL104 license.
Sources say that Mexico's Pemex awarded a contract to a Slim Company for the gas and condensate fields.
Three sources familiar with the matter confirmed that the Mexican state company Pemex awarded a contract to a Carlos Slim-controlled firm for a natural gas and crude oil field. This is another step in strengthening Slim's presence in the energy industry. The state-owned company had awarded five contracts in the same format in mid-December. Pemex will retain at least 40% of the partnership under this new model. Pemex planned to award 11 contracts of this type last year, but the interest was muted. Was unable to determine who owned the Slim company and the value of the contract.
Shell CEO: We want to export Venezuelan Gas through Trinidad
Wael Sawan, the CEO of Shell, told Bloomberg TV that he hopes to have the?gas produced from Venezuela's Dragon Field in three years and then processed in Trinidad and Tobago before export. Shell and Trinidad are trying to increase natural gas supplies to Trinidad's Atlantic LNG Export Facility and the broader petrochemical industry amid shortages caused by dwindling Caribbean island supplies. Shell and Trinidad National Gas Company received a joint 30-year license from Venezuela's government in 2024 to operate the 4.5 trillion cubic feet Dragon gasfield…
Vattenfall: Swedish nuclear plans require direct state investments
Vattenfall, the state-owned utility, said that the Swedish government will be forced to invest directly in new nuclear projects due to the large financial commitment. Right-of-centre Nordic government is looking to revitalize its nuclear energy sector. It offers a combination?of cheap loans and price guarantees for companies that are willing to invest. Vattenfall’s Videberg Kraft subsidiary is planning to build several small modular reactors, with a combined capacity of around 1,500 Megawatts at the site of its Ringhals Nuclear Facility in south-west Sweden.
Turkish Energy Minister: Saudi Arabia will build solar farms worth $2 billion in Turkey
Saudi Arabia is investing $2 billion in Turkey to build solar farms with a total capacity of 2,000 megawatts. The Turkish energy minister announced this on Tuesday. In a recent post on X, Bayraktar said that during the visit of Turkish President Tayyip Erdoan to Riyadh he and his Saudi counterpart Prince Abdulaziz bin Salman had signed a?agreement on renewable energy power plants projects. According to the agreement, Saudi companies will build a solar power station in eastern province Sivas…
Knight Vinke's founder says that his fund cannot invest in the uncertain US under Trump
Eric Knight stated that his hedge fund could not invest in the United States with President Donald Trump as the risks were too high. However, profits can be made in Europe because there are clearer rules and policies regarding green energy projects. Knight Vinke Asset Management, based in Monaco, sold "the last" of its U.S. investments in August. This was revealed in an interview with its CEO and founder Knight. A letter sent to investors by the fund showed that it would return 17.9% by 2025.
In March, a Greek-led joint venture will provide US LNG to Ukraine
It was announced?on a Monday that a Greek joint venture had signed its first contract to'supply U.S. Liquefied Natural Gas to Ukraine in March.' Greece is seeking to strengthen its role as a gas transit route into Europe, which has plans to ban Russian imports by the end of 2027. Ukraine is facing its worst energy crisis since the end of World War II as its 'energy sector' crumbles due to Russian strikes, bitter cold and accumulated damage. Last week, President Volodymyr Zelenskiy claimed that the country had "significantly diversified" its natural gas supplies.
WTO panel supports China in its case against US clean-energy subsidies
The World Trade Organization panel backed China's complaint on Friday, and recommended changes to the?U.S. Beijing claimed that tax credits for clean-energy?discriminated against imports. The report of the panel recommended that the United States remove the Inflation Reduction Act measures by October 1, 2026. The panel stated that "that date seems to be a reasonable deadline" for the withdrawal of the ITC/PTC Bonus Credits. The 'office of the U.S. Washington can appeal the ruling, but the WTO top appeals court will not issue a final decision as it is paralyzed.
Maurel & Prom seeks OFAC license as Venezuelan reserves and output of Maurel & Prom increases.
Maurel & Prom, a French oil company, announced on Thursday that its Venezuelan assets' production and reserves were up sharply in the past year. It has also applied for a?U.S. Maurel & Prom, a French oil producer, announced on Thursday that production and reserves?from its Venezuelan assets?rose sharply last year?and that it has applied for a new 'U.S. The company reported that the average daily production of working-interest oil on the Urdaneta Oeste in Venezuela will be 8,194 barrels in 2025. This is up 34% compared to 2024.
Trinidad Minister: BP and Shell are seeking US licensing for shared gas fields with Venezuela.
Shell and BP seek?U.S. Shell and BP are seeking?U.S. Trinidad is Latin America’s largest liquefied gas exporter, and also one of the largest exporters in the world of ammonia and methane. However, the Caribbean island is aiming to develop offshore oil and gas fields near the border with Venezuela to secure its supply and counteract the declining reserves. In recent years, despite frequent U.S. changes in policy towards Venezuela, its gas projects have made slow progress.
ADNOC CEO: Oil demand will remain above 100 million barrels per day (bpd) through 2040
The head of the Abu Dhabi National Oil Company (ADNOC), said that 'global oil demand is expected to remain at or above 100 million barrels a day until 2040. Demand for both LNG and electricity are expected to grow 50% or more. The Managing Director and Chief Executive Officer?Sultan Ahmed Al Jaber said at the India Energy Week Conference?on?Tuesday that the electricity demand would be driven by a need to power cooling systems, AI infrastructure and data centers. Al Jaber…
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers lost as much as 2 million barrels per day or 15% of their production during the weekend. This was due to a winter storm which ravaged the nation, straining the?energy grids and infrastructure. Energy Aspects estimates that oil production outages peaked at 2 million barrels per day on Saturday. The Permian basin is likely to have experienced the greatest share of this decline, at about 1.5 million bpd. Production losses decreased on Monday.
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers of oil lost up to two million barrels per day, or about 15% of the nation's production, over the weekend as a winter storm swept through the country, straining the energy infrastructure and the power grids. According to a report by?consultancy energy?Aspects, oil production outages peaked Saturday. The Permian basin is likely to have been the most affected, as it lost around 1.5 million barrels of oil per day. Monday saw a decrease in production losses…
Russian Urals Oil Trades at Close to Widest Discounts Since 2022
Russian February Urals crude oil cargoes traded at close to the widest discounts against dated Brent in Indian ports since 2022 amid intensified pressure from Western sanctions, two sources said.Urals oil cargoes to be supplied in February traded at discounts of $10 per barrel to dated Brent for delivery in Indian ports, a $3-5 per barrel increase from estimates for cargoes loading in the autumn months last year and close to the widest discount on record, the two sources said.Late in 2025 the U.S.
Overview of Iran's major gas fields and oil infrastructure
After a wave anti-government protests, the US is heading to Iran and renewing warnings against Tehran restarting its nuclear programme or killing protesters. Tehran accuses Washington of fomenting turmoil. A major increase in prices could endanger key energy infrastructure, and add uncertainty to the oil and gas market. Here are some facts about Iran's energy sector, its exports and the impact of?Western sanctions. Iran produces natural gases from the South Pars offshore gas field. This gas field makes up about a third the world's biggest reservoir of natural natural gas.
German forward contracts increase on more expensive gas and carbon
German power contracts for the year ahead traded higher on Friday. They followed gains in carbon permits and gas contracts, which were attributed to lower temperatures predicted for a week-ahead. German baseload for the year ahead rose 0.7%, to 87.24 Euro ($102.40), per megawatt-hour at 0905 GMT. This was due to higher gas contracts and permits. The French equivalent fell 0.6% to 52.35 euros/MWh. The benchmark carbon contract on the European market rose by 0.6%, to 88.99 Euros per metric ton.
Documents show that Venezuela's proposed oil-reform will give companies operating autonomy and cash proceeds to companies.
Drafts of a proposed overhaul of Venezuela's hydrocarbons laws showed that foreign and local companies could operate oilfields independently through a new model of contract, commercialize the?output?, and receive sales proceeds, even when acting as minor partners of PDVSA. Delcy Rodriguez, Venezuela's interim president, presented the proposal last week to the National Assembly. The oil industry in Venezuela is expected to be overhauled by amending the landmark oil law of former President Hugo Chavez. The lawmakers are expected to start discussing the reform?
Gazprom Neft and MOL reach provisional agreement on the sale of NIS shares by Russia
Serbian Energy Minister Dubravka Djedovic Handanovic announced on Monday that Russia's Gazprom has reached an?agreement? to sell its majority share in Serbian refiner NIS, to Hungary's MOL. She told Video Plus that the Office of Foreign Assets Control of the U.S. Treasury Department, which imposed sanctions on NIS due to its Russian ownership, would need to approve the deal. NIS?supplies approximately 80% of Serbian fuels, including wholesale gasoline and diesel. The company also controls 50% of the retail market.