Ambani's Reliance missed profit forecast due to higher expenses and oil and gas drag
Mukesh Ambani, the Indian billionaire who owns Reliance Industries, missed its quarterly profit estimates on Friday due to higher expenses and a weak performance in its oil and natural gas segment. The unit's performance has been affected by lower output and softer prices realized from its KG D6 fields in Andhra Pradesh.
Brava, a Brazilian company, buys Petronas stakes in offshore fields worth $450 million
The Brazilian oil company Brava 'Energia announced Friday that it had acquired the Petronas stakes in Malaysia. In two offshore fields, the company has invested $450 million. This is part of a new strategy outlined by its incoming CEO. Brava has purchased Petronas 50% stakes at the Tartaruga Verde and Module III fields in Brazil's Campos Basin.
Chevron has approved the expansion of Israel’s Leviathan Gas Field
Chevron has made a final decision to invest in expanding production at Israel's Leviathan gas field. The oil major announced on Friday that it has made a final investment decision to expand production?at Israel's Leviathan natural gas field,?the?U.S. Leviathan is one of the largest gas fields…
China may require asset sales in the Rio Tinto-Glencore merge to win them over
The proposed tie-up of Rio?Tinto with Glencore may require asset sales in order to gain regulatory approval from China, the world's largest commodity buyer. China has long-standing concerns over resource security and market consolidation. Last week, the 'two mining giants' revealed that they are in early merger talks for the second year in a row.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
Three people with knowledge of the matter have confirmed that Devon Energy and Coterra Energy are looking at a possible merger. This could result in one of the biggest independent shale producers in the United States. The combination would be among the biggest between U.S. producers of energy in recent years. This comes at a time when U.S.
Venezuela's Rodriguez proposes oil reform to facilitate investment
Delcy Rodriguez, Venezuela's interim president, said Thursday she would submit a proposal for reforming?the country’s hydrocarbon laws. Investors in the U.S. are pushing to?get easier access to Venezuela’s?oil sector. Rodriguez said that funds generated from the oil industry would be used to pay for workers and public services.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of merging, which could result in one of the biggest independent shale producers in the United States. The U.S. oil market is still under pressure from the?near term global oil glut, and Venezuela's increased supply in the coming years.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of a merger, which would create one the largest independent U.S. Shale producers. Sources said that the two companies are in early stage talks for a merger. They cautioned, however, that a transaction was not guaranteed.
Exxon signs contract for deepwater seismic off Trinidad and Tobago
Shearwater Geoservices announced on Thursday that Exxon Mobil had awarded them a contract for the acquisition of 3D seismic data over their large deepwater block off Trinidad and Tobago. Exxon’s deepwater offshore Trinidad block is located northwards of the Stabroek Block in Guyana. This block has the fastest growing oil production in the world.
Rio Tinto will supply copper to Amazon to build AI data centers
Rio Tinto announced on Thursday that it will supply copper it leaches from a mine in Arizona to Amazon.com, for use in its artificial intelligence data centers. The move highlights the rampant demand by?the?AI industry to access supplies of copper and critical minerals used in building wiring, cables and circuit boards, and other electronic components.
Sources say that Repsol, Maurel & Prom are applying to the US for licenses to export Venezuelan crude oil.
Five industry sources have confirmed that several?European oil companies, including Spain's Repsol, France's Maurel & Prom and France's Repsol, have applied to the United States for licenses or authorizations in order to export Venezuelan oil. Two sources confirmed that the terms requested are similar to the ones Washington granted in the past…
After merger probe, UK watchdog orders Aramark divest Entier
The British Competition Watchdog ordered Aramark, a U.S. food services provider, to sell the offshore catering company Entier on Thursday. It ruled that this acquisition would harm competition in North Sea oil and natural gas platforms. After a?in-depth examination, the Competition and Markets…
Ivanhoe achieves 2025 copper and zinc production targets as Kamoa Kakula smelter ramps-up
Ivanhoe Mines said it had met its output targets for 2025 at the 'Kamoa Kakula Copper Complex and Kipushi Zinc Mine in Congo. It also issued a guidance that pointed to a steady recovery following a year-long disruption and an important smelter ramp up. Kamoa-Kakula, widely considered as one of the most important new copper sources in the world…
MOL, the Hungarian company, could soon sign a first deal to purchase a stake in Serbian NIS
Peter Szijjarto, the Hungarian foreign minister, said that the Hungarian oil company MOL will sign the first important deal in its negotiations to purchase a majority stake of the Serbian oil company NIS owned by Russia in the next few days. After meeting with the Serbian energy minister in Belgrade…
EnBW cancels two UK offshore wind farms, incurring $1.4 billion in impairment
EnBW, the German utility, announced on Thursday that it would take a 1.2 billion euro ($1.4 billion) impairment charge for scrapping two British wind projects. This was a direct result of losing a UK offshore tender. In this week's record-breaking auction, the?two offshore projects -- Mona…
India's largest tax disputes involve foreign companies
In India, foreign companies have complained of tax uncertainty and long-running litigation over alleged duty evasion or levies payable in large M&A transactions. These are the most high-profile tax cases that have been reported in India. India's highest court will convene on January 15, 2019.
Australian Rio Tinto Investor raises concerns about merits of possible Glencore deal
The Australian investor who is Australia's largest and oldest has joined the chorus of local concerns over Rio Tinto's possible acquisition of Glencore. He questioned the merits of the proposed tie-up?and its timing. "A lot M&A at top of market has not created value over the long-term." We're curious to know why people think that this time will be different…
Indonesian forces save 18 Freeport workers in Papua from rebels
Officials said that the Indonesian military rescued on Thursday 18 workers from Freeport Indonesia, a gold and copper mining company. The workers had been surrounded for three days by armed rebels at a Freeport Indonesia outpost located in Papua's insurgency-plagued region. Free Papua Movement…
Sources say that Chevron is expected to receive an expanded Venezuela license this week from the US.
Three oil industry sources said on Wednesday that Chevron would receive an expanded Venezuela license this week from the U.S. Government. This could allow increased production and exports from South America. Sources said that the U.S. oil company is expected to be among several firms who…
US permits talks about Lukoil’s foreign assets to continue until February 28,
The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies…
Sources say that Chevron is expected to receive an expanded Venezuela license this week from the US.
Three oil industry sources told us on Wednesday that Chevron will receive a Venezuela license extension from the U.S. this week. This could lead to increased production and exports. Sources said that the U.S. oil company is expected to be among several firms who will receive approvals to…
Sources say that the Italian government is poised to support a new mandate for Eni CEO
Three sources said that Italy's prime minister Giorgia Meoni was ready to support Eni CEO Claudio Descalzi in a bid to secure a 'new three-year term' at the energy company. This would allow the executive to continue 'his reign' as the longest-serving leader of the company. Descalzi is 70 years old and has been Eni's chief executive officer since 2014.
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and more than?20 investors filed resolutions on Wednesday asking BP and Shell how they would create value if the global demand for gas and oil declined. The resolutions are a strategic change on the part the Dutch activist group.
Sources say that the Brazilian police have issued warrants to businessmen involved in an investigation into Banco Master.
Two sources familiar with this matter said that the Brazilian federal police issued search and seizure warrants on Wednesday against businessmen Nelson Tanure and Daniel Vorcaro as part of a probe into an alleged fraud at Banco Master. The raids were part of the second stage of an operation…
Sources say that the Italian government is poised to support a new mandate for Eni CEO
Three sources said that Italy's Prime minister Giorgia Meoni was ready to support Eni CEO Claudio Descalzi in a bid to extend his tenure as the group's longest-serving leader for another three-year period. Descalzi is 70 years old and has been Eni's chief executive officer since 2014. He…
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and'more than '20 other investors filed resolutions on Wednesday calling on BP to explain how it will generate value if the global demand for gas and oil declines. The resolutions are a strategic change on the part the Dutch activist group.
Globe and Mail reports that Canadian Natural is in negotiations to purchase Tourmaline's Natgas portfolio.
Canadian Natural Resources has entered into negotiations to buy a portfolio of natural gas properties worth more than $1 billion from Tourmaline Oil Corp., the Globe and Mail reported Wednesday. The report cited two sources who are familiar with these negotiations. On the website of Competition Bureau Canada…
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions.
BP warns of up to $5 billion in impairments due to energy transition and weak oil trading
BP said that it expects to book between $4 and $5 billion of impairments during the fourth quarter. These are mainly related its energy transformation businesses. It also noted a weak oil trading. Under the new leadership, Chair Albert Manifold has said that BP’s portfolio needs to be simplified.
Brazil's Soy Exports will Hit Record High for January, Grain Exporting Group Says
The grains exporting group Anec predicted on Tuesday that Brazilian soybean exports would reach nearly four million tonnes in January, a new record. Anec reported that traders in Brazil will export an estimated 3,73 million tons of oilseeds this month. This is about 1.3 millions tons more than was estimated last week.
Canadian oil tycoon suggests US aid in Venezuela's oil revolution
The Canadian oil tycoon, who is the head of one of North America's fastest growing oil companies, wants his country to "lend" its heavy oil expertise to America as it tries to rebuild Venezuela's petroleum industry. Adam Waterous is the executive chairman of Strathcona Resource. He said that…
After cutting costs, Equinor hopes that it can finalize the technical plan for the world's most northern oilfield.
Equinor, a Norwegian company, aims to finalize the technical plans for the development of the Wisting?undersea?oil discovery in the Arctic this year after reducing?its?costs significantly. ?on Tuesday. In 2022, Equinor, along with its partners, put the development of Wisting on hold. Wisting is located in the Barents sea…
Source: Rio Tinto consults with three banks on possible Glencore acquisition.
Rio Tinto has hired JPMorgan, along with two other advisers, to help it evaluate its potential acquisition of Glencore. This deal could create the largest miner in the world, worth over $200 billion, according to a source familiar with the situation. Rio Tinto also has Macquarie and Evercore, according to the source.
Canadian oil tycoon suggests US aid in Venezuela's oil revolution
The Canadian tycoon, who is the executive chair of one of North America’s fastest-growing oil companies, wants his country to lend their heavy oil 'expertise' to the United States in order to help rebuild Venezuela's industry. Adam Waterous, executive chair of Strathcona, says Canada is uniquely…
Norway awards 57 drilling licenses in offshore oil and gas exploration round
Norway's Energy Minister told an industry conference that the country awarded shares in 57 offshore oil exploration licenses to 19 companies as part of its annual licensing round. The number of permits awarded to oil and gas companies has decreased from 20. Norway's plan to extend oil and…
Serbian Vucic anticipates signing a contract to sell NIS Oil by March
The Tanjug News Agency reported that Serbian President Aleksandar Vucic expected binding terms to be submitted by the U.S. office of foreign assets control within 48 hours for the sale Russian-owned oil firm NIS. Vucic, in an interview on Tuesday with Tanjug, Abu Dhabi, said that a final?contract…
After nearly a decade, the Canadian Prime Minister visits China
Mark Carney, Canada's prime minister, will depart for China on February 2nd to discuss trade and security issues. This is at a time when Canada is facing uncertain relations with the U.S. because of a trade conflict and threats by President Donald Trump regarding annexation. The visit is the first by a Canadian Prime Minister to 'Beijing since 2017.
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its oil prices were lower in 'the fourth quarter' compared with 'the previous three months. The price of oil fell 9.2% in the three-month period ending December 31 as fears about tariffs and oversupply outweighed geopolitical risk.
US oil lobby group supports repeal of climate rule for vehicles but not power plants
According to its president, the American Petroleum Institute supports EPA's proposal to repeal greenhouse gas regulations for vehicles. However, it does not support the proposal for power plants and stationary industrial facilities. API President Mike Sommers' told reporters that "we would…
API chief: US oil industry needs to reform its Venezuela policy on security in order to enter the country.
American Petroleum Institute President Mike Sommers said that the U.S. Oil Industry must have in place a number of prerequisites in Venezuela, including a workforce security policy and contract sanctity. He made this statement during a phone conference with journalists on Monday. He said that the U.S.
Sources say BHP will not bid on Rio-Glencore, but wait for the talks to conclude.
BHP will wait for Rio Tinto to complete its talks with Glencore to create the world's biggest mining company. The deal would?create?the largest mining firm in the world. BHP does not plan to make a bid at this time, according to two sources familiar with the situation. Glencore's shares rose…
Sources say that BP's interim CEO has pledged to continue focusing on costs after Auchincloss' departure.
According to a pair of people who attended the meeting, BP's interim CEO Carol Howle said that the company is focusing on cost -cutting and maintaining its current strategy. Howle was appointed interim chief after BP abruptly replaced Murray Auchincloss, its former CEO with Meg O'Neill of Woodside Energy last month.
US Supreme Court rejects Citigroup's appeal in lawsuit against Mexican oil company fraud
The U.S. Supreme Court declined to hear Citigroup’s appeal on Monday, despite the fact that the lawsuit accused the?bank for orchestrating a massive fraud against the Mexican oil and gas company Oceanografia. This lawsuit claimed the?bank caused more than $1 billion in losses. The Justices…
Venture Global lowers its profit forecast for 2025 due to volatile LNG prices and transport problems
Venture Global, an LNG company, cut its "full-year core profit forecast" for 2025 on Monday. This was lower than Wall Street expectations, due to price volatility and shipping restrictions. Venture Global stated that changes in Henry Hub prices and international LNG were affecting volume and pricing…
Norway will outline future oil and gas drilling in its 2027 policy update
The Norwegian government announced 'on Monday' that it would present to the parliament a document next year on 'the future of oil and gas', which will include companies' access rights to exploration land. In a speech, Prime Minister Jonas Gahr Stoere stated that the oil and gas sector is vitally important to Norway and should not be?phased out.
Ghana pays $1.47 billion to settle energy debts
Ghana's Finance Ministry announced on Monday that the government will pay $1.47 billion to settle legacy energy sector debts in 2025, including restoring a depleted World Bank guarantee, and paying arrears to power producers. Ghana's?sector of power? has been struggling with unpaid debts, which have caused a dramatic increase in blackouts.
Gulf stock prices mixed as investors, oil companies and traders weigh Powell probe and Fed outlook
Gulf equities traded mixed on Monday morning as oil prices climbed. Investors weighed the possible impact on interest rates and the dollar of a criminal?indictment against Federal Reserve Chair Jerome Powell. Oil, which is a major catalyst for Gulf markets rose on concerns about supply after the escalating Iranian protests.
What's at stake in Uganda’s presidential elections?
On Thursday, Ugandan President Yoweri Museveni is seeking to extend his four decade rule in an election which has raised questions about his eventual successor. Although political analysts claim that Museveni and the National Resistance Movement (NRM), his party, are almost certain to win…
Veteran Ugandan leader eyes new term amid succession talk
After a violent campaign and questions over his successor, it is expected that Ugandan President Yoweri Museveni will extend his four-decade reign in an election held on Thursday. Museveni, a former rebel leader and former president who toppled his predecessor in 1986 is now 81 years old and faces seven opponents.
Trump blocks courts from seizing Venezuelan Oil Revenue in US Accounts
The White House announced on Saturday that U.S. president Donald Trump had signed an executive order to prevent?courts and creditors from impounding revenues tied to the sale of Venezuelan oil in U.S. Treasury accounts. The order stated that the money held in foreign government deposits should be used to create "peace and prosperity" in Venezuela.
Commonwealth LNG receives US approval to export non-FTA products for 20 years
Commonwealth LNG, a U.S. company, has been granted a 20-year export license from the Department of Energy for liquefied?gas to be exported from its proposed Louisiana plant to countries that do not have free trade agreements. The company also received approval for 25 years of exports to FTA countries.
Trump calls on US oil companies to fix Venezuela's rotting energy industry
Donald Trump, the U.S. president, began a meeting at the White House on Friday to discuss Venezuela. He said he wanted executives from some of the largest oil companies in the world to invest $100 billion to expand Venezuela's production. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S.
Exxon CEO: We are ready to assess reentering Venezuela and will send a team within a few weeks.
Exxon Mobil CEO Darren Woods stated?on Friday that the U.S. 'oil major could start from the ground up in Venezuela, and was prepared to evaluate the possibility of returning to the country. Woods stated that it was "absolutely critical" to have a technical team in place for the purpose of assessing the state of 'the industry.
Trump meets with oil companies in Venezuela
Donald Trump, the U.S. president, began a meeting at the White House with executives of some of the largest oil companies in the world on Friday. He said that increasing crude production from Venezuela will benefit the United States. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S.
Trump's "drill baby, drill" agenda in Venezuela hurts producers at the home
Trump wants $50 oil but it's below the profit level of U.S. Venezuelan oil redirected to squeeze U.S. Venezuelan oil to benefit U.S. HOUSTON, January 9 - U.S. Oil Producers already struggling with low oil prices face renewed pressure as President Donald Trump presses them to increase output in Venezuela – a move which would weaken oil markets…
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in 3 weeks.
Baker Hughes, a closely watched energy services firm, said that U.S. firms have cut back on the number of oil rigs and natural gas rigs operating for the first time since three weeks. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by two in the week ending January 9 to 544, the lowest level since mid-December.
TotalEnergies Snags Exploration Nod Offshore Lebanon
French oil company TotalEnergies TTEF.PA has obtained government approval for a new exploration permit offshore Lebanon, it said on Friday.Total, which owns a 35% operating stake in the permit, will begin 3D seismic surveys on Block 8 with partners Eni ENI.MI (35%) and QatarEnergy (30%).The…
Wall Street clamors to offer advice on Rio-Glencore and the $100 million prize
Wall Street advisors could earn more than $100,000,000 in fees if Rio Tinto acquires Glencore and creates the world's biggest mining company, worth more than 200 billion dollars. Three people familiar with the matter said that after Rio and Glencore announced on Thursday their intention to merge, they were now racing for a piece of the pie.
White House oil meeting includes independents and has strong ties to Denver
On Friday, the White House will be inviting oil executives to meet with them in order to discuss possible investment in Venezuela. While the list of attendees includes some big names from American oil, such as Exxon Mobil, ConocoPhillips, and Chevron, it also contains smaller independents, private equity-backed companies, and other players.
Sources say that Glencore's trading division is part of Rio Tinto's appeal in merger talks.
Two sources familiar with the matter claim that Rio Tinto wants to keep Glencore’s trading division, and would make it a?even stronger platform to sell commodities? if they can strike a deal to create the largest mining company in the world. Rio Tinto announced that it is in the early stages of talks to purchase Glencore.
TotalEnergies receives new exploration permit off the coast of Lebanon
TotalEnergies, a French oil company, said Friday that it had 'obtained approval from the government for a new permit to explore offshore Lebanon. Total, who owns 35% of the operating stake, will start 3D seismic surveys in Block 8? with partners Eni (35%), and QatarEnergy 30%. In late 2022 the French company began searching for?natural gases in Lebanon…
Glencore's share price rises as Rio Tinto and Glencore merge to create the world's largest miner
Glencore shares increased by almost 10% after news that it was in talks with Rio Tinto regarding a possible takeover. This would create the largest mining group in the world, valued at nearly $207 billion. While Glencore?gained?, Rio Tinto?shares fell as much as 3%. This reflects investor scepticism and concern that the deal will be overpaid.
US oil companies juggle Venezuelan opportunity and investor concerns ahead of White House Summit
U.S. Oil executives will weigh the business potential of Venezuela and the enthusiasm expressed by President Donald Trump against the cautious attitude expressed by their investors when they are summoned to meet at the White House this Friday to discuss possible investment plans. Speaking at the Goldman Sachs Energy?conference held in Miami…
London Stocks Rise as Glencore Jumps on Rio Merger Talks
London shares edged up on Friday after two sessions of losses. Glencore gave a boost amid initial talks of a possible merger with Rio Tinto. This could?potentially create a world's biggest mining company. Glencore shares rose 10%, reaching their highest level since July 2024. Rio shares fell 2.2%.
Glencore's share price rises as Rio Tinto and Glencore merge to create the world's largest miner
Glencore shares jumped almost?9% Friday after news that it was in talks with Rio Tinto over a 'potential takeover, which would create the largest mining group in the world valued at nearly $207 billion. While Glencore shares rose, Rio Tinto's fell as much as 3 percent, reflecting investor concerns about a potential deal.
European stocks reach record highs as Glencore leaps on Rio Tinto's interest
European shares reached a record high on Friday, boosted by an 8.3% increase in Glencore. This put the 'STOXX 600 index on course for its longest winning streak since last May. After two sessions of losses the rebound shows that investors are resilient, despite weak earnings reports, and geopolitical tensions caused by U.S. action in Venezuela.
European stocks gain as Glencore boosts STOXX600
European shares opened higher on Friday, helped by an 8% increase in Glencore. This put the STOXX 600 at its highest weekly winning streak since may. Gains reversed two sessions of losses when earnings were weaker and geopolitical tensions cooled sentiment. Rio Tinto announced on Thursday that it was 'in early discussions to purchase Glencore.
Mega-deals in mining that created global giants
The companies have confirmed that they are in the early stages of talks with each other to purchase Glencore. This could result in the creation of the world's biggest mining company, valued at nearly $207 billion. This move is a result of global'miners racing to scale up metals such as copper, which are seen as?critical for the energy transition.
Trump has announced that he will be meeting with Venezuelan Machado in the next few days
Donald Trump, the U.S. president, announced on Thursday that Venezuelan leader Maria Corina Machado would be visiting Washington next week. In an interview with Fox News' "Hannity", Trump was asked whether he planned to?meet? Machado after the U.S. attacks on Venezuela, which resulted in Maduro being captured.
Sources say that Chevron Vitol Trafigura are all competing to control Venezuelan oil imports.
Sources familiar with the situation say that Chevron, Vitol, Trafigura and other companies are competing to get deals from the U.S. Government to export crude oil from Venezuela. Venezuelan officials are trying to control oil sales in the United States. This competition is a reflection of…
Glencore has said that it is already in talks with Rio Tinto to acquire the company
Glencore announced on Thursday that it is in the early stages of talks to be acquired by Rio Tinto, in a combination that could create 'the world's largest mining firm. Financial Times was the first to report the news. In a press release, Glencore confirmed that it was?in early discussions…
Petrobras' drilling in Foz do Amazonas is put on hold by Brazil's oil regulator
The Brazilian oil regulator ANP told Petrobras on Thursday that the company could not resume offshore drilling until it provided information about a 'leak' of synthetic fluid in this environmentally sensitive area. Documents signed on Wednesday by ANP and seen by others earlier recorded the decision.
What is happening in Yemen and why are Saudi Arabian and UAE involved?
The dispute over the control of southern Yemen has brought former Gulf allies Saudi Arabia, the United Arab Emirates and the Iran-backed Houthis into conflict and has fractured the coalition. Last month, the separatist Southern Transitional Council - backed by UAE - seized large swathes in southern and eastern Yemen.
Vitol, Trafigura and the White House invited to Venezuelan oil discussions on Friday
Four sources familiar with the situation have confirmed that the U.S. administration of President Donald Trump has invited the heads of commodity trading companies Vitol and Trafigura to meet at the White House this Friday to discuss the marketing Venezuelan crude oil. European trading houses dominate global oil trading, and could assist the U.S.
Sources: Vitol, Trafigura and US in talks on Venezuelan oil sales
Vitol, Trafigura and the Trump administration are in "talks" about marketing Venezuelan oil. European trading houses dominate the global oil trade and could assist the U.S. in facilitating oil sales from Venezuela, even though Washington prefers U.S. majors to take the lead. One source said that U.S.
Equinor, a Norwegian company, awards ten-billion-dollar five-year contracts to suppliers
Equinor announced on Thursday that it had signed framework agreements with a group of suppliers worth 100 billion Norwegian crowns (9.93 billion dollars) for the maintenance and modification of its offshore?and onshore?installations. Aibel Group, Wood Group and IKM Group as well as Head Energy…
Equinor, a Norwegian oil company, awards 10 billion dollar contracts to suppliers
Equinor announced on Thursday that it had signed framework agreements worth '100 billion Norwegian crowns (9.93 billion dollars) with a group suppliers for the maintenance and modification of its offshore and "onshore" installations. Aibel, Aker Solutions, Rosenberg Worley and Head Energy…
FT reports that US oil companies need guarantees before investing in Venezuela.
The Financial Times reported that U.S. Oil Companies want "serious assurances" from Washington before making large?investments into Venezuela. President Donald Trump wants them to support his efforts to reshape the energy?markets. The FT, citing sources familiar with the issue, reported that U.S. officials met with energy executives on Wednesday in Miami.
Exxon announces a decline in upstream profits for the fourth quarter
Exxon Mobil, the U.S. oil giant, said on Wednesday that lower crude?oil?prices may reduce its fourth-quarter?earnings? by $800 million to $1 billion. The price of oil fell 9.2% in the three-month period ending December 31 as geopolitical risk was outweighed by concerns over supply and tariffs. Brent crude futures lost?about 19% by 2025.
EOG Resources: Higher Venezuelan output and oversupply are weighing down on shale oil prices
Ann Janssen, finance chief at EOG Resources, said that on Wednesday oversupply from Venezuela and possibly higher production are pushing down oil prices. This trend is likely to continue for several more quarters. Brent crude futures fell about 0.6% to $60.30 per barrel as investors reacted after U.S.