French strike at Dunkirk LNG Terminal reduces capacity
Fluxys' data shows that a?24-hour strike in France’s power sector is expected to?reduce delivery capacity at?the Dunkirk liquefied natural gas terminal?to 4 gigawatt hours per day as of 0700 GMT Tuesday. Fluxys' data shows that the terminal delivers at least 9.4 GWh a day. The unions at the state-owned EDF, Fluxys (a Belgian gas terminal operator) and Elengy (a French gas terminal operator) have called a strike on Tuesday to protest a French Court of Auditors recommendation to reduce employee benefits like?access to cheaper electricity.
Navitas Petroleum faces criminal charges in Argentina for drilling on the Falklands
The Argentine government announced on Monday that it will file criminal charges against the energy company Navitas Petroleum & its executives for operating in the Falkland Island. This follows comments made by the Argentine president Javier Milei on Friday, when he vowed that oil companies would be sanctioned for drilling in British overseas territories?as he stepped-up the South American nation’s sovereignty claims?. According to a press release from the Presidency…
Schedule for US Energy Data in Holiday Week
Labor Day, which falls on Monday Sept. 7, will affect the release of certain?major data in the energy sector scheduled for the month of September. 6 week. The schedule for the release of the U.S. Petroleum, Oil and Natural Gas Supply and Inventory for the Week is below. WEEK OF SEPT. API's weekly Petroleum Stocks Report will be pushed back to Wednesday, September?9, at 4:30 pm EDT (2030 GMT). The report would normally be released on Tuesday. The EIA will release its weekly report on natural gas stocks as usual, Thursday, September 10 at 10:30 am EDT (1430 GMT).
Nigeria Looks to Double Energy Investment Within Five Years
Nigeria could double investment into its energy sector within five years after joining the International Energy Agency, its chief Fatih Birol said on Thursday, as nations seek partners they can "trust" after supply disruptions from the wars in Iran and Ukraine.Speaking during a visit to Abuja, Birol told Reuters that Nigeria's admission as an associate member of the Paris-based energy watchdog would help attract investment, deepen technical cooperation and give Africa's largest oil producer a stronger voice in global energy policy discussions."My goal is…
Sources say that Chevron, KEO, ENI, and Primavera will sign energy agreements in Venezuela very soon.
Two sources close to the preparations say that oil?producers Chevron & ENI, as well as investors KEO Capital and Primavera will sign energy 'agreements' in Venezuela by Wednesday. The majority of these pacts are project expansions which have been in negotiations with Venezuela's Oil Ministry and the state oil company PDVSA in order to migrate dozens of energy contract terms in accordance with a comprehensive?oil-reform approved in January. Chevron, the U.S. oil giant…
India is urged to review green financing rules and build workforce for nuclear expansion
India must'review its financing rules' and 'develop a better talent pipeline to reach its ambitious goal of increasing?nuclear energy capacity to 100 Gigawatts by 2047. Abhay Karandikar is a member of the top government think-tank NITI Aayog. He said that India's green bond framework and green deposit rules, which do not currently cover nuclear investments, need to be revised. India opened its tightly controlled nuclear industry to private companies last year in an effort?to attract technology and foreign investment.
Officials: US company to take over Venezuela oilfields that were previously operated by Chinese and Russian firms
Two U.S. officials said that the U.S. company North American Blue Energy Partners will be taking over oilfields controlled by several Chinese firms and a Russian firm. They said that the takeover would be part of an?oil?production agreement President Donald Trump had announced with Venezuela. According to officials, the projects were part of 14 new contracts awarded to U.S. backed North American Blue Energy Partners. NABEP, owned by U.S. oil magnate Harry Sargeant, is now controlled and managed by Venezuelan Alejandro Betancourt.
Officials say that US oil company will take over Venezuelan oilfields that were previously operated by Chinese and Russian firms
Two U.S. officials have confirmed that North American Blue Energy Partners, a U.S.-based oil company, will take over some oilfields controlled by five 'Chinese' companies and one Russian firm. On Monday, two U.S. officials?told?that North American Blue Energy Partners will take?over some oilfields previously controlled by five chinese companies and a Russian firm. They said that the takeover would be part of an oil production agreement President Donald Trump had announced with Venezuela. According to officials, the projects were part of 14 new contracts awarded to U.S.
Officials say that some Chinese and Russian oil companies lose out under the US-Venezuela deal
Two U.S. officials have confirmed that the U.S. company North American Blue Energy Partners is taking over some oilfields controlled by five Chinese firms and a Russian firm. ?on Monday. They said that the takeover would be part of an oil production agreement between President Donald Trump and Venezuela. According to officials, the projects were part of 14 new contracts awarded to U.S. backed North American Blue Energy Partners. NABEP, owned by U.S. oil magnate Harry Sargeant?is now controlled by Venezuelan Alejandro Betancourt. Last week, Trump said that the U.S.
Wall Street closes lower due to a jump in oil prices, while indexes post monthly gains
?U.S. Stocks fell on Monday as Wall Street turned the page on an unpredictable month. A war-related rise?in crude oil prices revived inflation concerns?and increased the likelihood of tighter policy. Investors processed U.S. Federal Reserve Chairman Kevin Warsh's hawkish remarks at the Jackson Hole Symposium on Friday. All three of the major U.S. indexes fell in August, but they also posted gains for the month. The Nasdaq had the highest percentage gain for August, as the AI trade continued to thrive despite recent weakness.
Sources say that firms including Chevron and ONGC are on the verge of signing final pacts with Venezuela.
Five sources said that after a'months-long' process of negotiations, U.S. firms Chevron & GE Vernova as well as India's ONGC and Italy's Eni, Colombia's GeoPark, are 'on track' to sign the final 'agreements' in Venezuela. Sources said that most pacts include a six-month transition of oil contracts into a revised hydrocarbon law, which now gives foreign companies more flexibility in operating?oilfields and exporting barrels as well as cash sales proceeds. Other pacts set out terms for "new energy and electric projects".
Kharg Island, Iran and its energy sector
Oil has jumped on the escalating tensions with Iran, including a post created by AI for U.S. president Donald Trump, who claimed to have seen?the Kharg Island hub of oil being destroyed', a claim that was deemed "laughable" by an Iranian official. A U.S. official stated on Monday that there was no evidence to support such an attack. Here are some key facts about Iran's energy industry. Iran, the third-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), exported 90% of its crude through the island of?Kharg? before the war. However, since the U.S.
Eni CEO: Energy sector shifting investment to Latin America and Southeast Asia
Eni's chief executive said that the oil and gas industry is diversifying its investments to?Southeast Asia? and Latin America?to counter the?prolonged?disruption?of shipping flows?in the Strait of Hormuz. Claudio Descalzi, Eni's Claudio, said at an Eni hearing before a parliamentary panel that the risk to the Middle East will still be greater than it was. * Russia and the Gulf region including Iran will not be able to contribute significantly to energy product supply for a while, Descalzi stated. And even when they return to the market, things will look completely different.
New Zealand awards first offshore petroleum exploration permit after reversing ban
New Zealand's coalition centre-right government granted its first permit for petroleum exploration on Wednesday, reversing the ban imposed on offshore exploration by the former Labour government of Jacinda Ardern. The conservative government of Prime Minister Christopher?Luxon, who came to power in 2023 and won the election, lifted the ban on offshore exploration last year. They wanted to avoid gas shortages in industrial areas, as well as boost power generation during dry years, when hydropower output drops.
SLB has access to Venezuelan oilfield data via contract, say sources
Three sources said that a contract signed by SLB with Venezuela's PDVSA, the state-run oil company in Venezuela, last week gave the U.S. technology and oil services company access to oilfield data from the nation with the largest crude reserves. According to sources, the?deal?will enable SLB to upgrade and organize PDVSA’s vast but outdated database following years of neglect as well as a recent cyberattack. Venezuela hasn't published oil statistics for more than 10 years. The last annual bulletin from the oil ministry came out in 2015.
Energy profits boost European earnings by 20.8%
LSEG data on Thursday showed that estimates for blue-chip companies in Europe's second quarter?earnings? have risen. Profit growth is now expected to be 20.8% compared to a year earlier. However, a large part of the increase will come from the energy sector. Energy companies are expected to double their profits, and this will be a major factor in the earnings recovery. The overall growth rate for STOXX companies, excluding the sector, is expected to be 10.3%. According to data from 225 companies…
Fars News Agency reports that Iran's state oil company has frozen its bank accounts due to debt.
A state-owned lender has frozen the National Iranian Oil Company’s bank accounts due to mounting debts, according to the semi-official Fars News Agency. This highlights the pressures being felt by Iran’s largest source of revenue. Fars reported that the Bank of Industry and 'Mine didn't provide any details?on a?the amount owed, or the affected accounts, despite the fact that Iran’s budget law deferred the repayment of certain NIOC NIOC until the end the Iranian calendar year, in March 2027.
Bangladesh solar incentives may not be for smaller consumers
According to the National Board of Revenue, these measures were introduced on July 1, in the 'latest national budget.' They include the removal of customs duties on?solar?equipment, and the exemption of solar-power suppliers and producers from paying taxes on income derived from?solar?energy. The National Board of Revenue has announced that institutions using solar energy will receive a tax credit amounting to 5% on their electricity bill over the next 5 years. The main goal of the effort is to encourage construction companies…
Australian Inpex Workers Set Industry Precedent With New Pay Deal
Workers at Inpex's Ichthys liquefied natural gas plant in Darwin have overwhelmingly backed a new pay deal that unions hope to replicate across Australia's offshore energy sector.The agreement is the first in what unions describe as a second wave of bargaining across the sector, as they seek similar pay and conditions in upcoming negotiations with Shell, Chevron and Woodside Energy.The Offshore Alliance, comprising the Australian Workers Union and Maritime Union of Australia…
Inpex's Australian LNG worker back pay agreement could set an industry standard
Workers at Inpex’s Ichthys plant for liquefied gas in Darwin have unanimously backed a pay deal that they hope will be replicated across Australia's offshore oil and gas sector. This agreement is part of what the unions call a "second wave" of bargaining in the energy sector. They are seeking similar pay and working conditions with Shell, Chevron, and Woodside Energy in future negotiations. The Offshore Alliance, which includes the Australian Workers Union, the Maritime Union of Australia and the Electrical Trades Union, spent months negotiating with Inpex for 470 workers.