European shares close at a new record as earnings offset Mideast uncertainties
The European stock market closed at an all-time record high on Wednesday, as investors scrutinized the latest corporate earnings and watched the rapid developments in the Middle East conflict. After closing at a record high in the previous session, the pan-European STOXX 600 closed 0.04% higher at 657.14.
Sources say that the Russian refinery in Saratov has stopped operations following a drone attack by Ukraine.
Two industry sources report that the Russian refinery in Saratov halted processing crude oil on August 2 following a Ukrainian drone attack which damaged production equipment and caused fires at the plant. Roman Busargin said that drones attacked his region on Sunday, causing damage to civilian infrastructure within the city of Saratov.
Glencore's Australia listed taps mining friendly capital for copper and M&A goals
Glencore's plan to list on the secondary market in Australia is a move to tap into one of the fastest-growing pools institutional capital around the world to finance its copper growth ambitions, and possibly pave the road for transformational M&A. Australian pension funds are well-capitalized and have a high appetite for resource stocks.
Sheinbaum, a Mexican company, is weighing pilot fracking to boost gas production.
According to four sources familiar with the discussion, Mexican President Claudia Sheinbaum has been evaluating possible pilot fracking in the northern states of Coahuila & Tamaulipas that could boost domestic gas production. Mexico produces crude oil and natural gas via fracking. However…
Glencore's profits from energy trading soar as Iran war escalates
Glencore made 66 times as much money from energy trading in 2026's first half than they did the year before. They are now joining other major commodity traders who have benefited from the turbulence created by the Iran War. Glencore reported $2.66 billion of adjusted first-half earnings before interest and tax (EBIT) in trading on Wednesday.
European shares are nearing record highs, as earnings offset Mideast uncertainties
European shares were muted Wednesday as investors assessed a new batch of 'corporate' earnings while keeping a close eye on the fast-moving Middle East developments. By 857 GMT the pan-European STOXX 600 Index was up 0.07% to 657.27, briefly reaching an intraday high after having closed at an all-time high in the previous session.
Minister says that Australia's data centres should be powered by renewable energy in the majority.
Chris Bowen, Australia's energy minister, said that the Northern Territory's plans to use large-scale shale-gas resources to power data centers would be in conflict with proposed national standards. This cast doubt on the Territory's ambitious plan to attract multibillion-dollar tech investments.
Tullow Oil increases its annual cash flow forecast on the strength of Ghana's oil output and higher oil prices
Tullow Oil, a West African-based company, forecast its annual production on Wednesday at the upper?end of its forecast range and increased its projection for free cash flow. This was due to a strong performance in its Ghana fields as well as better than expected oil price realizations. It…
Glencore profits soar as trading is strong and the company targets Australian listing
Glencore reported on Wednesday a '86% increase in the first-half earnings, driven by its commodity trading business, as the Middle East conflict fuelled market volatility. It also said that it is aiming to obtain a secondary listing. Swiss mining and trading company's adjusted earnings, before interest…
Inpex, Japan's Inpex, is sued by the Australian regulator for violating Ichthys LNG emission regulations
Environmental regulators in Australia's Northern Territory have charged Japanese energy company Inpex with under-reporting of emissions from its Ichthys LNG plant near Darwin. The Northern Territory Environment Protection Authority stated that the charges relate to alleged licence violations…
Shell invests in the next phase of Arrow Energy’s Surat Gas Project
Shell announced on Wednesday that it will invest in the next phase of the Surat Gas Project, an Australian joint venture between Shell and PetroChina, being developed by Arrow Energy. Shell stated in a press release that the project will produce 79 million standard cubic feet of gas per day at its peak and supply Queensland Curtis (QCLNG)…
EOG Resources, a US shale oil producer, beats its quarterly profit forecasts on higher crude prices
U.S. shale producer EOG Resources beat analysts’ estimates for the?second quarter profit on Tuesday. This was helped by an increase in crude prices. Crude prices rose sharply due to fears that the 'war in Iran', which erupted late February, would disrupt Middle East oil supply through the Strait of Hormuz.
Devon Energy, a US shale oil producer, tops profit expectations for the second quarter
The company reported a?higher?quarterly profit on Tuesday, exceeding 'Wall Street' expectations. This was due to a?surge?in crude oil prices, and increased production after its merger with Coterra Energy. The U.S. and Israeli war against Iran, which is now in its sixth months, has disrupted?Middle East oil supplies…
As the standstill comes to an end, Rio Tinto does not rush to revive Glencore as it signals that no hurry is needed.
The freeze on Rio Tinto approaching Glencore to takeover ends this week. However, those who have been briefed on the situation by top executives do not expect any new tie-up discussions for now. CEO Simon Trott is focusing on cost cutting and asset sales. After he was appointed to the top position at Rio Tinto…
Dealers say that India's edible oils imports reached a 10-month high in July due to increased palm oil buying.
Five 'dealers' said that India's edible oils imports rose to the highest level in ten months in July, as refiners increased their?purchases? of palm oil and soybean oil to replenish?inventory ahead...of the festival season?amid tightening...domestic supplies. The world's largest importer…
Chevron CEO scolds Trump for demanding lower gas prices
On Monday, President Donald Trump called again on oil companies to lower the price of gasoline for U.S. customers. He criticized Chevron CEO Mike Wirth for failing to credit his administration's efforts in helping the oil industry. Trump attacked Wirth after he was interviewed by Maria Bartiromo on Fox News' "Sunday morning Futures" program.
The war-fueled oil rally is expected to boost shale profit to the highest level since 2022
?U.S. After the 'Iran war' sent crude prices soaring, analysts expect shale producers to report their highest quarterly?profits in 2022. ConocoPhillips is expected to report sharply higher earnings in the second quarter after oil prices rose for most of the period, boosting cash flows across the industry.
BP sells Gelsenkirchen Refinery to BP as the overhaul continues
BP completed the sale of its Gelsenkirchen refining plant to Klesch Group. The oil major expects a?$1?billion reduction underlying 'operating expenses as it simplifies its operation. The London-listed firm has implemented sweeping changes in the last year to improve profitability. It is pursuing a new strategy after an ill-fated venture into renewables.
Baker Hughes says US energy companies have added rigs six times in the last seven weeks.
Baker Hughes, a leading energy services company, said that U.S. firms added rigs this week for the sixth time in 7 weeks. The number of oil and gas drilling rigs, which is an early indicator of future production, increased by one in the week ending July 31. Baker Hughes stated that the increase…
Mexico's Pemex posts Q2 net profits of $1.03 billion
According to a filing at the Mexican stock exchange, Mexican state energy firm?Pemex posted a net profit of $1.03 billion in its second quarter. The earnings before interest taxes, depreciation, and amortization (EBITDA), for one of the largest companies in the country, during the period April to June, totaled 144.23 billion pesos.
ExxonMobil to recoup initial costs and increase profits in Guyana
ExxonMobil's joint venture in Guyana has recovered the?billions?of dollars?it invested for developing a large oilfield, according to its chief financial office. The South American nation will receive more money from oil. Since its discovery in 2015, the U.S. Oil Producer's portfolio has included Guyana's Stabroek Block.
Bloomberg News reported that Vitol Cargill and Glencore have cut their ties with RadiantWorld
Bloomberg News reported that Cargill and Vitol have stopped doing business with Radiant World, one of the world's largest iron-ore traders. Glencore has also stopped new business with Radiant World. The report cited people who were familiar with the matter as saying that two of the trading…
Health and pollution concerns continue to grow months after the Pemex gas explosion in Mexico
Residents in rural Veracruz are increasingly worried about the?potential impact on health and the environment as large volumes?continue to _burn_. The Mexican state energy company Pemex operates the well and has stated that the incident began at the Krem-1 exploration well near Las Choapas in early March.
ExxonMobil to recoup initial costs and increase profits in Guyana
ExxonMobil's joint venture has recovered billions in investment to develop an oilfield in Guyana. The South American nation will receive additional oil money. Since its discovery in 2015, Guyana's Stabroek Block has been a top asset for the U.S. oil company's portfolio. It is estimated that the block holds at least 11 billion bbls of oil-equivalent.
Shell sells Cyprus unit up to $720 Million as it focuses more on LNG
Shell announced on Friday that it had agreed to sell BG Cyprus to the Hungarian oil-and-gas firm MOL Group, for a price of up to $720m. The British oil major is now focusing on its LNG operations. MOL will control BG Cyprus' non-operated 35% interest in a Cyprus Offshore Block, which is home to the Aphrodite Gas Field in the Eastern Mediterranean.
BP sells its North Sea business as CEO urges overhaul
BP launched a formal process to sell its North Sea operations on Friday as the new CEO Meg O'Neill accelerates a portfolio overhaul aimed reducing debt and simplifying BP. The British Prime Minister Andy Burnham had said earlier that he would "take a pragmatic" approach in developing and using the oil and gas resources of?the North Sea.
Australia's Origin APLNG's revenue increases on stronger LNG spot and domestic gas sales
On Friday, Origin Energy reported a 3% increase in revenue for the fourth quarter from its'stake' in?the Australia Pacific LNG project (APLNG), boosted by higher spot LNG sales as well as an increase in domestic natural gas volumes. APLNG, the joint venture between the power producer and ConocoPhillips & Sinopec…
Glencore secures processing contract at Wilhelmshaven Oil Refinery in Germany
Four European trading sources have confirmed that 'global miner and commodities traders Glencore' will supply Germany’s Wilhelmshaven Oil Refinery and sell its?refined? fuels after entering into an agreement with HES International. In recent years, oil trading houses have invested in refinery through outright purchases or tolling agreements.
UK PM Burnham will use North Sea Oil pragmatically following Trump's comments
British Prime Minister Andy Burnham has said that he will take a "pragmatic approach" to the development and use of oil and gas in the North Sea. This is his response to U.S. president Donald Trump's statement that the basin will be opened. Burnham, the British Prime Minister who took office on July 20, spoke with Trump shortly afterward.
Energy profits boost European earnings by 20.8%
LSEG data on Thursday showed that estimates for blue-chip companies in Europe's second quarter?earnings? have risen. Profit growth is now expected to be 20.8% compared to a year earlier. However, a large part of the increase will come from the energy sector. Energy companies are expected to double their profits…
Kazakhstan talks with Russia to process Russian crude amid fuel shortages in Russia
The Ministry of Energy announced on Thursday that Kazakhstan and Russia are in talks to process Russian oil at its refineries. Products will be sold domestically, then sent back to Russia. The?ministry stated in a press release that "negotiations" are taking place regarding the processing and sale of oil of Russian origin…
Emails show that BP will cut 700 jobs to simplify the company.
BP is planning to 'cut 700 employees from its global workforce according to an internal e-mail seen by. The oil major has been focusing on boosting profits and returns. Email showed that the reductions would affect around 8% the 8,500 roles which were historically part of production and operations.
QatarEnergy sources claim that it has purchased 33 US LNG cargoes in order to compensate for the disruption caused by the Hormuz blockade.
QatarEnergy has purchased 33 spot LNG cargoes from the U.S. this year for delivery to South Korea. Taiwan, Bangladesh. India and Japan. Four trade and industry sources confirmed the purchase. The company was attempting to minimize disruptions to its key customers after the Iran War halted Qatari gas exports via the Strait of Hormuz.
Eni aims for rapid development of Venezuela's oilfield Junin 5.
Eni, an Italian energy group, is currently negotiating contracts for its oil and gas projects. The CEO of the company said that once investment resumes the Junin 5 Oilfield will be developed quickly. Venezuela is seen as an alternative to upstream activities in the Middle East, which has been devastated by war, after the U.S.
Germany's Uniper signs 20-year LNG deal with Canada
The German state-controlled energy company Uniper finalised on Wednesday a 20-year deal to purchase liquefied?natural?gas from Canada, as the two countries deepen their partnership. Uniper secured 2 million tons per year of gas from the Canadian LNG project Ksi Lisims, located on British Columbia's Pacific coast.
Sources: Energean and Carlyle are among the bidders for BP's gas assets offshore Egypt
Three sources familiar with the process say that Dragon Oil, Carlyle Group, 'Energean' and Artemis Energy will be among a group of groups bidding this week on BP’s?West Nile Delta natural gas development off Egypt. British oil giant BP is trying to simplify its portfolio, reduce debt, and lower costs.
Bunge's strong processing margins helped it beat second-quarter earnings estimates
Bunge raised its full-year profit forecast on Wednesday, after exceeding Wall Street expectations?for the second-quarter earnings. This was aided?by strong performance s in its soybean and softseeds processing businesses amid improved market conditions. Since the beginning of the Iran war, U.S. soybean and corn prices have increased sharply.
SABIC reports narrower quarter loss and revenue drops 18% due to disruptions in supply chains caused by the Iran War
Saudi chemicals giant SABIC reported on Wednesday a'sharply smaller second-quarter net loss, due mainly to the 'absence of large one-off expenses from last year. Revenue fell 18% as a result of war-related disruptions in supply chains. SABIC, which is 70% owned by the state oil giant Aramco…
Venezuela's rusted and ugly refineries will be difficult to restore
The Paraguana refinery in?Western Venezuela was once a symbol of the oil wealth of Venezuela and its ambition to convert vast reserves of crude oil into fuels and export revenues. Today, the 955,000-barrel-per-day complex in Falcon state runs at a ?fraction of capacity, a decline decades…
Glencore's copper production up 15% and sees $3.3 billion in marketing EBIT
Glencore announced 'on Wednesday that its first-half production of copper rose by a whopping 15% due to higher grades in key operations. Its'marketing unit, on the other hand, is expected to generate about $3?billion?in core adjusted earnings. This puts it on course to exceed its top end annual guidance.
New Zealand awards first offshore petroleum exploration permit after reversing ban
New Zealand's coalition centre-right government granted its first permit for petroleum exploration on Wednesday, reversing the ban imposed on offshore exploration by the former Labour government of Jacinda Ardern. The conservative government of Prime Minister Christopher?Luxon, who came to power in 2023 and won the election…
Expand Energy, a Natgas producer, beats expectations for the second quarter profit
Expand Energy, the U.S. natural gas producer, beat Wall Street's?estimates of a?second quarter profit? on Tuesday. U.S. producers benefit from the surge in electricity demand for natural gases to power data centres as well as a rise in liquefied gas exports. The company produced an average of?6.9 billion cubic feet per day during the quarter ended in June.
Baker Hughes predicts lower oil and gas spending in 2026
Baker Hughes announced on Monday that it expects global oil and gas spending to be down modestly in 2018. The company said this is due to a decline in spending in Europe, the Middle East, and offshore Africa. The energy markets have been affected by the repeated flare-ups in the conflict between Iran and the U.S.…
Wall Street closes mixed as investors pay attention to tech earnings
Wall Street closed Monday with a?mixed bag, as investors awaited guidance for major technology companies during a busy quarter of quarterly earnings, and also worried that persistently high oil prices might force the Federal Reserve to raise interest rates. Microsoft, Amazon Meta, and Apple will report their quarterly results in the coming week.
Investors focus on tech earnings as S&P and Nasdaq drop
Wall Street fell on Monday as investors feared that "stubbornly" high oil prices would force the Federal Reserve into raising interest rates. They also awaited guidance for a busy week of quarterly earnings from major technology companies. Microsoft, Amazon Meta, and Apple will?report?quarterly results this week.
Bloomberg News reports that Devon Energy is considering a $4 billion sale for its Eagle Ford and Powder River assets.
Bloomberg News, citing sources familiar with the situation, reported that U.S. oil producer Devon Energy is considering a possible sale of its Eagle Ford and Powder River shale assets, which could fetch more than four billion dollars. Investors continue to pressure Devon Energy to focus on…
Baker Hughes reports that US energy companies have cut back on drilling for the first time in six-weeks.
Baker Hughes, a closely-followed energy'services' firm, said in a report on Friday that U.S. firms have cut back the number of operating rigs for the first six weeks. Total oil and gas rig counts, an indicator of future production, dropped by one in the week ending July 24. This is the lowest level since mid-July.
FT reports that BP is close to a deal to sell its solar business to a Kuwait-backed group.
The Financial Times reported that BP has advanced discussions to sell its Lightsource solar business to a consortium backed Kuwait's sovereign fund. The energy giant is focusing on oil and natural gas in order to boost?returns. The report, citing sources familiar with the situation, said that the green energy private equity firm Qualitas Energy…
Sources say that OPEC+ is likely to raise its oil production targets again in September.
MOSCOW/LONDON - OPEC+ countries will likely agree to a new increase in 'output aims' for September at their meeting on August 2. This is despite the fact that the Iran War has again prevented some members from pumping even more oil. In recent months the group has raised its targets, hoping to regain market share once the war ends.
Teck Resources beats profit estimates on strong copper production, prices
Teck Resources, a copper producer and producer of higher-quality products, beat Wall Street's expectations for the second quarter profit on Thursday. In afternoon trading, shares of the company rose by 4%. The benchmark three-month price of copper rose 41.5% from the previous quarter, mainly due to concerns about tight supplies and high demand in China.
In July, Russia's oil revenues increased by 60% year-on-year
Calculations showed that the rise in oil prices globally has led to a '60% increase in the state revenue of Russia in July compared to the same period a year earlier. The overall revenue increase of?year-on-year was also attributed to a steep rise in?profit-based tax proceeds from oil production during the second quarter.
Freeport-McMoRan exceeds its quarterly profit expectations on the back of higher copper prices
Freeport-McMoRan surpassed Wall Street expectations?for the second-quarter profit?on Thursday as higher copper prices 'offset lower production?at Grasberg Mine in?Indonesia. In premarket trading, shares of the company rose 1.4%. The average copper price rose 41.5% on an annual basis in the second quarter.
Matador buys Paloma permian for $1.2 billion to boost Delaware Basin presence
Matador Resources announced?on Thursday that it will buy the privately-held?Paloma Permian?from EnCap Investments?for about $1.28billion,?adding a high-quality drilling asset in?the oil rich?Delaware Basin. U.S. shale producers prioritize acquisitions of premium drilling inventory, over rapid production growth.
Teck Resources exceeds profit forecasts on higher copper production and prices
Teck Resources, aided by higher copper prices and increased production, beat Wall Street expectations for the second-quarter profit on Thursday. In?premarket trade, shares of the 'company' rose by nearly 6%. Benchmark - Three-Month Copper Prices climbed 41.5% from a quarter earlier due to concerns about tight supplies in China and high demand.
Santos reports higher revenue in the second quarter on sales and commodity prices that are on the rise
Santos, the oil and?gas company, reported a rise of?second quarter sales revenue 'on Thursday. This was due to a?increase in sales volumes for its liquefied gas project in Papua New Guinea as well as higher realized crude and condensate price. Crude oil prices were high due to the U.S. - Iran conflict, and only began to drop in June.
St. Bernard Parish in Louisiana is hit by Tropical Storm Bertha
The U.S. National Hurricane Center reported on Wednesday that Tropical storm Bertha had made landfall in St. Bernard Parish in Louisiana. Miami-based forecaster said that the storm was located approximately 45 miles (70 kilometers) southwest of Biloxi in Mississippi, and 40 miles east of New Orleans. Maximum sustained winds have decreased to 45 mph.
Egypt approves oil, gas and Perenco North Sinai Project deals
Egypt's Parliament approved four oil and gas exploration agreements and development agreements on Wednesday. This included a project in North Sinai involving the?FrancoBritish producer?Perenco. Egypt is looking to boost domestic energy production, which has been struggling to keep up with the growing demand.
Union urges investors and BP to put pressure on BP to end US Midwest refinery locksout
The union representing 800 workers at BP Whiting, Indiana refinery urged investors to put pressure on the British 'oil major, BP, to end a four-month lockout. They argued that the dispute highlights broader governance and safety risks within the company. United Steelworkers cited BP's executive rotation and past safety incidents as concerns. "... "...
Congo continues to push for local ownership rules for miners, despite industry concerns
The Democratic Republic of Congo will begin enforcing the long-delayed requirement that mining companies offer local ownership stakes on July 31. This is despite concerns raised by some of the largest copper and cobalt producers in the world about the impact of this law. The Congolese miners…
Equinor profits soar on high oil and gas prices during wartime
As expected, Equinor reported on Wednesday a steep rise in profits for the second quarter, boosted by the surge in gas and oil prices, as the Middle East war disrupted the global energy supply. Equinor's poll of 17 analysts predicted that the Norwegian group would earn $11.48 billion in the period from April to June…
EQT misses quarterly profit estimates on weak gas prices, raises production forecast
The 'energy company EQT, based in the United States, missed Wall Street expectations for a?second quarter profit on Tuesday due to lower natural gas prices. The Middle East conflict sent international benchmark prices soaring, but the U.S. Henry Hub prices were well below historical and previous averages due to record domestic production…
Kazakhstan's dispute with oil majors
Two sources told AFP that Kazakhstan had warned the head an oil consortium, which includes Exxon and Shell, about possible criminal charges if they did not pay a $5 billion fine for environmental damage. This is just the latest in a series of disputes that have seen international firms cede…
After years of stagnation, New Zealand's interest in gas exploration is picking up.
Seven oil and gas companies are racing to secure offshore rights to explore in New Zealand before a national vote that could lead to the ban of new permits. The country's main parties are fighting over the need for gas. New Zealand attracted interest after its conservative government lifted a ban last year on new offshore drilling imposed by 2018.
Chevron closes US Gulf platform to prepare for tropical storm
Chevron has shut down production at its Petronius facility in the Gulf of Mexico and is moving all personnel onshore to prepare for Tropical Depression Two. The company announced this in a Monday statement. The U.S. major oil company also announced that it was transporting non-essential personnel from its Blind Faith and Tubular Bells platforms.
WildFire Energy to be acquired by Magnolia Oil & Gas in a $4.06 billion deal
Magnolia Oil & Gas announced on Monday that it had 'agreed' to purchase WildFire Energy, including all debts, for approximately $4.06 billion. This was done in order to expand its stance?in the Giddings Field, a southwestern Texas oil field. The deal covers approximately 810,000 acres net in Giddings.
Ecopetrol, Colombia's petroleum company, says a cyberattack has stolen data relating to 3,300 accounts
The?energy company?Ecopetrol, controlled by the state of Colombia, said that a cyberattack had resulted in a theft of data from about 3,300 accounts. It added that it couldn't "guarantee the breach wouldn't have a "materially adverse" financial effect. However, the company said that it did not identify any disruptions to its production…
Baker Hughes reports that US energy companies have increased the number of rigs to their highest level since April 2025.
Energy services firm Baker Hughes reported on Friday that U.S. firms added rigs this week for a fifth consecutive week for the first since early June. The 'total count' now stands at its highest level since April 2025. The total rig counts, which are an early indicator of the future production, increased by seven in the week ending July 17.
BP to sell stakes in the portfolio and close its venture arm
Verdane has agreed to buy minority stakes in over 10 companies from BP's portfolio. Meg O'Neill - the CEO of BP who took over the top position in April - said in a statement earlier this month that the company 'needs' to prioritize financial discipline, by simplifying their portfolio, cutting costs…
Chairman of Chile's Codelco says the company expects copper production to remain flat in coming years
Codelco, the state-owned copper?miner in Chile, expects to maintain current production levels over the next few years, said chairman Bernardo Fontaine on Wednesday. The miner has been working to recover after a?slump in 2022 and?2023, when production dropped to?two decade lows. Codelco produced?1.33 millions of tons at its own mines last year.
Inpex's Australian LNG worker back pay agreement could set an industry standard
Workers at Inpex’s Ichthys plant for liquefied gas in Darwin have unanimously backed a pay deal that they hope will be replicated across Australia's offshore oil and gas sector. This agreement is part of what the unions call a "second wave" of bargaining in the energy sector. They are seeking similar pay and working conditions with Shell…
Shell plans to drill at Venezuela's offshore gas field in 2027, according to sources
Shell has started tendering drilling services for its Dragon off-shore gas project in eastern Venezuela. This is part of a plan to begin drilling four wells here?in the second quarter of 2027. People say that the contract should be awarded before the end of September. The contract will not…
Shell plans to drill at Venezuela's offshore gas field in 2027, according to sources
Shell has begun tendering drilling services for its Dragon off-shore gas project in eastern Venezuela. This is part of a plan to start drilling 'four wells in this area in the second quarter 2027. People familiar with the process say that the contract should be awarded before the end of September.
ARC shareholders approve $16.4 billion Shell takeover deal
ARC Resources announced on Tuesday that its shareholders voted to be acquired by Shell, clearing a'step' for one of the biggest energy sector deals this year. Shell acquired the Canadian Natural Gas Producer in an $16.4 billion deal earlier this year, in order to expand its portfolio of natural gas in North America.
Shell Shell shareholders approve $16.4 Billion Shell deal
ARC Resources announced on Tuesday that its'shareholders voted for the acquisition by Shell, clearing a 'next step in completing?one of...this _year?s largest energy sector deals. Shell acquired the Canadian Natural Gas Producer in an $16.4 billion deal earlier this year, in order to expand its natural gas portfolio in North America.
Ifax reports that Kashagan Oilfield Operator ordered to pay $4.9 Billion environmental fine
Interfax reported that Kazakhstan's Justice Ministry said that the operator of the?Kashagan oilfield is required to pay an environmental fine of 2.3 trillion tenge ($4.89 billion) by July 20. However, the company has filed a claim for arbitration against the penalty. Interfax reported that Daniyel Vaisov…
Industry warns that the planned reform of Congo's mining laws could undermine investor confidence
A document seen on Monday by the Democratic Republic of Congo's?main mining industry -body? warns that proposed changes in mining laws to tighten state control may dent investor trust in the world's largest cobalt producer. The world's second largest copper supplier is also a significant source of tantalum, germanium and gold.
President warns that heavy-handed revenue enforcement is a danger to the Congo mining industry
Cabinet minutes show that Congolese president Felix Tshisekedi ordered the state revenue agencies to refrain heavy-handed enforcement operations against mining firms, warning 'that excessive measures could dent investors confidence. Tshisekedi’s order reflects Democratic Republic of Congo’s…
Baker Hughes reports that US energy companies have added rigs to their fleets for the fourth consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added rigs this week for the fourth consecutive week for the first since early June. Baker Hughes normally releases the report around 1700 GMT on Fridays at?1 pm EDT. The report was released 49 minutes later. Baker Hughes officials did not comment on the cause of the delay.
The head of the IEA urges EU to reconsider its opposition to new Arctic oil exploration
The head of International Energy Agency, urging the EU to reconsider its opposition to oil and gas exploration in the Arctic as Europe strives to secure future energy supplies. The European Union currently supports an 'ban on new drilling in the Arctic for environmental reasons, but may revise its policy to address concerns over energy security.
Bunge will supply soy oil to Acelen Brazil's sustainable aviation fuel project
Executives from both companies confirmed that Acelen Renovaveis - an energy company backed by Abu Dhabi’s Mubadala Capital - has signed a five year agreement with the agribusiness giant Bunge for 1.5 million metric tons of soy oil. The contract is to supply the oil as part of a project in Brazil’s Bahia State…
