US Energy Secretary to Arrive in Venezuela With Herculean Task of Oil Recovery
This week, the U.S. Department of Energy Chris Wright will visit Venezuela. It is the highest-level U.S. The OPEC country has not had a visit to discuss energy policy in almost three decades. Washington is conducting its first assessment on the ground of the oil industry that it plans to rebuild.
Saudi and US firms partner on northeast Syria Energy Project
Two people with direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in the northeastern part of Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area.
Chile to receive its first Australian LNG in 3 years amid tighter Atlantic supply
According to ship tracking data, two Australian LNG cargoes are on their way to Chile. This would be the first time in three years that Chile has received shipments of this nature. The competition between these two 'basins' could be increased by more cargoes being sent to the Atlantic. This would also support the spot LNG price in the region.
Andy Home, Andy Home: The US and Canada are now working together to secure critical minerals.
The U.S. president Donald Trump just announced "Project Vault", an $12 billion stockpile of critical minerals intended to protect U.S. manufacturing companies from disruptions in supply. The U.S. will need help to fill up the Vault's 60 critical minerals. The friend-shoring game is back and with a vengeance. As the U.S.
Aker BP raises dividend despite 2026 output dip
Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite an anticipated decline in production. Its profit for the last quarter of 2017 was below expectations. The company's poll of 16 analysts showed that the group's earnings were below expectations.
Treasury: US grants license for oil and gas exploration in Venezuela
The?U.S. The?U.S. Washington has eased sanctions against Venezuela's oil industry that were first imposed by the United States in 2019. Since U.S. troops captured President Nicolas Maduro at the beginning of January, Washington has relaxed its sanctions. The government of interim president Delcy Rodriguez then agreed on a $2 billion oil deal with Washington.
Citgo struggles to determine its long-term strategy as the sale process is frozen, according to sources.
Citgo Petroleum, a U.S. refiner, is struggling to make important decisions regarding investments and finances because the sale of the Venezuelan parent company to an Elliott Investment Management affiliate has been frozen for months despite a U.S. court's approval of the deal. The Delaware…
Grupo Carso, owned by Mexican billionaire Slim, confirms Pemex's contract with Macavil Gas Field
Grupo Carso, owned by Mexican billionaire Carlos Slim, confirmed on Tuesday that it had signed an agreement with the state-owned energy company Pemex for the 'development of onshore Macavil in southern Mexico. The contract focuses on natural gas and condensate. Last week, it was reported…
Sources say Mercuria is moving closer to purchasing Raizen's Argentine assets worth over $1 billion.
According to two sources familiar with the situation, a Swiss-founded energy company Mercuria Energy Group is advancing in its bid to purchase a'refinery' and a large number of gas stations located in Argentina. The acquisition would be from Raizen, a Brazilian sugar and ethanol producer in financial trouble.
Sources say Mercuria is moving closer to purchasing Raizen's Argentine assets worth over $1 billion.
According to two sources familiar with the situation, Mercuria Energy Group is advancing in its bid to purchase a refinery in Argentina and hundreds of gas stations from Raizen, a Brazilian sugar and ethanol producer in financial trouble. A source told us that the deal may be done soon, but there is still a chance it won't be.
BP suspends share buybacks to reduce debt, sending shares down 7%
On Tuesday, BP suspended its share buybacks. It also took charges of about $4 billion on its renewables assets and biogas assets. This sent its shares down by 7% during afternoon trading. The oil major said that it will shift money from its buybacks into shrinking debt and refocusing investment in oil and natural gas projects…
Energean International CEO: Egypt has told international oil companies to double their output by 2030
Energean International CEO, Nikolas Katcharov, said on Tuesday that Egypt had directed international oil firms to 'double production by 2030. Existing contracts need to be revised in order to encourage new investment. Katcharov stated that the low gas prices which supported earlier phases…
Saudi and US firms partner on northeast Syria Energy Project
According to two sources with knowledge of the plans, two Saudi Arabian firms and three U.S. companies are planning to form a consortium to explore and produce oil and gas in the?northeastern?Syria. The sources stated that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with Saudi Arabia's ACWA Power, and TAQA to complete the project.
BP confirms that it has applied for an OFAC license to develop the Venezuela/Trinidad Gas Field
BP wants a license to 'develop' its Manakin Cocuina Gas Field that crosses the border between Trinidad and Tobago, Venezuela and Trinidad. This was revealed by interim BP CEO Carol Howle on Tuesday. Shell's Dragon and Manatee project and BP's Manakin are among the energy companies that have moved forward with their plans in Venezuela since the U.S.
Oil India's quarterly profit declines on lower crude realisations
Oil India, an Indian exploration company, reported on Tuesday that its third-quarter profits fell as lower realisations squeezed the margins despite higher fuel demand. The profit of the state-owned company, which excludes earnings from overseas operations and joint ventures, dropped 33.8% for the third quarter to $80.2 million.
Presidio, a US energy company, plans to use a Goldman Sachs debt facility worth $1 billion to finance deals.
Presidio Investment Holdings and Goldman Sachs are working on a debt?facility of up to $1 billion, which will give the U.S. Oil and Gas Producer a war chest to pursue acquisitions when it becomes a public listed company. Energy producer EQV Ventures Acquisition Corp. will list the company…
Norway's Vaar Energi raises production goal, beats profit expectations
Vaar Energi is majority owned by Italy's Eni. On?Tuesday, it raised its production target and reported a higher than expected operating?profit in the fourth quarter. However, Vaar Energi said that they would be cautious with their dividend guidance because of lower oil and gas prices. Oslo-listed Vaar’s earnings before interest…
Sources say that Venezuela's Orinoco Belt is loosening, which helps to boost oil production to 1 million barrels per day.
Sources close to the operations reported that Venezuela's state-owned?oil firm PDVSA reversed the majority of output cuts in its own oilfields and joint ventures located along the Orinoco Belt. Total production has increased to close to one million barrels a day. OPEC member Venezuela was…
Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.
Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd).
Expand Energy CEO to leave and move to Houston
Expand Energy, a natural gas producer, announced the departure of its CEO Domenic Del'Osso on Monday. It also stated that it plans to move its corporate headquarters from Oklahoma City to Houston this year. The company announced that Michael Wichterich, its chairman, has been named interim chief with immediate effect.
Transocean buys Valaris for $5.7 billion to expand global offshore rig fleet
Transocean, a provider of oilfield services, announced on Monday that it will acquire Valaris, a peer company, in a $5.8 billion all-stock deal. This acquisition will increase its exposure to deepwater, harsh environment and shallow water basins around the world. Transocean shares dropped…
Shell is in need of a big deal or discovery as its oil and gas reserves are dwindling
Shell and analysts agree that the company needs to find a way to increase production to compensate for an expected shortage of between 350,000 and 800,000 barrels equivalent to oil per day in 2035, due to mature fields that are unable to meet its output targets. Oil majors have resisted the urge to 'top up' their reserves for years.
US takes on Chinese dominance in the race for African minerals
Diplomats, executives and analysts have said that the U.S. uses offtake agreements and state-backed financing to compete with China?in a short time frame? in order to secure supplies of African cobalt, copper and other essential minerals. Washington is focusing on Zambia, Guinea and the Democratic Republic of Congo.
Trump criticizes Olympic Skier for Comments about Representing US
U.S. president Donald Trump criticised American Olympic skier Hunter Hess, on Sunday. Days earlier, the athlete had expressed "mixed feelings" about representing the U.S. in the 'Winter Olympics' held in northern Italy. The presence of U.S. Immigration and Customs Enforcement personnel at the Milano Cortina Olympics has sparked political tensions.
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction"…
Trump lashes out at Olympic skier for comments made about representing the US
Donald Trump, the President of the United States, criticised American Olympic skier Hunter Hess Sunday. This comes days after Hess expressed his mixed feelings about representing?the United States. The Winter Olympics are taking place in northern Italy. The presence of U.S. Immigration &…
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that…
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified…
BP does not intend to honor the National Oil Bargaining Agreement, says union
The union representing hundreds of workers in BP's Whiting Refinery, the.largest refinery.in the Midwest, announced?on.Friday that the British oil giant does not intend honoring the national oil bargaining agreements. The United Steelworkers union has adopted a national oil bargaining agreement…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the third consecutive week for the first since November. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending February 6 to reach 551 - its highest level since November.
Glencore focuses on short-term disposals while Rio deal remains elusive
Glencore, the Swiss-based mining company, is likely to sell assets to bolster its copper portfolio after failing to merge with Rio Tinto. The two companies have called off talks to create a global mining giant worth $240 billion due to disagreements over valuation and ownership. This is the third failed attempt at a tie-up…
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade.
As the Gulf crisis spills over into business, some UAE companies withdraw from Saudi defence show
Two sources who are directly involved in the matter have confirmed that some UAE companies pulled out of the'major defence exhibition' taking place in Saudi Arabia. This is the latest indication of the rift between two Gulf oil giants which has now impacted business interests. The World Defense Show will take place from 8-12 February in Riyadh…
Trinidad's Atlantic LNG will shut down Train 4 to perform major maintenance
Three people familiar with the plan said that Trinidad and Tobago’s flagship 'Atlantic LNG' plans to close its 6 million metric ton per annum Train 4 in May and/or June for maintenance and repairs. Atlantic LNG is owned by Shell, BP and Trinidad's National Gas Company. Each company holds a 45% share.
Some UAE companies withdraw from Saudi defence show due to Gulf rift
Two sources who have direct knowledge of the situation said that some UAE companies had 'pulled out' from a major Saudi Arabian defence show. This is the latest indication that the rift between two Gulf oil giants has impacted business interests. The World Defense Show will be held in Riyadh, the Saudi capital from 8-12 February.
Mercuria and India's Tata will form a commodities trading venture
The global commodities trading house Mercuria is forming a joint-venture with Tata International to expand their presence in India and help the conglomerate trade a diverse basket of commodities. Noel Tata said that the joint venture is well-positioned for a scalable and compliant trading platform.
Futures prices rise on TSX ahead of US-Iran discussions as gold and oil prices increase
Futures for Canada’s main stock index rose Friday, signaling a positive start after a steep selloff during the previous session. Precious metals recovered and oil prices climbed ahead of U.S. Iran negotiations in Oman. As of 5:55 a.m., March futures for the S&P/TSX Composite Index were up 0.54%. ET. Toronto's resource-heavy benchmark Index fell on Thursday.
Sources say that Mexico's Pemex awarded a contract to a Slim Company for the gas and condensate fields.
Three sources familiar with the matter confirmed that the Mexican state company Pemex awarded a contract to a Carlos Slim-controlled firm for a natural gas and crude oil field. This is another step in strengthening Slim's presence in the energy industry. The state-owned company had awarded five contracts in the same format in mid-December.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched…
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years.
Sources say that Japan's Mitsui is close to purchasing a stake in Qatar LNG Project.
Five sources said that Japan's Mitsui & Co. is on the verge of buying a stake, in the second phase, in QatarEnergy’s massive North Field project as it seeks a stable liquefied gas (LNG). The deal, if reached, would strengthen Japan's energy safety as it seeks to meet the increase in electricity…
Sources: Mitsui Japan is close to a stake in Qatar LNG Project
Five sources said that Japan's Mitsui & Co. is on the verge of?buying a share in the second phase QatarEnergy’s massive North Field Project?in order to ensure a stable liquefied gas supply (LNG). The deal, if reached, would strengthen Japan's energy safety as it seeks to meet the increase…
Australia's biggest takeover bids never came to fruition
The merger talks between Rio Tinto & Glencore failed after both sides could not resolve their differences on valuation. This ended months of negotiations about a tie up that would have created?the world's largest mining firm with a value market exceeding $200 billion. The following is a list…
Rio records record for Glencore exit, but banks and miners are sapping Australian shares
Australian shares continued to fall on Friday, as an index-wide sale led by banks and miners saw a decline in the market. Rio Tinto reached its highest level to date after abandoning discussions with Glencore about creating what would have been the world's biggest mining company. S&P/ASX 200 index fell 1.6% by 2320 GMT to 8…
BP Whiting refinery workers are preparing for a possible strike after union talks fail
United ?Steelworkers is asking workers at BP's 440,000-barrel-per-day refinery ?in Whiting, Indiana, to prepare for ?a strike ?or lockout, the union said on Thursday after weeks of negotiations with the British oil major that did not yield results. The comments follow a vote by 98% of the?800…
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff.
Rio Tinto and Glencore abandon plans to create the world's largest mining company
Rio Tinto has ended takeover negotiations with Glencore after months of talks over a tie up that would have reshaped global mining. The merger was first announced in January and would have created a global mining giant with a value of more than $200 billion. Rio announced on Thursday that…
US auctions drilling rights in Alaska Reserve on March 9
On Thursday, the Trump administration announced that it would sell oil and gas?drilling?rights across 5.5 millions acres of Alaska’s National?Petroleum Reserve. This sale is?the first in a series of at least five that President Donald Trump signed into law with his One Big Beautiful Bill Act last year. Since 2019, the U.S.
Top tax official: India monitors evolving crypto-trading to ensure tax compliance
India has been in contact with cryptocurrency exchanges for a while to gauge the changing trading activities. It is also seeking to monitor newer crypto products. India does not regulate cryptocurrencies. However, global crypto exchanges like Binance, Coin DCX and Zebpay, which are registered with the government, operate in India.
Norway Parliament rejects any challenge to LNG plant power supply
The Norwegian parliament rejected on Thursday a proposal that would have blocked?Equinor from supplying electricity to its Hammerfest LNG plant using the power grid of the region. This allowed the "ongoing" development to continue. The Socialist Party, which had previously supported the plan but now deemed it to be "in reality unlawful"…
Kuwait Oil Co. in talks with US operators about developing shale gas and oil resources
KUWAIT, February 5, 2019 ( ) – Kuwait Oil Company has been in contact with some?U.S. The CEO of Kuwait Oil Company said that the company is in talks with firms such as Devon Energy and EOG about potential collaboration to develop its shale gas and oil resources. Ahmad Al-Eidan, speaking at the Kuwait Oil & Gas Show, said that KOC "engages with some U.S.
Copper falls in broad metals; increasing inventories are in focus
The price of copper fell sharply Thursday, with losses spreading across precious metals as rising inventories, and a stronger U.S. Dollar, raised demand concerns. The most active copper contract at the 'Shanghai Futures Exchange' closed daytime trading down by 3.76% to 100,980 Yuan ($14,548.96).
Sources say that Rio Tinto will ask for more time to consider the Glencore deal.
Three people with knowledge of the talks said that Rio Tinto and Glencore will announce a delay in the merger talks before a UK regulatory deadline this Thursday. This is to give Rio more time to evaluate the merits of the deal. Rio Tinto may walk away from the deal, despite pushback by some investors, including those in Australia.
Beach Energy's profit falls on account of higher costs and lower oil prices
Beach Energy, Australia, reported a 8% drop in its first-half profits?on Friday, due to higher costs of sales and lower oil and liquids price. This sent the company's shares down?more?than?5%. The benchmark ASX200 index edged down 0.2%, as shares of the oil-and-gas producer fell as much as 5.18 percent to A$1.190.
Brazil's oil regulator authorizes Petrobras to resume Foz do Amazonas drilling
A document obtained by?showed that Brazil's oil regulator ANP had?authorized the?state-run Petrobras on Wednesday to resume drilling operations in the environmentally sensitive Foz do Amazonas area. The drilling was halted by the?ANP in early December after a synthetic liquid leaked from…
The Financial Times reports that Rio Tinto wants to be at the forefront of Glencore merger discussions.
The Financial Times reported that Rio Tinto wants to keep its chairperson and CEO, but Glencore wants a large premium. This is because the deadline for any potential merger is approaching. The FT reported that the 'talks, which started in early January, will continue past the deadline of Thursday, citing sources close to the 'talks.
Mexico's Pemex will supply $496 million worth of oil to Cuba by 2025
Mexico's Pemex provided crude oil and petroleum products worth $496m to Cuba in 2025, through a contract that was effective since 2023. The shipments of oil to Cuba has increased tension between Mexico and the U.S. after U.S. president Donald Trump warned last week that he would impose a tariff on countries who sell oil to this Caribbean island.
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets as fossil fuel…
Nigeria's Dangote Refinery will begin full-capacity testing in February
A senior executive at Nigeria's Dangote Refinery said that the facility will start performance testing?runs? in February, after it has completed planned maintenance. This is a crucial step to ensuring a steady operation throughout the year. Africa's biggest oil refinery started operations in 2024.
Equinor announces a sharp fall in capital spending next year and cuts back on buybacks by 70 percent
The company said that it would cut back on share buybacks to 70%, and reduce investment in renewables and low emissions energy. This was announced as the company reported a 22% decline in its fourth-quarter profits, due to lower oil and gas prices. Analysts say that share buybacks and dividends are unsustainable due to low oil prices.
Borouge will be listed in Vienna by 2027, according to Austria's OMV.
Austrian oil and gas and chemicals group OMV beat market expectations on net income Wednesday. Its chemicals division was the main driver. Borouge, which recently merged, will be listed in Vienna by 2027. Analysts cited good results in a difficult market environment as the reason for OMV's 3% rise at 1325 GMT.
TSX futures advance as oil and gold gain on US-Iran tension
The futures that track Canada's main index of stocks rose Wednesday, as precious metals continued to?gain. Meanwhile, oil prices rose amid simmering tensions in the Middle East following the U.S. shooting down an Iranian drone. As of 5:35 a.m., March futures for the S&P/TSX Composite Index were up 0.5%. ET.
Romania's OMV petrom reports a 41% increase in profit on the back of stronger gas, power and refining.
Romanian oil-and-gas group OMV Petrom announced a 41% increase?in adjusted operating profit for the fourth quarter on Wednesday. This was driven by'stronger refining, higher gas and electricity margins and 'increased sales of gas. The Bucharest listed group reported operating profit of 1.35 billion leu ($313.6m) adjusted for current clean cost of supply…
Petronas signs a 20-year LNG Supply Deal with QatarEnergy
QatarEnergy has agreed to supply Petronas with 2 million metric tonnes of LNG per year in a deal lasting 20 years. This will help meet the country's increasing gas demand despite its dwindling gas reserves. Qatar signed a 27-year LNG deal with Japan in the last week, and this deal was the first long-term LNG supply agreement between the two nations.
Sources say that the US will soon issue a general license for oil extraction in Venezuela
Three sources said that the U.S. is preparing to issue a general license allowing oil and gas companies to operate in Venezuela as soon as 'this week'. Washington aims to encourage increased production in the OPEC country since capturing the president. Sources said that the Office of Foreign…
Commonwealth LNG signs 20-year supply agreement with Mercuria in response to US LNG export growth
Commonwealth LNG announced on Tuesday that it had signed a sale-and-purchase agreement for 20 years to supply Mercuria 1 million metric tonnes of liquefied gas per year. The deal stipulates that Mercuria would provide Commonwealth with the equivalent amount of natural gas (estimated at 133 millions cubic feet per day) and Commonwealth will convert it to LNG…
Sources say that Nscale, a UK AI company backed by Nvidia, has hired banks to prepare for its IPO.
People familiar with the situation said that Nscale Global Holdings, a British artificial intelligence company backed by Nvidia, has hired Goldman Sachs and JPMorgan in order to prepare for a public offering. Sources who asked not to be named because the discussions were private said that the timeline for a potential listing had not been determined.
Glencore stops major investment in Quebec smelter over dispute with emissions rules
Glencore announced on Tuesday that it had suspended nearly $1 billion in planned investments at the Horne Smelter - Canada's biggest copper - metal producing operation – after failing to obtain regulatory certainty from Quebec. Glencore, a London-listed mining company, announced in November…
Glencore is in talks with a US-backed consortium to sell a 40% stake in DRC mining to Glencore
Glencore has been in discussions to sell a 40 percent stake in its copper-and-cobalt operations in the Democratic Republic of Congo. The assets are valued at $9 billion, including debt. The Orion Critical Mineral Consortium, led by Orion Resource Partners, a private equity fund, and the U.S.
After Epstein links, Dr. Peter Attia, a longevity expert and David Protein's founder, steps down.
After his dealings with convicted sex offenders Jeffrey Epstein became public, Dr. Peter Attia, a longevity expert, resigned as Chief Science Officer at protein bar maker David Protein. Attia’s name appears over 1,700 times within the 3 million emails that were released by the U.S. Department of Justice as part of their Epstein files on Friday. Dr.
QatarEnergy signs long-term LNG supply agreement with Japan's Jera amid surge in demand
QatarEnergy signed a contract with Japan's largest power generator Jera on Tuesday to supply 3,000,000 tons of LNG per year for 27 years starting in 2028. This deal will further strengthen Qatar's position on the Japanese market. The agreement was made at the LNG2026 Conference in Doha and would strengthen QatarEnergy’s position in Japan…
Congo fighting drove spike in insurance costs, squeezing miners, insurer says
Insurance executives said that the cost of copper and cobalt mining increased as well as insurance premiums for political violence in Democratic Republic of Congo. This was due to the unrest in eastern DRC, which boosted 'insurers' but also 'lifted costs for copper-cobalt miner. In January 2025…
Data shows that Indonesia imported Russian Sakhalin crude oil in December and January.
Ship tracking data revealed on Tuesday that Indonesia imported two cargoes in December and in January of Russian oil. These purchases were rare for the Southeast Asian nation and could be a sign of Russian oil sellers looking to expand their market in response to pressure from other buyers.
Castrol India's quarterly profits drop due to higher costs and one-time charges
The lubricant maker Castrol India reported a 9.9% decline in its fourth-quarter profit on Tuesday. This was due to higher raw material costs and an unforeseen?charge, which outweighed the boost from a sustained demand. Profit after tax for the company fell from 2.71 billion rupees to 2.45 billion (about $27.2 million) during the quarter ending December 31.
Activist shareholders ACCR and pension funds urge BP show that shift to oil will deliver value
UK pension funds, European activist shareholders and ACCR have urged BP to 'publish more information' to prove that its strategy to shift spending from low-carbon projects to oil and natural gas will bolster shareholder value. BP's then CEO Murray Auchincloss had announced a strategy shift back to hydrocarbons a year earlier…
Sources say Glencore is close to appointing Citi for merger talks with Rio Tinto as a consultant.
Two people familiar with the matter said that the Swiss miner Glencore was close to appointing Citi as its "lead investment banking firm" for its potential acquisition of Rio Tinto, which could result in the creation of the world's biggest miner worth over $200 billion. Citigroup Global Markets Inc.
Qatar Energy CEO: By 2030, the LNG glut may be reduced to a gap due to AI power requirements.
Qatar Energy CEO Saad Al-Kaabi said on Monday that the expected global glut of liquefied gas could become a shortage in 2030 due to rising demand for gas and fuels, particularly in Asia. The LNG supply expected between 2026-2029, including projects such as Golden Pass LNG in the U.S. Gulf…
Equinor sells Argentina assets for $1.1 billion
Norwegian oil company Equinor announced on Monday that it had agreed to sell its onshore assets in Argentina's basin of Vaca Muerta for $1.1 billion to Vista Energy, while keeping all its offshore assets. The company stated that the remaining $550 million will be paid in Vista stock and in future payments of $225 millions.
Devon and Coterra merge in $58 billion deal to create U.S. Shale giant
Devon Energy and Coterra Energy decided on Monday to merge as part of a $58 billion all-stock transaction, creating a large-cap company with the top spot in the Permian Basin. The shale industry is consolidating to reduce costs and increase'scale. The largest deal in the sector, since Diamondback's deal of $26 billion for Endeavor Energy Resources 2024…
Reliance stocks lead partial recovery of Indian stocks after budget day saleoff
India's equity benchmarks rose on Monday, with gains led by?infrastructure shares and bargain-hunting in heavyweight Reliance Industries as the?markets recovered from the damage they suffered after the federal budget. The?Nifty50 rose 1.06%, to 25,088.4, and the BSE Sensex gained 1.17%, to 81.666.46.