Ecopetrol's interim leader pledges to spend efficiently for stability
Interim Chief Executive Juan Carlos Hurtado, of Colombia's state-owned energy company Ecopetrol, said that the firm aims to increase its own sustainability by being efficient in spending, practicing capital discipline and reducing costs. Hurtado was appointed interim CEO of Ecopetrol on Monday…
Occidental finds oil in Bandit prospect, Gulf of Mexico
?U.S. Occidental Petroleum, a shale oil producer, has 'discovered oil at the Bandit Prospect 'in the Gulf of Mexico, which it 'co-owns. Bandit is operated and owned by Occidental. It holds a working interest of 45.375%. U.S. oil major Chevron holds 37.125%, and Australia's Woodside Energy has 17.5%. About?15% of U.S.
European and African crude oil prices reach records due to supply disruptions despite ceasefire
European and African crude prices climbed on Wednesday to new'records,' defying a sharp drop in oil futures following the U.S./Iran ceasefire negotiated on Tuesday. Traders 'priced in' a disruption in physical oil supplies for a long time. Investors bet that the Strait of Hormuz would reopen and there would be a reduction in geopolitical risks.
LAPFF joins the chorus of shareholder advisers recommending dissenting vote on BP Board
The Local 'Authority Pension fund Forum', which represents funds with assets worth over $425 billion ($569 'billion), has'recommended' a vote against BP chairman Albert Manifold, and other resolutions supported by the board, said the body on Thursday. LAPFF has put pressure on BP, after Glass Lewis…
Argentina adopts mining reform to encourage investment near glaciers
On Thursday, Argentina's lawmakers approved a government reform that promotes mining investment in glacier areas. Environmentalists and scientists said this would weaken environmental protections and endanger water resources. The reform was passed by the Chamber of Deputies 137-111 with 3 abstentions.
Libya announces new discoveries of oil and gas with three major energy firms
The National Oil Corporation of Libya (NOC), a state-run company, announced in separate statements that it had made three 'new oil and gas discoveries' with major energy companies from Italy Spain and Algeria. NOC reported that the first discovery was made in the Ghadames Oil Basin, in collaboration with Sonatrach and a production subsidiary.
Sources say that the US SEC has appointed Gibson Dunn as its new enforcement director.
Three sources with knowledge of the matter said that the U.S. Securities and Exchange Commission had appointed a?white collar enforcement lawyer and a former agency official to be its new enforcement director, after the'regulator’s top cop abruptly resigned last month. David 'Woodcock, a lawyer with Gibson…
TSX rises more than 1% after US-Iran truce calms down investors
Canada's main index of stocks soared on Wednesday as?mining shares led broad-based gains? after a U.S. - Iran ceasefire boosted investor sentiment. By 10 a.m. The S&P/TSX composite index was up 1.57 % at 33,757.56 ET. The U.S.-Iran ceasefire of two weeks has ended a six week conflict that had impacted energy supplies and raised inflation concerns.
Oil prices plunge on Iran ceasefire, causing European energy stocks to fall
After weeks of gains, European oil and gas stocks fell sharply Wednesday. Equinor, a Norwegian company, led the declines, falling 13%. It was followed by its domestic competitors Var Energi and Aker BP, who had benefitted from the disruptions in Qatar's gas flow after the closure of the Strait of Hormuz.
Australian State calls for quicker approvals of new oilfield
Queensland, Australia's state, said on Wednesday that it would urge the federal government to streamline approvals of a 'potentially' first new oilfield Australia has seen in decades. It argues that faster development is necessary to boost fuel security. Taroom Trough, a frontier basin that may contain large unconventional gas reserves…
TSX ebbs as Trump's Iran deadline nears
The main Canadian stock index fell on Tuesday, as investors monitored the situation in the Middle East after Iran did not show any signs of renouncing to the ultimatum of U.S. president Donald Trump to reopen Strait of Hormuz. At 10:55 am. The S&P/TSX composite index was down 0.1% to 33,149.58 at 10:55 a.m. ET. As Trump's deadline drew nearer, the U.S.
Glass Lewis urges a vote against BP chairman over climate resolution
Glass Lewis, a proxy adviser, recommended that BP share holders vote 'against' Albert Manifold who assumed the position in October. Citing BP’s decision to exclude a resolution related to climate change from its upcoming Annual Meeting, according to a notice seen by. Glass Lewis, a large…
Eni, an Italian company, has discovered 2 trillion cubic feet (or 2 trillion cubic meters) of gas off the coast of Egypt
Eni announced on Tuesday that it had made a discovery of 'gas and condensate' offshore Egypt after drilling the Denise W-1 exploratory well in the Temsah Concession, located in the Eastern Mediterranean. According to preliminary estimates, there are approximately 2 trillion cubic feet (or…
The CEO of Colombia's state oil company takes a leave of absence amid an investigation into influence peddling
Ecopetrol, the Colombian state energy company, announced on Monday that it had granted CEO Ricardo Roa a 'longer holiday and an unpaid leave of absence'. This was in response to an investigation conducted by the Attorney General’s Office into allegations of influence peddling. Ecopetrol said…
Zelenskiy pledges increased security cooperation with Turkey in Istanbul
After meeting with his Turkish counterpart Tayyip Erdogan on Saturday in Istanbul, Ukraine's president Volodymyr Zelenskiy called for a?greater co-operation between the two countries. Kyiv is seeking to capitalize its wartime experience?on an international stage. Zelenskiy stated that he…
Seplat Energy in Nigeria resumes its operations after oil workers end their strike
Seplat Energy, Nigeria's largest independent oil &?gas producer has suspended its strike after the company made a written commitment on pay increases, their union announced on Saturday. After wage negotiations failed, workers walked out of the workplace on Friday. This raises concerns over…
ISS recommends voting against BP's decision to eliminate some climate reporting
According to a note seen by, influential proxy adviser Institutional 'Shareholder Services' (ISS) recommended a vote against BP board’s?move revoke previous climate reporting resolutions. Investors are rarely asked to vote against board wishes by large shareholder advisory groups like ISS.
Seplat Energy, Nigeria's Seplat Energy, is hit by a strike in response to a push for higher production
Workers at Seplat Energy - Nigeria's largest independent oil and natural gas producer - began an indefinite strike Friday. This could have a negative impact on production, as rising oil prices are increasing pressure on Nigeria to maximize supply. In two letters sent to the CEO, the union…
Sources say that oil giants have shown early interest in US Gulf Deepwater Field stake
TotalEnergies, a European energy giant, and Shell are among the companies that want to buy a majority stake at one of?U.S. Three sources familiar with the process have said that the Gulf is one of the most promising sites. This is because the Middle East conflict has heightened 'interest in North American energy prospects.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a?energy services firm?, said on Thursday that U.S. firms added to the number of oil and gas rigs operating for the first time since three weeks. The number of oil and 'gas rigs, an early indicator for future production, increased by five in the week ending April 2. Baker Hughes…
Carol Howle named as BP's deputy CEO to oversee portfolio reviews and strategy
Carol Howle was named BP's 'deputy CEO' on Thursday. She will oversee the company’s ongoing portfolio re-evaluation and strategy developments. Howle will return to her previous role as head for supply, trading, and shipping. She was interim chief executive until Meg O'Neill took over the top position on Wednesday.
Follow This activist shareholder to broaden climate campaign against BP
Follow This, a group of European investors led primarily by Follow This, urged BP to abandon plans to scrap?climate reporting commitments on Thursday and called for shareholders to vote against this move at the?oil firm's annual meeting later?this?month. Investors published an 'open letter'…
Sources say that OPEC+ is likely to increase oil production on Sunday.
Two OPEC+ source said that OPEC+ will likely consider a new oil production increase at their meeting on Sunday. This would allow key producers to 'add more barrels' if the Strait of Hormuz reopens, the world’s most important oil route which is currently closed by the U.S./Israeli war against Iran.
Baker Hughes' drilling equipment company HMH is valued at $815m amid market turmoil
HMH Holding, a provider of drilling equipment, was valued at 815 million dollars?after its shares dropped 5.5% on Wednesday in its Nasdaq début?amid fragile sentiments and persistent geopolitical uncertainties. Houston-based Akastor, a joint venture between Norway's Akastor and oilfield services firm Baker Hughes…
A krill harvesting vessel and an activist vessel collide off Antarctica
Aker QRILL, the owner of the vessel, confirmed that an environmental activist vessel had collided with a Norwegian krill harvesting vessel on Tuesday, damaging its hull. The Captain Paul Watson Foundation's 65-metre Bandero vessel, operated under the Norwegian flag, deliberately struck the trawler Antarctic Sea.
US firm Virtus launches Chemaf Transition in Congo Mining Partnership
?U.S. Virtus Minerals announced?on?Wednesday that it was working to restart Congolese copper and cobalt producer Chemaf’s mines, after receiving regulatory approval. This marks the first acquisition of an operating mine under the U.S. - Congo minerals partnership following a flurry offtake agreements.
Shell is in advanced talks with Venezuela about more gas fields, sources claim
Shell has advanced discussions with Venezuelan government about developing four large areas in the vicinity of Trinidad and Tobago in two of South America's largest offshore gas fields. Two people familiar with these discussions confirmed this. The London-based ?energy major has been trying…
Staff note: New BP CEO pledges consistency
BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020…
China, well-positioned in a tight global market sells record LNG volumes
Chinese firms are reselling record amounts of LNG to cash in on the soaring spot prices. China has plenty of 'domestic gas and pipeline gas' to meet its weakened demand, unlike other Asian buyers who scramble to replace supplies that were cut off due to the Iran War. China, the world's largest importer of LNG…
HMH Holding raises more than $210 million through its US IPO
HMH Holding, an oil and?gas equipment manufacturer in the United States, raised more than $210 million on Tuesday after pricing its U.S. initial public offering within its range. Houston-based HMH has sold approximately 10.5 million shares for $20 each, as opposed to its advertised price range of $19 - $22 per share…
Sources say that Addison is retiring as the architect of the US-Venezuela trade deal.
John Addison is Vitol’s top U.S. gas trader. He helped his firm secure a deal this year for the first Venezuelan oil exports following Nicolas Maduro’s capture by U.S. troops. Four sources said on Tuesday that Addison plans to retire from the world’s largest commodities trading house at the age of 47.
US gas prices reach $4 per gallon due to the Iran war which has wreaked havoc on energy supplies worldwide
The U.S. average gas prices rose to $4 per gallon for the first time since more than three years on Monday, according to data from the price tracking service, GasBuddy. This was the largest monthly increase in decades. Last August 2022, after the Russian invasion of Ukraine, was when we reached $4 per gallon.
FAA restricts landings at San Francisco Airport
Federal Aviation Administration announced on Tuesday that it would be imposing new safety measures at San Francisco International Airport. These restrictions will?limit some landings? and 'lead to significant delays?. The FAA has said that the airport is experiencing delays as a result of…
Fire at a large Russian petrochemicals factory kills two people
A?large fire broke in a petrochemicals plant in the Tatarstan region of Russia on Tuesday. Sibur, the company that owns Nizhnekamskneftekhim, has put the death toll as two. Twenty people have been hospitalised. The state news agency TASS reported that three people were killed, six were missing, and more than 70 others were injured.
Trump warns Iran again to open Strait of Hormuz
President Donald Trump stated on Monday that the United States is in talks with "a more reasonable regime" about 'ending the war' in 'Iran. He also repeated his warnings to Tehran, saying it must open the Strait of Hormuz to avoid U.S. attacks on its power plants and oil wells. Trump said…
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a 'hit to their earnings, as the Iran War disrupts energy infrastructure in the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven durable. Brent benchmark prices are up 53% from February 27, the day before U.S.
Chevron estimates repairs at Wheatstone gas plant will take weeks
The company stated on Sunday that it is likely to take several weeks for the Wheatstone Liquefied Natural Gas facility in Western Australia to fully resume production as they repair damage caused by the cyclone last week. The Australian LNG supply was disrupted by Cyclone Narelle, a disruption of more than 30,000,000 metric tons per annum.
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018…
Australia LNG continues to disrupt after Narelle Thousands without power
Australia's liquefied gas production remains disrupted, and thousands of people in the remote north were left without electricity on Sunday. This is more than a fortnight after the Narelle Storm System hit the country. The impact of the 'Narelle', which was downgraded to a tropical cyclone on Saturday…
Australia LNG continues to disrupt after Narelle, thousands of people without power
On 'Sunday', Australia's liquefied gas production was still disrupted. Thousands of people in the remote north were without power for more than a month after the Narelle Storm System?hit Australia. The impact of?Narelle, which was downgraded to a?tropical storm on Saturday, has been exacerbated by a global LNG supply crisis caused by the Iran War…
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Ex-Tropical cyclone Narelle, which has been affecting Australia's Queensland state and Northern Territory since March 20, further affected production at two of Australia’s largest liquefied natural gas plants. The storm system was waning in the country's northwestern region. Narelle, which…
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Narelle, the former tropical storm that weakened in Australia's north-west, continued to disrupt production at two of Australia’s largest liquefied?gas plants Saturday. Narelle, the category four tropical storm that has been ravaging Australia's Queensland and Northern Territory ever since it made landfall on?March 20th, hit Western Australia Thursday.
Zelenskiy: Ukraine reaching agreement on Middle East diesel supplies
The Ukrainian president Volodymyr Zelenskiy stated on Friday that Kyiv is working to reach an agreement with Middle Eastern countries on diesel supplies, the type of fuel most in demand in the country. Zelenskiy spoke to a Ukrainian TV interviewer during a Middle Eastern tour. He had earlier…
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply.
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a drop in earnings, as the Iran War?disrupts the energy infrastructure throughout the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven to be durable. Brent's benchmark price has risen 53% in the past two months…
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services firm, said that U.S. firms have 'cut back on the number of oil & /natural gas rigs for a second consecutive week for the first time since mid-January. The number of oil and gas rigs, a good indicator of future production, dropped by nine in the week ending March 27 to 543, the lowest level since January 16.
Slovakia is interested in the gas produced by Romania's Neptun Project
The slovak prime minister Robert Fico stated that the country is interested in receiving natural gas from Romania's Neptun Deep offshore Project, as its Russian supplies are set to cease next year. "We 'expressed interest, and said that if Romania plans to export this natural gas outside of its own territory -- that is…
Document shows that the Japanese government has asked wholesalers to switch from Dubai to Brent pricing.
According to a document obtained by on Friday, the Japanese industry ministry has asked domestic wholesalers "to switch to Brent crude oil prices" from the Dubai benchmark when setting gasoline prices. This is an effort to limit price increases. This measure is one of many tools that Japan…
South Korea enforces naphtha export ban amid Middle East supply disruptions
The industry ministry announced that South Korea has begun enforcing an export ban on naphtha as it tries to ensure domestic supplies are not disrupted by the conflict in the Middle East. This move will require refiners divert their exports to the local market, and the government can order the production and allocations of naphtha.
Venture Global and Edison resolve arbitration dispute regarding early Calcasieu Pass gas sales
Venture Global and Edison announced on Thursday that?they?had?reached an agreement in order to settle a longstanding arbitration dispute relating to allegations that the American exporter liquified natural gas had failed to deliver contractual shipments to the Italian firm. The Edison settlement…
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling.
Algeria and Spain strengthen their energy partnership
Spain and Algeria have agreed to strengthen their partnership in energy, said Spanish Foreign Minister Jose Manuel Albares on Thursday after meeting Algerian president?Abdelmadjid Tebboune. Albares did not say whether Algeria agreed to increase the amount of gas it supplies to Spain. Iran's…
CNOOC 2025 net profit drops 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore…
CNOOC's 2025 net profits drop 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore…
Market operator: Australia gas supply crunch will be delayed until 2030
The feared gas shortage in Australia's east has been delayed by one year, to 2030. This is due to the coal power extension, falling consumption, and rapid battery uptake. "Practical actions make a difference." "More renewables, batteries and sensible gas policies improve energy security and put Australia in a better position…
Residents and wildlife on Mexico's coastline bear the brunt from Pemex oil leak
Guillermo Risso, a community council president in Puerto?Ceiba, a coastal town near the refinery in Mexico's?southern?state of Tabasco, saw luminous flashes before dawn on the morning of March 17. He assumed that the Olmeca Refinery, owned and operated by Mexico's State Oil Company?Pemex was on fire.
Chilean mining industry warns that new fuel tax will threaten competitiveness
The top mining body in the world's biggest copper producer has warned that a temporary tax adjustment on Diesel?driven by Chilean government?to mitigate increasing fuel prices?will hit the mining sector?s competitiveness. * The measure by the government reduces recovery of a diesel tax specific to certain companies in order to finance mitigation measures…
Dallas Fed survey shows first quarter oil activity is up
Activity in?U.S. The Federal Reserve Bank of Dallas released a report on Wednesday that showed the oil and gas industry in Texas, Louisiana, and New Mexico, the three 'key producing states,' increased during the first quarter of the year 2026, although production was stable. The Federal Reserve…
Iraq oil production continues to fall as storages fill up, and exports of Hormuz are blocked by conflict
Three Iraqi energy officials stated on Wednesday that the country's oil production is in decline as the Iran War rages. Storage tanks are at critical levels and the country cannot export crude through the Strait of Hormuz. The officials said that the output?from?Iraq?s southern main oilfields?has further dropped by around 80%, to about 800,000.
EnQuest confirms production forecast for 2026, but UK windfall tax hurts profit
EnQuest, a North Sea oil producer, reaffirmed its production forecast for 2026 on Wednesday. The company is banking primarily on investments in Britain and South East Asia after Britain's windfall tax levies impacted last year's profit. EnQuest, like its competitors, continues to be challenged…
Japan's Nikkei soared as Trump claimed US negotiations ended the Iran war
The Nikkei share average in Japan rose by the most since a week on Wednesday. This was backed up by cautious optimism about the Middle East crisis moving 'towards a possible settlement? after recent volatility. The Nikkei Index benchmark rose by 2.87%, closing at 53,749.62. This is the largest percentage increase since March 18.
Japan's Nikkei soars on optimism about Iran peace plan
The Nikkei average rose by a little over 3% on Wednesday. This was due to cautious optimism that the Middle East Crisis could be moving toward a possible settlement following recent volatility. The Nikkei 225 Index, the benchmark index, grew by 2.93% to reach 53784.43. The Topix index rose 2.5% to 3,648.78. Donald Trump, the U.S.
US shale companies unlikely to drill $100 per barrel unless prices remain high, executives claim
Shale executives?said that oil prices above $100 a barrelle would 'not trigger a meaningful increase in production in the U.S. unless the price remained high for a period of more than a year, at the CERAWeek conference?in Houston. This is troubling news for the consumers who have been hit by the energy 'crisis during the U.S. and Israeli war on Iran.
India orders the strengthening of its natural gas infrastructure amid shortages
India issued an order Tuesday to address obstacles in building and expanding its natural?gas?infrastructure, as it aims to 'diversify' its fuel supply in the face of disruptions on global energy markets due to the U.S./Israeli war against Iran. The conflict has caused disruptions in shipping and gas supply…
Industry executives warn that the global energy crisis is worsening; attempts to plug the supply gap are not enough.
Executives and oil ministers reaffirmed that the global energy crisis has worsened as emergency measures by governments around the world have failed to plug the huge shortfall of oil and gas caused by the U.S. and Israeli?war against Iran. Energy, fertilizers, and petrochemicals costs are…
Australia announces $1.4 billion in support for Rio's Boyne Aluminium Smelter
Australia announced a?A$2 Billion ($1.40 Billion) over ten years to support Rio Tinto's Boyne Smelters, the country's second largest aluminium smelter. Federal Industry Minister Tim Ayres stated that the investment will be equally funded by both the federal government and Queensland's state governments. Rio Tinto will underwrite investment in energy assets.
Venture Global CEO: We are working with critical LNG cargoes to ship globally
Venture Global, a liquefied natural 'gas exporter, is working with countries all over the world to 'help cover shortages of supply in the short term, said CEO Mike Sabel on Tuesday at.the CERAWeek conference in Houston. The world was reeling from the attacks on energy infrastructure during the U.S. - Israeli war against Iran.
Venture Global CEO: We have enough LNG to last for a long time.
Venture Global, a liquefied natural 'gas exporter, is working with countries all over the world to deliver vital cargoes. CEO Mike Sabel made this statement on Tuesday - at the CERAWeek conference in Houston. The world was reeling from the attacks on energy infrastructure during the U.S. - Israeli war against Iran.
Venture Global CEO: We have enough LNG to last for a long time.
Venture Global, a liquefied natural gas exporter, has sufficient?short-, medium- and longterm supplies. It is also working with countries all over the world to deliver vital cargoes. This was CEO Mike Sabel's statement on Tuesday, at the CERAWeek conference in Houston, Texas. The markets…
Head of Brazil's Petrobras will visit Mexico to discuss partnership between Pemex and Petrobras
According to Mexican President Claudia Sheinbaum, the head of Brazil's?oil firm Petrobras will?visit Mexico next April to discuss an upcoming partnership with Mexico’s state-run oil company Pemex. Sheinbaum said during her morning press conference that she had not decided yet on the recent…
Shell CEO warns that energy shortages could occur in Europe by the end of next month.
Shell CEO Wael Sawan warned on Tuesday that energy shortages in Europe could occur by the end of next month. Sawan added that Shell is working with governments in order to address the energy crisis. This includes storage and purchasing. Sawan said that the Middle East conflict has already impacted jet fuel supplies.
Danish funds challenge Nordea at AGM over Arctic Oil
A shareholder resolution urging Nordea to stop funding companies that are expanding Arctic oil and natural gas production is supported by at least?three Danish institutions investors. The pension funds Akademiker Sampension and Velliv announced their voting intentions on Tuesday, ahead of the annual general meeting of the bank.
Venezuela will owe Eni $3.3 billion by the end of 2025 according to an annual report
Eni owed Venezuelan oil company PDVSA $3.3 billion at the end of last year. This included around $1 billion in accrued interest. The Italian company revealed this in its annual report. Eni and Spanish oil firm Repsol produce gas in their jointly-owned Perla offshore project - the only offshore gas project active in Venezuela.
Equinor begins drilling in Brazil's Raia and plans to explore the Santos Basin by 2027
Equinor's top executive in Brazil said that the Norwegian company has begun drilling for the offshore Raia natural-gas project in Brazil. It is also planning new 'exploratory activities in Brazil. Equinor Brazil Country Manager Veronica Coelho said that the project in Campos Basin is expected to begin production by 2028.
Sinopec will increase Bohai Bay Shale Oil as a backup to maintain output
Sinopec, the Chinese oil company, will increase shale oil production in the Bohai Bay basin following a successful pilot. The resources gained from this project will be used to sustain oil production for a longer period of time, according to its chairman. Sinopec has pumped 7.3 million barrels…
Danish funds challenge Nordea at AGM over Arctic Oil
Two Danish institutional investors have backed a shareholder resolution calling on the Nordic region's largest bank,?Nordea, to cease all financing of companies that are expanding Arctic oil and gas production due to environmental risks. Investors, pension funds Sampension and Akademiker…
HMH Holding, backed by Baker Hughes, seeks $948 Million valuation in US IPO
HMH Holding, an oil and gas equipment manufacturer, said it aimed to raise up to $948m in its initial public offering in the United States. The company entered the market at a time when the price of crude was surging. The company aims at raising $231 million through the IPO. It will sell 10.5 million shares between $19 to $22 each.
Union calls for return to negotiations after BP locks out Indiana oil refinery
The United Steelworkers stated on Monday that BP engaged in unfair 'labor practices' by locking out nearly 800 workers at a?Whiting oil refinery. They urged BP to resume contract negotiations. Roxanne Brown, USW 'International President, said that BP's decision of locking out these skilled workers was illegal and unacceptable.
Venture Global talks about settling arbitration cases with Energy Companies
Venture Global has begun discussions with energy companies to settle pending arbitration claims against the company for failing to provide?LNG? from its Calcasieu Pass facilities in a timely fashion, said CEO Mike Sabel on Monday at a roundtable session during the CERAWeek Conference in Houston.
UAE's ADNOC Gas adjusts LNG production in response to the shipping disruption
ADNOC's gas subsidiary, the state-owned oil company of Abu Dhabi, announced on Monday that it had temporarily adjusted its production of liquefied natural gas and export traded liquids in response to the ongoing shipping disruptions in Strait of Hormuz. The U.S. and Israeli war against Iran intensified over the weekend…
