Orion Minerals, Australia's Orion Minerals, signs agreement with Glencore for funding of up to $250 Million
Orion Minerals, based in Australia, announced on Wednesday that it had signed a nonbinding term sheet for funding of $200-$250 millions for the Prieska copper and zinc project in South Africa. The deal, according to the diversified metal developer, includes an offtake contract with Glencore…
Five Point-backed WaterBridge raises 634 million dollars in US IPO
WaterBridge Infrastructure, a company that manages oilfield water, announced on September 16th that it raised $634 Million in its initial public offering (IPO) in the United States. This is the latest indication of renewed momentum within the listing market. Houston-based company, Texas, sold 31.7 millions shares at $20 each…
The agency's head claims that Colombian oil and gas reserves are expected to increase this year.
The head of Colombia's hydrocarbons department said on Tuesday that the country's oil and natural gas reserves are likely to grow in comparison with the previous year. Colombian oil reserves are expected to reach 2.04 billion barrels in 2024 - enough for 7.2 years' worth of consumption. Orlando…
Mexico taps the debt markets again to support state oil company Pemex
For the second time in a week, the Mexican government has turned to international bond markets to support Pemex, its state-owned oil company. On Tuesday it issued bonds worth $8 billion. IFR's fixed income news service reported the new offer. It will help Pemex to pay for a bond buyback of $9.9 billion launched earlier in this month.
Chevron and Israeli pipeline operator will launch new gas pipeline towards Egypt
Chevron announced on Tuesday that it had signed a contract with Israel's pipeline operator, a state-owned company, to begin construction of the Nitzana pipeline. The pipeline will transport gas from Leviathan to Egypt. Nitzana will ease Egypt's energy crisis. Egypt has spent billions on the importation of liquefied gas.
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration…
Repsol to be taken over by MedcoEnergi for South Sumatra oil blocks
MedcoEnergi, an Indonesian company, announced on Tuesday that it had agreed to purchase large stakes of two South Sumatra oil-and-gas blocks from Repsol Spain for approximately $90 million. The oil and natural gas explorer announced that it would take over operatorship of both blocks, subject to Indonesian approval.
Australia delays its first offshore wind auction due to global investment retreat
Victoria, Australia, has delayed its first auction of offshore wind farm financing, citing global investments hurdles. This is a blow to an industry that's deemed crucial to Australia's transition away from coal-fired energy to renewables. The state government announced on Tuesday it will delay the auction, originally scheduled for this month.
The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output.
Berry Corp. to be acquired by California Resources for $717 Million
California Resources, an oil and gas producer, announced on Monday that it would purchase Berry Corp. The deal would be valued at $717 million including debt. Its goal was to create a larger, more efficient energy company in the U.S. State. Berry shareholders will receive 0.0718 California…
SOCAR is close to acquiring oil refiner Italiana Petroli according to sources
Three sources claim that the founding family of Italiana Petroli is close to selling the oil refinery to State Oil Company of Azerbaijan. This would give the group control of Italy's biggest petrol station network. Two people have said that a deal could be signed with SOCAR as soon as Monday, barring any last minute postponement.
Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
After a fierce battle for the seventh-largest U.S. refiner, a U.S. judge began the final hearing on Monday of the sale of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum in order to pay creditors. A bidding war led to the purchase of the property by an Elliott Investment Management affiliate.
What is the Abraham Accords?
The Abraham Accords which normalised diplomatic ties between Israel and certain Arab states are in the spotlight following Israel's airstrikes against Hamas that took place on 9 September, angering the U.S. ally who hosted ceasefire negotiations. The leaders of Arab and Islamic countries will meet in Qatar for a summit on Monday, to show their solidarity.
Andy Home, recycling pioneer, races to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake…
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Sources said that the European aerospace groups Leonardo Thales and Airbus are redoubling their efforts to combine satellite businesses in a 10 billion euro ($11.7 billion) joint venture with a French headquarters.
Trump urges NATO nations not to buy Russian oil
Nations stop purchasing Russian oil and take similar measures. Trump wrote on social media that he was ready to impose major sanctions against Russia once all NATO countries agreed to the same and stopped buying Russian oil. The United States has increased pressure on NATO nations to tighten energy restrictions on Russia to help end the war in Ukraine.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12.
Strathcona Waterous is confident in MEG Energy's response to the sweetened offer
The Strathcona Resources executive chair is confident that his sweetened bid to purchase MEG Energy, which is expected to be made by Monday, will win a heated bidding battle. Calgary-based MEG Energy said that it would respond to Strathcona's revised offer made earlier in the week for the acquisition of the company.
Andy Home, recycling pioneers racing to close rare earths scrap gaps
This question is more urgent now than ever after China restricted its exports in the first half of this year. The move sent shockwaves throughout Western manufacturing chains. The race to create domestic mine-to magnet supply chains is accelerating, especially in the United States. Here, the Department of Defense has taken a direct stake…
Australia approves the North West Shelf Gas Plant to operate until 2070
Australia approved Woodside's application to operate Australia's second largest and oldest liquefied gas plant, the LibNaGa Plant, until 2070. The new emission rules were imposed to reduce its environmental impact. North West Shelf, a plant in Western Australia, is expected to emit up to 4.3 million metric tons carbon dioxide over its lifetime.
ADNOC sells stakes in listed companies to XRG, the international arm of ADNOC
Abu Dhabi National Oil Company announced on Thursday that it had transferred its shares in a number of its listed subsidiaries, to XRG International Investments, its international investment division for which it has ambitious plans for growth. The state-owned oil giant stated that the transfers of stakes…
Energean secures new $4 billion Israeli gas offtake but conflicts hamper output
Energean, which focuses on the Eastern Mediterranean, said it had secured new Israeli gas contracts worth $4 billion in the first six months of this year. This brings the total contract pipeline of the company to $20 billion for the next 20 years. The London-listed company cut its production…
Bloomberg News CEO: Cenovus is 'closing doors' on a higher bid for MEG Energy
Cenovus Energy, Canada, does not intend to increase its bid for MEG Energy, an oil sands producer, despite Strathcona Resources' higher offer, according to its CEO Jon McKenzie, who spoke with Bloomberg News on Tuesday. MEG shares fell by 2%, to C$28.54. Cenovus shares rose more than 3 % to C$23.28.
GASTECH-Japan’s Inpex considers UAE production increase, Norway expansion
Inpex, Japan's largest oil and gas exploration company, is looking at increasing production in its concessions onshore and off-shore in the United Arab Emirates as well as expanding their activities in Norway. This was announced by its chief executive and president on Tuesday. Takayuki ueda…
Shares of UK's Serica Energy drop after it reduces its annual production forecast
Serica Energy, a British company, cut its production forecast for 2025 on Wednesday after being hit by a temporary drop in production at the Triton production storage and offloading ship. Its shares fell nearly 14%. Serica stated that production of the Triton vessel was curtailed because…
TotalEnergies holds 10% stake in Rio Grande LNG Train 4 Project
TotalEnergies said it would take a 10% share in a joint-venture with the liquefied gas producer NextDecade to build a fourth liquefaction train for the Rio Grande LNG Project in Texas. The US President Donald Trump lifted a moratorium against new export permits, resulting in a more favorable regulatory environment for LNG developers.
Exxon expects EU to sign long-term US gas deals, FT reports
The Financial Times reported that ExxonMobil expected the European Union would sign multi-decade contracts for U.S. natural gas as part of its pledge to purchase billions of dollars in American energy. As part of a broad trade agreement with Washington, the EU pledged in July to buy 750 billion dollars of U.S. power by 2028.
Anglo-Teck merger proposal could end mining consolidation deadlock
Anglo American's and Teck Resources' planned $53 billion merger announced on Tuesday is a major breakthrough following years of failed consolidation efforts in the mining sector. It could also spur rivals into action. There is broad support for the second-largest merger in copper history, which would create the fifth largest copper company in the world.
Venezuela bondholders and creditors clash before Citgo auction decision
The auction of Citgo Petroleum's parent company, which is owned by Venezuela and based in the United States, has turned into a heated battle between creditors seeking compensation for expropriation their Venezuelan assets as well as holders of defaulted bonds issued by Venezuelan oil company PDVSA.
Lula: Brazil's environmental agency must be satisfied with Petrobras tests in offshore areas.
Brazil's president Luiz Inacio Lula Da Silva said that the environmental agency Ibama must be satisfied with results of a emergency drill conducted by the state-run oil company Petrobras within the Foz do Amazonas Basin. Petrobras already conducted the test. Ibama must be happy with the results…
In the latest auction, Germany's SEFE was unable to allocate space for gas storage at Rehden.
The German gas company SEFE announced on Tuesday that it was unable to allocate any of its offered natural gas storage spaces at its northern German Rehden facilities for the 2025/2026 period during its latest auction. SEFE offered 3 terawatt-hours (TWh), the largest gas storage site in Germany, as its capacity.
INSTANT VIEW - Teck and Anglo forge a $53 billion mining giant to bet on the surging demand for copper
Anglo American, a London-listed company, and Teck Resources, a Canadian firm, will merge for $53 billion, both companies announced on Tuesday. This is the largest mining deal in over a decade. Anglo Teck will have its headquarters in Canada and a primary listing on the London Stock Exchange, according to the companies.
GASTECH-China-Russia pipeline plans do not affect Asian demand for US LNG, according to Venture Global CEO
According to Michael Sabel of Venture Global LNG (the second largest U.S. LNG exporter), recent gas agreements between China, Russia and other countries are unlikely to affect Asian demand for U.S. LNG. China, which is the largest LNG importer in the world, signed agreements on September…
Freeport suspends Indonesian Grasberg mine operations following underground incident
Freeport-McMoRan announced on Tuesday that it temporarily halted the mining of Indonesia's Grasberg Mine after a large amount of wet materials blocked access to certain parts of its underground. This restricted evacuation routes for seven employees. The company reported that the incident…
Anglo American and Teck Resources, Canada to merge in $50 billion deal
Anglo American announced on Tuesday that it had agreed to merge with Teck Resources. The London-listed miner would own approximately 62.4% of the combined company and the Canadian miner would hold 37.6%. Anglo Teck's headquarters will be in Canada, but the primary listing will take place in London.
Mexico's budget deficit will be lower by 2026, as the economy grows.
The Finance Ministry said in its budget proposal on Monday that Mexico expects the budget deficit to drop to 4.10% in 2026, due to the expected growth of the GDP. The government is under pressure to reduce the deficit. It now expects to close 2025 with 4.32%. At the same time, it has pledged…
Executives warn that US tariffs are worsening challenges for the petrochemical sector.
TotalEnergies' executive said that U.S. Tariffs could cause a 15% decline in global petrochemicals trade. This was revealed at the APPEC Conference in Singapore, held on Tuesday. Ganesh Gopalakrishnan's, TotalEnergies head of petrochemicals, said on the sidelines APPEC that if tariffs are…
ConocoPhillips will purchase LNG from NextDecade Rio Grande Train 5 Project
ConocoPhillips, a U.S. oil producer and gas exporter, will buy 1.0 million tonnes of liquefied gas per year from NextDecade Rio Grande's Texas export facility for 20 years. NextDecade, also known by the name of a train or its fifth liquefaction plant, will provide superchilled fuel at Rio Grande from their fifth liquefaction unit.
EQT Corp. signs 20-year LNG contract with Commonwealth LNG Louisiana facility
The companies announced on Monday that the U.S. energy company EQT Corp would purchase 1 million tonnes of liquefied gas per year (mtpa), from Commonwealth LNG’s planned export facility on the Gulf Coast, near Cameron, Louisiana. EQT will purchase the LNG at a fixed price indexed by Henry Hub, and market and optimize their cargos on an international level.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs.
The US cuts to oil jobs and expenditure threaten the output growth
Due to the lower oil price and the largest consolidation in the last generation, the U.S. Oil industry has cut thousands of jobs and billions of dollars in spending. This could be the end of rapid growth in output that made the U.S. world's leading producer. Organization of the Petroleum…
Shares of UAE lender ADCB fall as it looks to raise $1.7 billion through a rights issue
Abu Dhabi Commercial Bank's (ADCB's) shares fell as much as 7.9% on Monday after it announced that the bank was looking to raise as much as 6.1 billion dirhams (1,66 billion dollars) via a rights offering. The board of the bank has recommended that it increase the share capital through the issuance of 592.2 millions new shares.
Strathcona Energy, Canada, sweetens MEG Energy's bid to top Cenovus
Strathcona Resources, a Canadian oil and natural gas company, increased its bid for MEG Energy Monday in an attempt to surpass Cenovus Energy. MEG's Christina Lake project is one of Canada's most prized assets in the energy sector. Its long reserve life, its low operating costs, and the significant…
TotalEnergies sees Brent-Dubai crude price gap remaining negative
TotalEnergies' executive stated on Monday that the price gap between Brent crude and Dubai crude will remain negative because of strong demand for Middle Eastern heavier oil despite increased supplies from OPEC countries. Rahim Azouni was TotalEnergies senior vice president of shipping and trading at the APPEC Conference in Singapore…
State researcher: China's oil demand will peak in 2027 and is up 100,000 bpd from this year.
A state oil researcher stated on Monday that China's total demand for oil, including all its products, will peak in 2027. This year, the sector of petrochemicals is expected to increase by about 100,000 barrels a day, due to increased volume. The researcher says that the soaring use of electric vehicles (EVs) in China…
Bapco Energies eyes fourth quarter completion for refinery expansion
Alexander van Veldhoven said that the group chief strategy officer of Bahrain's state oil company Bapco Energies, Alexander van Veldhoven spoke at the Asia Pacific Petroleum Conference in Singapore on Monday. He said that the expansion would increase Sitra's refinery capacity from 265,000 barrels per day to "just below 400,000 barrels per days".
S&P Global: China's oil stocks help offset global surplus
S&P Global, which spoke at the APPEC Conference on Monday, said that China, as the world's largest oil importer, had been stockpiling the crude at a record pace for several years, helping to balance a global surplus despite the output increases by OPEC+. China has built up crude oil stocks at a rate 530,000 barrels per daily (bpd) this year.
S&P Global predicts that Brent crude will reach $55 per barrel in the year-end.
An executive from S&P Global said that the price of Brent crude is likely to drop to $55 per barrel in the year-end. This was stated at Monday's Asia Pacific Petroleum Conference. Brent crude futures rose about 0.5% to $65.84 a barrel on Monday after OPEC+ decided over the weekend that they would increase output in October…
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The Organization of Petroleum Exporting Countries is pressuring Iraq…
Energy secretary: Russian gas sales to China will not harm US
Energy Secretary Chris Wright stated on Friday that the U.S. fuel exporters would not be affected by any Russian gas sales to China. Russia and China approved a new gas pipeline, Power of Siberia 2 this week. This shows that Chinese President Xi Jinping has no regard for Western demands to back off from a deeper partnership with Moscow.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 7 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since seven weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending September 5. Baker Hughes reported that despite this week's increase in rig count…
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts.
US sanctions prevent Colombian Ecopetrol from purchasing Monomeros gas from Venezuela
Due to U.S. sanction, Colombian state-run Energy Company Ecopetrol is unable to acquire Venezuelan owned fertilizer producer Monomeros Colombo Venezolanos, or purchase natural gas from Venezuela, said Monica de Greiff on Caracol Radio Station. In July, Colombia's Mines and Energy Minister…
Sources say that Italy is seeking guarantees for a potential sale of IP refiners to Azerbaijan SOCAR.
Two sources confirmed on Thursday that Italy wants guarantees from Azerbaijan on the security of fuel supplies if the founding families of Italiana Petroli accept a sale to Azerbaijan’s state energy company SOCAR. Separate sources have previously stated that IP's private owners, the Brachetti peretti family…
Afentra signss terms for its first offshore operatorship
The London-listed oil and gas company Afentra announced on Thursday that it had signed a framework contract for its first operating license offshore Angola, in a block which has proven resources. Block 3/24 is a shallow-water oil and gas discovery with several identified exploration prospects.
Wall Street Journal, September 4,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. ConocoPhillips, a U.S. oil producer and gas company, will reduce its workforce by up to 25% or 3,250 workers as part of an extensive restructuring. Newsmax has sued Fox Corp…
ExxonMobil is considering selling European chemical plants to FT, reports
The Financial Times reported that ExxonMobil was looking to sell its European chemical plants located in the UK, and Belgium, as the industry struggles with the impact of U.S. Tariffs and the competition from China. In recent weeks, the U.S. energy company has been in early discussions with advisors about possible sales that could bring up to $1 billion.
NextDecade's Rio Grande Train 5 Export Facility will supply EQT with LNG
The companies announced on Wednesday that U.S. energy company EQT would purchase 1.5 million tons of liquefied gas per year from NextDecade’s Rio Grande Export Facility in Texas, for a period of 20 years. NextDecade, also known by the name of a train or its fifth liquefaction plant, will…
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning.
Copper miner Teck delays major project approvals during operations review
Teck Resources, a Canadian mining company, announced on Wednesday it had undertaken an operations review of the entire company and would delay approval of major growth projects until its Quebrada blanca (QB), copper mine in Chile reaches steady operation and targets output. In a separate statement…
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, an American oil and gas company, will reduce its workforce by 20-25% as part of a broader restructuring program. This was confirmed on Wednesday, after five sources said that CEO Ryan Lance had detailed his plans in a short video earlier today. The largest independent oil producer saw its shares fall 3.9%, to about $95.11.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
A spokesperson for ConocoPhillips, an American oil and gas company, said that the company will be cutting 20-25% from its workforce as part of a wider restructuring program. Shares of the firm fell 4.7% to $94. Four ConocoPhillips source confirmed that employees received an email containing a video from CEO Ryan Lance outlining the plans.
Nigeria's TotalEnergies deal marks shift to gas development
The Nigerian production-sharing agreement with TotalEnergies will be a model for future agreements, according to the oil regulator. It is the first contract based on a new law aimed at boosting the gas production of the OPEC country. The Petroleum Industry Act of 2021, which recognised the economics of oil exploration and production…
Trump is "very disappointed" with Putin about Ukraine
Donald Trump, the U.S. president, said he was "very dissatisfied" with Russian President Vladimir Putin on Tuesday. He added that his administration planned to take certain actions to reduce deaths in Russia's conflict in Ukraine. The Republican leader said that he is not worried about the warm relations between Russia and China.
US LNG exports record highest ever in August
LSEG's preliminary data shows that U.S. LNG exports reached a record high in August, as plants completed planned maintenance and Venture Global’s Plaquemines plant continued to increase production. According to LSEG, August exports totaled 9,33 million metric tonnes, surpassing the previous…
Mexico's Pemex signs the first mixed contract with private companies to boost oil production
According to a government report presented to Congress by President Claudia Sheinbaum, the Mexican state oil company Pemex has signed its first mixed contract with private sector partners to try to reverse the declining hydrocarbon production. In her first report to Congress, sent on Monday…
Energy Dept. report lacks merit, say 85 scientists Climate report is a sham
On Tuesday, more than 85 leading climate scientists said that the recent climate assessment of the Trump Energy Department used to justify a relaxation of federal greenhouse gas regulations does not meet standards of scientific integrity. The group, led by professors Andrew Dessler of Texas…
Source: Despite cargo loadings at the Arctic LNG 2 project in Russia, production problems persist.
A source with knowledge of the situation said on Tuesday that the first production train is only running at half capacity at Russia's Arctic LNG 2 facility, which is under U.S. sanction due to Moscow's conflict in Ukraine. Meanwhile, its second production train is experiencing production problems.
Ithaca Energy's top investors sold their stake at a discounted price; the shares fell 17%
Ithaca Energy's shares dropped nearly 17% after its two biggest shareholders sold a 3% stake at a discount to raise approximately 106 million pounds (roughly $143.2 million). Peel Hunt, the bookrunner, said that Delek Group of Israel and Eni, an Italian oil and gas exploration company from Italy sold 49.6 millions ordinary shares for 213.75 pence each.
Investors await growth data; consumer and energy sectors drag Australian share prices lower
The Australian share market ended Tuesday with a lower closing price, due to thin trading. This was mainly caused by the consumer and energy sector, where heavyweight constituents were traded ex-dividend. Local traders also remained on the sidelines, waiting for economic growth figures that are expected later this week.
Glencore to cut jobs at South African vanadium and ferrochrome operations
Glencore announced on Monday that it has begun a retrenchment at its Rustenburg joint venture ferrochrome and vanadium operations, as economic pressures continue. According to Glencore's estimates, South Africa has approximately 80% the known world chrome ore reserves. This makes the country a major player in the global ferrochrome industry.
Official: Syria exports its first crude oil shipment for 14 years
A Syrian energy official said that Syria exported 600,000. barrels of heavy oil from Tartus on Monday as part of an agreement with a trading company. This was the first official export of Syrian crude oil in over 14 years. In 2010, Syria exported 380,000 barrels per day of crude oil. This was a year prior to the protests against Bashar Al-Assad…
Nigeria signs contract for deepwater oil with TotalEnergies
Nigeria signed a Production-Sharing Contract (PSC) for two offshore blocks with TotalEnergies, and South Atlantic Petroleum. The contract is part of a new oil framework that aims to increase exploration and attract investors. Nigeria, Africa’s largest oil exporter, seeks to revitalize its…
Sudan closes Heglig Oil Facilities after Drone Attack
According to a letter from the Sudanese government to their South Sudanese neighbor, the Sudan shut down the Heglig Oil Facility following drone attacks that it blamed the paramilitary Rapid Support Forces. Heglig is located along the southern border of Sudan and houses the primary processing facility for South Sudanese crude oil.
TotalEnergies receives new offshore exploration license in Congo Republic
TotalEnergies, a French oil company, said Monday that it had been granted an exploration permit to explore the Nzombo region off the coast of Congo near its existing Moho facilities. TotalEnergies will own a 50% stake in the asset, QatarEnergy a 35% and Congo's National Oil Company SNPC the rest.
Egypt signs $340 million oil and gas exploration deal with global firms
The Petroleum Ministry announced on Saturday that Egypt had signed four agreements worth $340 million with international companies to explore for oil and gas along the Mediterranean and Nile Delta. The state-owned Egyptian Natural Gas Holding Company, or EGAS, has signed a deal that will…
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for the second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending August 29 to 536, the lowest level since August 2021.
Andy Home: A quiet revolution is taking place in the mining industry
If the world wants to move away from fossil fuels, it will need to have a large amount of copper. Can the mining industry meet this demand? The challenges are enormous. The challenges are huge. The mining process has been highly wasteful and polluting in the past. According to a research paper from Germany's Fraunhofer Institute…