Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services company, said that the U.S. firms have cut back on the number of oil and gas rigs for a second consecutive week for the first time since August. The number of oil and gas rigs, a good indicator of future production, dropped by six in the week ending December 19. This is the lowest since September. Baker Hughes reported that oil rigs dropped by eight this week to 406; their lowest level since September 2021. Gas rigs remained at 127, and miscellaneous?rigs increased by two to 9. Oil and gas rig counts are expected to decline by 5% in 2024, and by 20% in 2023. This is because lower U.S.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after Meg O'Neill's unexpected departure for the top position at?BP. This comes at a time when the Australian company is trying to deliver on key projects in a?braced?for a glut of supply. Analysts say that the oil and gas company will continue to pursue its global growth strategy. This requires continued investment in new assets as well as continuity in mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Meg O'Neill, BP's new CEO, will be the first woman ever to lead an oil company.
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based 'oil major'. She made an immediate impression when she took over at Australia's Woodside Energy and secured a deal which doubled the company's production portfolio. Woodside's acquisition of BHP petroleum assets, in a merger of then-$28billions, in '2021' boosted the Perth-based firm with an international presence during a period of industry consolidation. It made it a global top-10 energy independent company and a powerhouse of gas.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after BP's?chief executive Meg O'Neill's unexpected departure for the top position at BP. This comes as the Australian 'firm' is trying to deliver key projects on a market that's braced for an oversupply. Analysts say that the oil and gas "producer" is expected to continue with its global strategy of growth, which requires sustained investment in both new assets and continuity within mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already a hub of M&A and may see even more deals in the near future. The United States has become the largest oil producer in the world as a result of extensive drilling on shale deposits over the past 15 years. After a period of rapid expansion, oil producers are less interested in drilling prospects within the Permian oilfield, which extends across Texas and New Mexico. This is because the remaining area with high-production potential has shrunk.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s petroleum assets by 2021 in a merger of then-$28 billion?bulked-up the Perth-based firm with an international presence during a time of industry consolidation. It made it a top-10 global energy independent company and a powerhouse of gas. Woodside shares have, however, underperformed their larger rivals over the past five years.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of BHP petroleum assets by 2021 in a merger of then-$28 billion boosted the Perth-based firm with an international presence?during an industry consolidation period, making it one of the top-10 independent global energy producers and a gas giant.
Wall Street Journal, December 18,
These are the most popular stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Elliott Investment Management, an activist investor group, has built up a stake in Lululemon Athletica of more than $1 billion. It is now bringing a possible CEO candidate to the struggling athletic apparel retailer that it hopes to turn around. BP announced that Chief Executive Murray Auchincloss resigned after less than 2 years as the helm of the oil giant and appointed a outsider Meg O'Neill who is resigning her position leading Woodside Energy to be his successor.
Australian shares continue to fall on the back of the mining slump, Woodside falls on CEO's surprise departure
The Australian share market was set to record a fourth consecutive day of losses, led by the miners. Meanwhile, energy stocks fell as Woodside Energy dropped after it announced its departure. As of 2322 GMT, the S&P/ASX 200 was down 0.2% at 8,567.70. The benchmark closed Wednesday 0.2% lower. Woodside Energy's stock fell as much as 2,6%, its lowest level for nearly two months, after the Australian firm announced that Chief Executive Officer Meg O'Neill will be joining BP as executive director. The sub-index for energy fell as much as 1.5% and reached its lowest level since October 22.
BP appoints Woodside's Meg O'Neill to be CEO following Auchincloss' abrupt departure
BP, a major oil and gas company, announced that it has appointed Meg O'Neill as its 'CEO', effective April 1, after abruptly removing 'Murray' Auchincloss. O'Neill is the first CEO to be appointed by BP from outside of the company, and the first female to lead any of the top five oil companies in the world. Her unexpected appointment shows that the British oil giant is looking to improve its business, after years of lagging behind its competitors such as Exxon?Mobil?and Shell?. The company began a major shift in strategy earlier this year. It cut billions of dollars from planned renewable energy projects and shifted its focus to traditional oil & gas.
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
Britain added Egypt's Zohr Gas Field, where Russian oil major Rosneft has a 30% stake - and London-based BP a 10% one – to a list of projects that are exempted from its Russia sanctions. In October, Britain and the United States sanctioned Russia's two largest oil companies, Rosneft, and Lukoil for their involvement in funding Moscow's invasion in Ukraine. The amended?general license, issued on Wednesday, allows for payments and business activities?linked to Zohr up until October 2027. BP owns a stake in Zohr along with?majority shareholder Eni, Rosneft, and other partners. The license did not give a reason for the exclusion.
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
The UK added Egypt's Zohr Gas Field, where?Russian oil giant Rosneft has a 30% stake? and London-based BP has a 10%?holding?, to a list that exempts Russia sanctions. In October, Britain and the United States sanctioned Rosneft, one of Russia's largest oil producers, for their role in financing Moscow's invasion in Ukraine. The amended general licence, dated?on Wednesday?, allows now payments and business activities linked to Zohr?until?October 2027. BP, Rosneft, Eni and other partners hold a?stake? in Zohr alongside majority stakeholder Eni. The license did not give a reason for the exclusion.
Petrobras enters Brazil's solar energy sector with deal for Lightsource bp subsidiary Lightsource Bp 49.99%
The state-owned oil company of Brazil, Petrobras, has signed a deal with Lightsource bp to purchase 49.99%?of its subsidiaries in the country. The partnership will be structured in a 'joint venture' and aligned with the Brazilian company's 2026-2030 plan for diversifying its portfolio. The agreement did not disclose any financial details. Lightsource bp is a British 'oil company' that has a pipeline of between 1 - 1.5 gigawatts at advanced stages of development. It also has other projects in Brazil which are less mature. The companies said that the completion of the transaction was still "subject to regulatory clearances".
Action Energy will begin trading on the Boursa Kuwait Premier Market on Wednesday
The exchange announced that the shares of oilfield services provider Action Energy Company would begin trading on Boursa Kuwait Premier Market on Wednesday under a ticker symbol ALF?TAQA. Kuwaiti company AEC was founded in 2015. It provides services such as drilling, exploration, production, gas injection, and maintenance for oil and gas installations, wells, refineries, and petrochemical facilities. AEC increased its issued and paid up capital from 20 million dinars to 56,65 million dinars (about 184,80 million?millions) through a number of measures…
Shell mergers chief Greg Gut quit after CEO blocked BP bid, FT reports
The Financial Times reported on 'Tuesday that Shell's head of mergers Greg Gut had left the oil giant after CEO Wael Sawan and top executives rejected an internal proposal to??buy rival BP? this year. Gut and the M&A Team pushed for a BP deal early this year. Andrew Mackenzie, chair of the board, was said to have been interested. However, Sinead and Sawan, finance chief, felt that a large deal could derail the strategy. Shell denied media reports that it bid for BP in June. It said it was bound to UK rules and, as a result, such a statement prohibited it from bidding for BP during the next six-month period.
Baker Hughes reports that US drillers have cut back on oil and gas rigs a second time in the last three weeks.
Baker Hughes, a leading energy services company, said that U.S. firms cut back on the number of natural gas and oil rigs for a second consecutive week in its closely watched report published Friday. The oil and natural gas rig count fell to 548, the lowest level since November 26, a good indicator of future production. Baker Hughes reported that oil rigs increased by one this week to 414, the highest since November 21. Gas rigs dropped by two to 127. Oil and gas rig counts?declined about 5% by 2024, and 20% by 2023. This is because lower U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas, and Southeast New Mexico, will produce a record 6.76 million barrels of oil per day in December. This is only slightly more than November's production. The U.S.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin, which spans West Texas and southeastern New Mexico will produce an unprecedented 6.76 million barrels of oil per day in December. This is only a little higher than November's total. The U.S.
BP and Chevron top the list of bidders in Trump's first Gulf of Mexico Oil and Gas auction
BP, Chevron, and Shell were the top bidders at the first U.S. Government sale of oil and natural gas drilling rights for the Gulf of Mexico since 2023. The auction ended with a total of $279.4 millions in "high" bids. It was the first out of 30 required by President Donald Trump's tax cuts and spending bill that he signed in July. His administration's plans on offshore leasing represent a major departure from those of his predecessor President Joe Biden. Biden had planned a historically low number of oil and?gas?auctions in an effort to shift away from fossil fuels while addressing climate change.
Venture Global responds to Shell's fraudulent claims in LNG arbitration
Venture Global responded late Tuesday night to Shell's legal challenge over the oil major losing an arbitration case involving liquefied gas cargoes. They rejected Shell's allegations of fraud and accused Shell of violating arbitration confidentiality. The legal documents filed in New York Supreme Court are the latest in a long saga about Venture Global's alleged failure to deliver LNG in accordance with long-term contracts, while selling LNG on the spot market at a time when prices were soaring after Russia's invasion in Ukraine. Shell, BP and Edison are among the companies that have filed arbitration cases against Venture Global.
Venture Global responds to Shell's fraudulent claims in LNG arbitration
Venture Global responded late Tuesday night to Shell's legal challenge over its loss in an arbitration case involving liquefied gas cargoes. The company rejected allegations of fraud, and accused Shell of breaching arbitration confidentiality. The legal documents filed in New York Supreme Court are the latest in a long-running saga about Venture Global's inability to deliver LNG in accordance with long-term contracts, while selling LNG on the spot market when prices rose after Russia's invasion in Ukraine. Shell, BP, Edison and other companies filed arbitration claims in 2023 against Venture Global. Shell lost in August while BP won in October.
Shell In Advanced Discussions to Buy LLOG Exploration for Over $3B
Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf. Sources said that the parties were in advanced talks, and that an agreement was close. One source added that the deal could be signed by the end the year.Sources?advised that there is no guarantee that a deal would be reached between Shell and Covington…
Australia's Waitsia Project begins sending gas to LNG export
Beach Energy, an Australian company, announced on Monday that the Waitsia onshore project located north of Perth has begun sending natural gas to Woodside Energy's liquidified natural gas export facility. Mitsui, a Japanese company, operates the Waitsia Project and shares it with Beach. Mitsui and Beach have signed a contract with the North West Shelf partners Woodside, BP Shell and Japan LNG for the supply of the facility in 2020. Japan LNG, a partnership between Mitsui & Mitsubishi, holds a sixth of the facility. Murray Watt, Australia's Environment Minister, signed a contract to extend the life of the LNG export facility until 2070 a few months ago.
Baker Hughes reports that US drillers have added rigs to their fleet for the fourth time in just five weeks.
Baker Hughes, a leading energy services company, said that U.S. companies added drilling rigs this week for the fourth time within five weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending December 5. This is its highest level since late November. Baker Hughes reported that oil rigs increased by six this week to 413, the highest level since late November. Gas rigs, on the other hand, fell by one, to 129, which is their lowest level since late November. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Petrobras, Brazil's state-owned oil company, says that it could begin Sudoeste de Tartaruga Verde in just two years.
Sylvia Anjos said that Brazil's Petrobras may begin producing oil at the Sudoeste de Tartaruga verde block within two years. In November, the firm discovered the block in Brazil's Campos Basin. Anjos described the discovery as "marvelous" on the sidelines an event in Rio de Janeiro. Anjos explained that the tight timeline for production would be possible due to Petrobras's plan not to commission a floating vessel to develop the well but instead to connect it with an offshore unit nearby through a subsea cable. Petrobras has reduced its investments in the business plan for 2026-2030, partly due to lower Brent oil prices.
Florida lawmakers ask Trump to reject drilling on the western coast of Florida
Florida's entire U.S. Congress delegation urged President Donald Trump on Thursday to exclude their state from a plan of his administration to expand drilling for oil and gas to new coastal areas. They said it would threaten Florida's tourism and military industries. The letter from Florida Senators Rick Scott, Ashley Moody, and the 28 House members of Florida was a rare example of bipartisan opposition to the Republican President's policies. The majority of Florida's congressional members are Republicans. The letter stated that more than 50,000 jobs are linked to military facilities in the Florida Panhandle.
Miners benefit from financials that drag down the UK's FTSE100
The UK's FTSE 100 dipped on Wednesday, as financials shares declined. This was offset by gains in energy and mining stocks ahead of next week's U.S. Federal Reserve interest rate decision. The blue-chip FTSE 100 as well as the midcap FTSE 250 both fell 0.2% at 11:05 GMT. This is on course to be the third consecutive session of declines. After a session of gains, heavyweight bank shares fell by almost 1%. The British financial regulator announced that it would lift the suspension on motor finance complaints by May 31, 2026. This is two months earlier than originally proposed.
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. The Organization of the Petroleum Exporting Countries (OPEC+) and other major oil producing nations including Russia and Kazakhstan approved on Sunday a mechanism for assessing members' maximum output capacity. This will be used from 2027 to establish baselines. It may appear to be a very technical issue. It could…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among its members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. OPEC+ (Organization of the Petroleum Exporting Countries) and other major oil producing nations including Russia and Kazakhstan approved a new method to determine the maximum production capacity of members. This will be used from 2027 to establish baselines for output. It may appear to be a very technical issue.
EIA data show that US oil production reached a record high in September.
The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply.Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last.According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd.The oil output of New Mexico, which is the second largest state in terms of production, reached a record-breaking 2.351 millions bpd.
UK court rejects challenge to the issuing of oil exploration licenses
The High Court of London ruled that Britain's decision on Friday to grant more than 20 oil and gas exploration licenses was legal. This ruling dismissed a challenge from campaigners who claimed the government had failed to take into account the effects on climate change. Oceana UK, a marine conservation organization in the UK, brought a case against 28 licences issued by the previous British government on May 20, 2024. It also claimed that the licenses did not assess the risks to marine life. The British energy department, which had not defended similar cases following a Supreme Court ruling in 2024, opposed the case.
The UK's FTSE 100 is set to drop for the first time in five months despite recent gains
London's FTSE 100 edged higher on Friday as energy stocks led the way. Oil prices were also rising. However, despite a budget boost earlier in the week, it was likely to end a winning streak of four months. The FTSE 100, which is a global index, was up by 0.1% at 1125 GMT. Meanwhile, the FTSE 250, a midcap index, was flat and on track for a slight monthly decline. Oil & Gas gained 0.7% on the back of a rise in oil prices due to uncertainty surrounding peace talks between Russia and Ukraine. Investors are awaiting the outcome of a OPEC+ conference on Sunday.
Venture Global accuses Shell in FT report of a campaign to harm the LNG business
According to a Financial Times staff note published on Wednesday, Venture Global, a U.S. LNG manufacturer, accused Shell of waging "a three-year campaign" against its business. This was after Shell appealed a loss in arbitration. The report could not be verified immediately. Venture Global and Shell didn't immediately respond to our request for comment. The email, seen by the FT, from co-founders Michael Sabel & Robert Pender criticized Shell for its "misguided" decision to challenge the ruling & said Venture Global will continue to defend themselves.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military presence in Caribbean and has stated that it is willing to talk to Maduro. His government has been struggling to attract foreign investment to the oilfields of Venezuela due to U.S. sanction. According to sources, the U.S. designated Venezuela's Cartel de los Soles as a terrorist organization on Monday, increasing pressure against Maduro in preparation for further operations to be launched in the near future.
US federal funds for energy production will decline by 11% by 2025
Interior Department reported on Friday that revenue from energy production in U.S. public waters and lands fell by 11% to $14.61 Billion during the last fiscal year, citing lower commodity prices like oil. The total is the lowest since 2021 - the first year under the administration of U.S. president Joe Biden - but the fifth highest since 1982. As part of his agenda to dominate the energy sector, President Donald Trump pledged to increase energy production on federal land and waters while keeping prices low for consumers. Interior Department reported that the U.S. spent $14.61 billion on energy production in federal, tribal and offshore areas.
Florida Republicans Oppose Trump's Offshore Oil Leasing Plan
Florida Republicans, led by Governor Ron DeSantis have said that they are opposed to a plan of the Trump administration which could allow for new oil and natural gas drilling off Florida's Gulf Coast.The reactions were in response to a proposal by the Interior Department published on Thursday, which contemplated future oil leasing in an eastern portion of Gulf of Mexico that is heavily used for military training and testing.Congress ruled out energy development in the region nearly 20 years ago. President Donald Trump, who is a Republican and was elected during his first term…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since September. In the week ending November 21, the oil and gas rig counts, a good indicator of future production, increased by five, to 554 - its highest level since June. Baker Hughes reported that oil rigs increased by two this week to 419, the highest level since October. Gas rigs also rose by two, to 127. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Venezuela extends oil joint ventures with Russia for 15 years
According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia. The two oilfields are located in Venezuela's western region. Before approving the extension, lawmakers said that the partnerships could continue to operate the Boqueron oilfield and Perija through 2041. The goal is to produce 91 million barrels of crude or 16,600 barrels a day. Total investment is estimated to be around $616 million.
London's FTSE 100 recovers after a four-day decline; inflation data increases rate-cut bets
The FTSE 100 in London was little changed Wednesday after four sessions of falling prices. Gains in consumer staples and healthcare kept the market afloat while a slower inflation rate raised hopes for a rate cut in December. As of 12:40 GMT the blue-chip index had fallen 0.07%, while the midcap FTSE 250 was up 0.07%. The UK's inflation rate slowed for the first month since May. This is good news for the government ahead of the annual budget next week and increases the chances of a Bank of England rate cut. The markets are pricing about 86% of the odds that a quarter point reduction will occur in December.