Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the first time in twelve weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since 12 weeks. The number of oil and gas rigs, a good indicator of future production, increased by seven in the week ending July 18, its largest weekly increase since December.
Chevron wins arbitration against Exxon over Hess deal, according to analysts.
Chevron completed its $55 billion purchase of Hess last Friday, after winning a landmark court battle against Exxon Mobil. This was to gain access the largest oil discovery of the past decade - the Stabroek Block offshore of Guyana. It contains more than 11 billion gallons of oil. This project…
Crypto stocks surge as ether reaches six-month high
The crypto-focused stocks rose Friday after ether reached a six-month-high following the passage of a bill to create stablecoins by the U.S. House of Representatives. The bill is expected to be signed by President Donald Trump and marks a turning point for the digital asset sector, which has pushed legislators to create rules regarding digital assets.
BP will sell its US onshore wind business for an undisclosed amount to LS Power
BP announced on Friday that it had agreed to divest its U.S. Onshore Wind business to U.S. based power grid operator LS Power as part of its ongoing strategy to divest. The energy giant did not disclose the deal's value. Investors have criticized BP for its poor performance in recent months.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results.
Wall Street Futures dwindle after record session
The U.S. index futures took a break on Friday after the S&P 500, Nasdaq, and other stock markets closed at record highs the previous day on the back of positive economic and earnings data. Netflix's outstanding profit also failed to spark enthusiasm. At 6:57 am. S&P E-minis rose 2 points or 0.03% at 6:57 a.m. ET. 69,586 contracts were traded.
Chevron will proceed with Hess acquisition after winning Exxon Guyana's legal battle
Chevron is moving forward with its acquisition of Hess for $53 billion after winning a landmark court battle against Exxon Mobil, allowing it to access the biggest oil discovery in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win, since Hess’ most attractive asset is the stake in the Stabroek Block…
Ether-linked stock prices jump after crypto coin reaches 6-month high
Cryptocurrency-related stocks rose in premarket trading on Friday, with shares linked to ether leading the charge after the No. The No. 2 crypto reached a six-month peak. BitMine Immersion Technologies shares, which hold about $1 billion in ether, rose 14%. Bit Digital, BTCS and other ether holding companies added 4% each and 12.5% respectively.
CNBC reports that Chevron won the mediation against Exxon over its Guyana oil assets.
CNBC reported Friday that Hess had won a landmark court battle with Exxon Mobil, its larger rival, to gain access the largest oil find in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win. Hess’ most attractive asset is the stake in the Stabroek Block offshore of Guyana which holds over 11 billion barrels.
FTC reverses its order banning John Hess Chevron board member
The U.S. Federal Trade Commission reversed on Thursday an earlier order that barred Hess Corp. CEO John Hess as a condition to the oil giant acquiring his company for $53 billion. ExxonMobil is locked in a dispute with Hess over a large oilfield in Guyana. The outcome of the arbitration will…
Brazil's lawmakers revoke environmental permits ahead of the COP30 summit
The Brazilian Congress passed legislation Thursday that loosens environmental licensing. This could be a blow to President Luiz inacio da Silva, who is trying to improve his country's image as a green nation before it hosts the United Nations' global climate summit COP30 this year. The bill was passed by a large majority of Congress…
Drone attack on Tawke oilfield, Iraqi Kurdistan
The Kurdistan Region's Counter-Terrorism Service said that a drone attacked an oilfield operated in northern Iraq by Norwegian oil and Gas firm DNO, Tawke in the Zakho Administration Area, on Thursday. This is the second drone attack on a DNO-operated area since the wave began earlier this week.
Maurel & Prom revenue drops in first half due to falling oil prices
Maurel & Prom, a French oil company, reported a 30 percent drop in revenue for the first half of its fiscal year on Thursday. The fall in oil prices was to blame. The average price of oil products fell 16% on an annual basis to $70.90 per barrel. Crude oil prices dropped in the second quarter…
Santos adjusts its 2025 production forecast in response to the Cooper Basin Floods
Santos, Australia's largest oil and gas company, tightened its production forecast for the full year on Thursday in order to take into account flood-related disruptions. It also reported a decline of more than 2% in its second-quarter revenue. In 2025, the country's second largest gas producer…
Energy, mining shares drag TSX lower
Canada's benchmark stock index dipped on Wednesday as investors assessed updates related to tariffs and important U.S. inflation statistics. The S&P/TSX Composite index fell 0.1% to 27,027.81. As part of a new agreement, U.S. president Donald Trump announced that a 19% duty would be placed on Indonesian products.
The net profit of Swedish bank SEB in Q2 is lower than expected
Swedish bank SEB reported a smaller-than-expected fall in second-quarter net profit on Wednesday as the effects of lower interest rates were partially offset by continued growth in lending and deposit volumes. Analysts polled by LSEG predicted a net profit of 8.25 billion crowns (US$849.5 million), down from 9.42 billion crowns a year ago.
Venture Global proposes larger expansion at Plaquemines LNG facility, filing shows
Venture Global plans to expand the Plaquemines LNG Export Facility by 24,8 million metric tonnes per annum (mtpa), which is almost 6 mtpa higher than what it proposed four months ago. Venture Global, which is currently building the second largest LNG plant in the United States, has announced on March 6 plans to expand it by an initial 18,6 mtpa.
Protest leader: Miners remove blockades from key copper route in Peru
Luis Huaman said on Tuesday that the protests of Peruvian miners who were allowed to operate temporarily with permits had ceased. The protests, which blocked a major copper transport route for over two weeks, were halted by those permitted to operate. He said that they would suspend their…
FTC: Ex-Pioneer Chief Executive Officer cannot appeal order barring from Exxon Board.
The Federal Trade Commission announced on Tuesday that Scott Sheffield, founder and former CEO, of Pioneer Natural Resources could not directly challenge an order from the Biden era barring him to ExxonMobil’s board following its acquisition of Pioneer. However, it added that the FTC would review the order anyway.
Sources say that Venture Global has begun producing LNG at the Plaquemines Phase 2 plant.
According to LSEG ship tracking and federal filings, two people who are familiar with Venture Global's operations and have been following its operations for some time as well as two people familiarized with its operations, Venture Global began producing liquefied gas at Phase 2 of the Plaquemines Export Facility in Louisiana.
The Swiss zero-rate squeeze on banks could lead to a bumpy ride for the borrowers
Analysts say that banks in Switzerland may look for ways to increase the cost of banking services or credit as they are affected by the introduction of zero interest rates. After the Swiss National Bank cut its benchmark interest rate to zero in June, the country's borrowing cost was at the lowest among major economies.
Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs…
Freeport-McMoRan is poised to benefit from Trump's tariff on copper against competitors with few options
Freeport-McMoRan's annual profit could increase by $1.6 billion if President Donald Trump’s proposed copper tariff is implemented. This benefit would be driven by Freeport-McMoRan's position as the United States' largest producer, with greater expansion options than its competitors. Freeport, based in Phoenix, is responsible for 60% of the U.S.
Shell receives permission to drill on the west coast of South Africa
Shell announced on Friday that it has received environmental approval to drill five deepwater wells near the west coast of South Africa. Oil majors applied for authorization last year, and plan to drill appraisal or exploration wells at depths between 2,500 metres (8.200 ft), and 3,200 metres (10.500 ft)…
BP reports gas and oil price hits; increased upstream production in the second quarter
BP said that its second-quarter results will be affected by lower gas and oil prices, but the upstream production is expected to be higher than originally forecast. The company announced this in a trading report on Friday, ahead of the results scheduled for August 5. Crude oil fell in the…
Britain's FTSE 100 closes record, boosted by miners
Investors ignored the latest U.S. threats of tariffs and focused on negotiations, resulting in a record-breaking FTSE 100 closing on Thursday. The commodity-heavy FTSE 100 climbed 1.2% to 8,975.66, exceeding its previous intraday high hit in March. Susannah Streeter is the head of money markets and Hargreaves Lansdown.
Gold Reserve, a bidder for Citgo, is happy with the refinery's management
Gold Reserve executives said that they were pleased with Citgo Petroleum management's performance on Thursday. This could be a sign of top executives staying at the Venezuelan-owned U.S. refining company if the bid of a Gold Reserve division for its parent was approved by an American federal judge.
SEFE signs 3-year contract with ADNOC for LNG supply
SEFE, a German company, has signed a deal with ADNOC of the United Arab Emirates for liquefied gas. Deliveries are expected to start in 2025. After the Russian invasion of Ukraine, SEFE (Securing Energy for Europe), a state-owned company, seeks long-term supply agreements after losing most its Russian pipeline gas supplies in 2022.
Russell: Trump's tariffs on copper won't boost US production, but will increase costs
The proposed 50% tariff on imported copper may be the most embarrassing own goal in the ongoing trade war between the United States and the rest of world. Trump announced Wednesday that the tariff would take effect on August 1. Trump's statement was quite definitive, but there are still many questions.
Russell: Trump's tariffs on copper won't boost US production, but will increase costs
The proposed 50% tariff on imported copper may be the most embarrassing own goal in the ongoing trade war between the United States and the rest of world. Trump announced Wednesday that the tariff would take effect on August 1. Trump's statement was quite definitive, but there are still many questions.
Venture Global will supply additional LNG from CP2 to German firm
Venture Global and SEFE Energy GmbH announced on Wednesday that they would supply 0.75 million additional tonnes of liquefied gas per year to the German distributor. Venture Global announced that the LNG will be supplied by the Calcasieu Pass 2 project (CP2) for 20 years. This brings the total volume purchased of LNG by SEFE…
BP sells 300 Dutch fuel stations to Catom
BP announced on Wednesday that it had agreed to sell 300 Dutch petrol stations in order to meet its goal of selling $20 billion of assets by the year 2027. The deal value was not disclosed. BP announced its divestment goal in February during a strategic update. It also promised to reduce debt…
Copper futures rise after Trump announces a 50% tariff on imported copper
The President Donald Trump announced that he would announce a 50% copper tariff on Tuesday in order to increase U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. U.S. Comex Copper Futures jumped over 12%, reaching a new record high, after Trump announced his planned tariffs.
Hess will leave Suriname oil block after partners quit over drilling risks
Hess Corp, a U.S. oil company, has decided to withdraw its offshore Block 59 in Suriname, said the South American nation’s state oil firm Staatsolie on Tuesday. Hess didn't immediately respond to our request for comment. ExxonMobil, Equinor and others had left the block a year ago, citing the high risk of drilling an exploratory well.
Trump announces a 50% tariff on imported copper
The President Donald Trump announced on Tuesday that he would announce a 50% duty on copper in the afternoon, with the aim of increasing U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. Trump's decision imposed copper tariffs shocked the markets.
Greece's DEPA signs out-of-court agreement with Gazprom on gas prices
DEPA Commercial, the Greek gas supplier, announced on Tuesday that it had reached an agreement outside of court in its dispute with Gazprom regarding gas prices. DEPA signed with Gazprom a contract in January 2022 for 2 billion cubic meters of gas annually through 2026. The price was 80% index to the Dutch TTF benchmark price…
SEC filing reveals that Venture Global is making money on LNG exports from Plaquemines plant
Venture Global has exported more LNG cargoes out of its Plaquemines facility in Louisiana, and it earned twice as much in fees as its other U.S. location. According to the SEC filing, the LNG company exported 51 cargoes of LNG from Plaquemines for a liquefaction charge of $7.09 million British thermal units per quarter (mmBtu).
Chevron prepares for a quick closure of the Hess deal while awaiting the outcome of Exxon's dispute
According to two industry analysts and sources, Chevron has begun preparing for the acquisition of Hess. This includes a severance package for certain Hess employees. Both companies are preparing for a possible legal challenge by Exxon Mobil, which could make or break a $53 billion deal.
Ecopetrol, a Colombian company, buys a wind energy project from Enel at $50 million
Ecopetrol, the state-owned oil company of Colombia, announced on Monday that it had purchased from Enel a wind energy project in La Guajira province (northern Colombia) for $50 million. Ecopetrol Group said that the Windpeshi project, which has a capacity to produce 205 megawatts of energy for self-consumption, will be included in its portfolio.
Even as money flows in, tariffs and geopolitics are dragging down European IPOs
Advisors say that the Middle East and tariffs are scaring investors and European companies, even though volatility has subsided and money is flowing back into equity markets. The global economy was shook by President Donald Trump's April announcement of tariffs on imports from almost all U.S. partners and his subsequent U turn pause.
Simons is elected as the first female president of Suriname by the Suriname Parliament
Suriname's Parliament backed Jennifer Simons, the country's first female president, on Sunday. This comes six weeks after both the former ruling party's and the top opposition's legislative seats were nearly equalled. The National Democratic Party, led by Simons, won 18 seats. Chan Santokhi’s Progressive Reform Party…
Even as money flows in, tariffs and geopolitics are dragging down European IPOs
Advisors say that the Middle East and tariffs are scaring investors and European companies who are considering their initial public offering, even though volatility has subsided and money is flowing back into equity markets. The global economy was shocked by President Donald Trump’s April announcement of tariffs on imports from almost all U.S.
Sources say that arbitrators have made a decision in the Exxon-Hess dispute regarding Chevron's deal.
According to two sources with knowledge of the dispute, arbitrators have made a decision regarding a major oilfield in Guyana. Chevron's acquisition of Hess for $53 billion will be determined by the ruling. The Paris International Chamber of Commerce overseeing the arbitration is reviewing the decision now before it is made available to the parties.
Andy Home: Metal smelting will be the next major mineral crisis for the West.
The impact of China’s export controls on rare earths has already caused global supply chains to reel, but a more critical mineral threat is imminent. Western metal smelters face a crisis. China's rapid expansion in processing capacity is reducing margins for all metals. Recently, copper smelters…
Baker Hughes reports that US drillers have cut oil and natural gas rigs in the US for the 10th consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas wells for a tenth consecutive week for the first since July 2020. The number of oil and gas drilling rigs, a good indicator of future production, dropped by eight in the week ending July 3 to 539…
Venture Global signs 20-year LNG contract with Petronas
Venture Global Inc, a U.S. LNG exporter, announced Thursday that Petronas had agreed to purchase 1 million metric tonnes of LNG from the CP2 Project. This is its first new CP2 client in two years. Venture Global, a startup just three years ago has grown to be the second largest LNG producer…
Exxon returns Stabroek land to Guyana: Government
The Ministry of Natural Resources announced on Wednesday that an Exxon Mobil led oil consortium had returned 2,534 sq km of the Stabroek Block to the Guyana government. This relinquishment was part of an obligation for Exxon in order to begin the final exploration phase of the Stabroek Block.
Andy Home: Metal smelting will be the next major mineral crisis for the West.
The impact of China’s export controls on rare earths has already caused global supply chains to reel, but a greater threat from critical minerals is imminent. Western metal smelters face a crisis. China's rapid expansion in processing capacity is reducing margins for all metals. Recently…
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies…
Maurel et Prom, a French company, has acquired a stake in Colombia's Sinu-9 Gas Field
Maurel et Prom, a French oil and natural gas company, has agreed to increase its ownership stake of Colombia's Sinu-9 field by 21%, for a total cost of $79 million. This is part of its ongoing expansion in Colombia. Maurel et Prom now owns 61% of the total gas block. The remainder is owned by Canada's NG Energy International.
State news agency reports that Saudi Arabia and Indonesia have signed several deals valued at around $27 billion.
Saudi Arabia and Indonesia have signed deals and memorandums worth $27 billion in the private sector, including in clean energy and petrochemicals. This was reported by Saudi state news agency SPA on Wednesday. On Wednesday, Indonesian President Prabowo Subito met with Saudi Crown Prince Mohammed bin Salman.
Protesters block the copper route in Peru used by large mines
Leaders of the protest and a source in the industry said that a protest by informal miner's in Peru has blocked parts of an important copper corridor used by MMG, Glencore, and Hudbay. Luis Huaman said that the demonstrators who blocked the road in the Chumbivilcas Province of Cusco are pressing…
Dallas Fed survey: Oil and gas activity decreased in Q2 due to higher US steel tariffs
The Dallas Fed survey released on Wednesday showed that activity in the U.S. Oil and Gas sector in Texas and Louisiana, and New Mexico, decreased slightly in the second half of 2025. This was due to the increase in steel tariffs. The drop in activity comes after U.S. president Donald Trump, who encouraged U.S.
UK stock prices fall amid concerns about state finances following costly U-turns
British stocks dropped on Wednesday as part of a larger selloff of UK assets amid growing concerns about public finances. This was after Finance Minister Rachel Reeves, who appeared in tears before parliament, made a series costly U-turns regarding welfare reforms. The blue-chip FTSE 100 lost 0.1%…
Engie buys DNO's Norwegian gas production for four years
The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector.
Max Financial, India reports cyber-threat at unit
India's Max Financial Services announced on Wednesday that Axis Max Life Insurance received information about an unauthorized access of some customer data. The communication came from an anonymous sender. Max Financial announced that the company had begun a data log and security assessment.
Germany supports cross-border gas deal with Netherlands
The German cabinet backed a deal on Wednesday with the Netherlands that would support the extraction of gas from a reservoir located in the North Sea. Berlin is looking to increase its domestic gas production. After the Ukraine conflict and Germany's decision not to import Russian gas, the government is now focusing on alternative solutions…
Engie buys DNO's Norwegian gas production for four years
DNO sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie, for an undisclosed amount. It said that a U.S. loan facilitated the deal, as U.S. banks increase funding for the fossil fuel sector. The company also stated that it…
RPT-Pakistan is looking to sell surplus LNG in the face of a glut in supply that has slowed down local gas production - Document
According to a presentation by a government official who is familiar with the issue, Pakistan is looking for ways to sell surplus liquefied gas (LNG). This could result in losses of $378 million per year to domestic producers. A second official confirmed that the country imports LNG from Qatar, but has a surplus of at least three cargoes.
Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
After at least three consortia revised their bids in June and a U.S. Court completed the second round of bidding in an auction of shares of Citgo Petroleum, owned by Venezuela, creditors are hopeful that they will receive payment for some outstanding Venezuelan debt. The auction of the seventh largest U.S.
Document: Pakistan wants to sell its excess LNG due to a glut of supply that is reducing local gas production.
According to a government official and a presentation, Pakistan is looking for ways to sell surplus liquefied gas (LNG). This could result in losses of $378 million per year to domestic producers. A second official confirmed that the country imports LNG from Qatar, but has three cargoes left over.
Algerian court upholds five-year jail term for French-Algerian writer
Ennahar TV reported that an Algerian court confirmed on Tuesday the five-year sentence Boualem Sansal is serving for undermining nation unity. France has called for clemency. Sansal was 80 years old and lived in France. He was arrested in Algeria while on a visit in November. In March, he…
Indonesia is looking for new technologies to improve oil drilling
Officials said that Indonesia issued a new regulation on Tuesday to encourage investment by oil drilling technology providers to increase production at existing wells. Yuliot Tajung, the deputy energy minister, told reporters that this policy aims to reactivate idle wells as part of an effort…
Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion
Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe. Equinor's partner Aker BP and Equinor said separately that the project will increase…
Guyana invites companies to apply for NGL facilities
According to an announcement published on Sunday by the South American Government, Guyana is seeking a company that will build a facility to produce natural gas liquids as part of its efforts to monetize offshore gas reserves. Storage and offloading facilities would receive liquids at a rate of 4…
Investors assess US-Canada Trade Talks and TSX increases
Investors assessed the revival in trade talks between Washington & Ottawa. The S&P/TSX Composite index rose 0.2% to 26733.42 point, logging its fourth consecutive quarter of positive growth. Donald Trump called off Friday's trade talks over Canada’s digital services tax that targets U.S. tech firms. He described it as a "blatant" attack.
CMOC IXM declares Force Majeure on Cobalt Deliveries from Congo
IXM, a commodity trader owned by China's CMOC Group has declared force majeure for deliveries of cobalt from the Democratic Republic of Congo, after the country extended the ban on exports of battery material. In February, the Congo suspended all cobalt exports for four months to reduce oversupply…
Lindsey Oil Refinery, UK insolvency proceedings
The government's insolvency services announced on Monday that Britain's Lindsey refinery had begun insolvency procedures, raising the possibility of it closing weeks after Grangemouth stopped processing oil. According to the U.S. Energy Information Administration (EIA), Lindsey, one of Britain's six remaining oil refineries…
In administration is the parent company of Prax, which owns UK's Lindsey refinery.
Teneo Management Consulting said that State Oil Limited (parent company of Lindsey Oil Refinery) has been placed under administration and insolvency proceedings by the British High Court. State Oil is owned by Prax Group, which also owns the Lindsey Refinery. Teneo announced on Monday that it has been appointed administrator of State Oil.
Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27.
US energy company EQT settles lawsuit for $167.5 Million
According to a filing made by plaintiffs in federal court on Thursday, U.S. Energy Company EQT has agreed to pay $167.5 Million to settle a lawsuit brought by investors who alleged that EQT had overstated its benefits from its $6.7 Billion merger with Rice Energy. Officials from EQT did not respond to a request for comment immediately.
Baker Hughes reports that US oil/gas rig counts have fallen for the 4th consecutive month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27.
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand.
Sierra Leone is West Africa's new oil and gas frontier
A senior government official announced on Thursday that Sierra Leone would wait to see the results of its recently launched offshore 3D seismic study, its first for over a decade. This will allow it to open its next round of oil and gas licenses later this year. GeoPartners, in partnership with the petroleum directorate of the government…
Shell announces it will not be buying BP and UK rules prohibit bids for six months
Shell denied that it had bid for BP or was actively considering it in a categorical statement on Thursday. It added that it was bound to UK rules, which means such a declaration would prevent it from bidding for BP within the next six-month period. The Wall Street Journal cited on Wednesday sources claiming that Shell was in negotiations to acquire BP.
Shell announces it will not be buying BP and UK rules prohibit bids for six months
Shell said that it has not made a bid to buy BP, and it is not considering it. It added that it was bound by UK regulation, which means such a statement would prevent it from making a BP bid in the next six-months. The Wall Street Journal cited on Wednesday sources claiming that Shell is in talks to buy BP.
US to sell Gulf of Mexico oil and Gas Leases in December
According to the U.S. Bureau of Ocean Energy Management, the Trump administration proposes to sell oil and gas drilling on 80 million acres of the Gulf of Mexico by December 10. Donald Trump has changed the name of the Gulf of Mexico to the Gulf of America. This sale is the first in a five-year drilling program…
Shell is in early discussions to purchase rival BP. WSJ reports
The Wall Street Journal reported Wednesday that Shell has begun early discussions to purchase rival BP. This was based on the testimony of people who are familiar with the situation. Shell's American shares depository were down 3.3% as of 1604 GMT. BP's American shares depository were up 6.5%.
Egypt's EGAS awards six blocks to international companies in the Mediterranean, Nile delta and N. Sinai
According to a statement released by the petroleum ministry on Wednesday, Egypt's EGAS awarded four blocks to international companies in the Mediterranean Sea, one in Nile Delta, and one in North Sinai. During the exploration period, companies will invest $245 million in order to drill at minimum 13 new exploratory holes.
Israel's Leviathan Gas Field to Restart Operations After Shutdown During Iran Conflict
Israel's NewMed announced on Wednesday that the Leviathan gas field, which supplies gas to Egypt, Jordan and the Middle East, was shut down almost two weeks ago because of the Iran-Israel war, but would be reopened in a few hours. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean…
