TotalEnergies CEO bullish on oil price despite slowing Chinese demand
ABU DHABI/PARIS - TotalEnergies CEO Patrick Pouyanne stated on Monday that the growth of Chinese oil demand has slowed as China transitions to a greener energy. He said, however, he remained optimistic in the long term due to increasing demand in India. They are moving towards a situation where they will need less oil and become less dependent on oil. The CEO of Abu Dhabi's International Petroleum Exhibition and Conference told the annual International Petroleum Exhibition and Conference that China had reduced its oil demand from 600,000 barrels a day to around 300,000 today.
Exxon and QatarEnergy executives warn Europe of a possible exit due to climate law
ExxonMobil executives and QatarEnergy executives warned on Monday that they may stop doing business in Europe if the EU does not loosen its sustainability law, which could result in fines up to 5% of global revenue. Exxon CEO Darren Woods said on the sidelines the ADIPEC Meeting in Abu Dhabi, that the EU Corporate Sustainability Due Diligence directive would have "disastrous" consequences if it was adopted in its present form. The directive requires that companies operating in the EU address risks to human rights and the environment in their supply chains.
BP CEO predicts that non-OPEC+ oil supplies could decrease by April
BP Chief Executive Murray Auchincloss stated on Monday that oil supply growth outside OPEC+ may decline by April while demand remains strong. Auchincloss stated that "there is a supply rise outside of OPEC+." "We believe that will end in February, March and April. Auchincloss, who spoke at the ADIPEC Energy Conference in Abu Dhabi, said that future oil prices will be determined by three factors: OPEC+ decision, Chinese stockpiling, and the impact on sanctions. He said, "It is a very serious…
ExxonMobil warns EU laws could force ExxonMobil to leave Europe
Woods is one of a growing group of energy producers who are urging European legislators to revise Corporate Sustainability Due Diligence, which mandates that companies operating in the EU identify and address risks related to human rights and the environment across their supply chain. Woods said on the sidelines at the ADIPEC conference in Abu Dhabi that it would be impossible for us to remain in Europe if we couldn't succeed there. The directive is intended to provide investors with greater visibility of risks throughout the value chain…
Inpasa begins construction of new grain-ethanol plant worth $445.2 Million in Brazil's Goias State
Inpasa, Latin America's leading grain ethanol producer, announced on Friday that it would invest 2.4 billion Reais ($445.2 Million) in a new facility to be built in Rio Verde (Goias), adding that the construction had already begun. The company announced in a press release that the new facility, its ninth, and first in Goias will strengthen the integration of agriculture and energy with industry. It also plans to use corn and sorghum, among other grains. The plant will process 2,000,000 metric tons per year of grain and produce 1 billion liters (or ethanol) and 490…
US Energy Secretary: There are many opportunities for mutually beneficial energy trade with China
Chris Wright, the U.S. Energy secretary, said that there are many opportunities for a "win/win" energy trade between China & the United States. Donald Trump, the U.S. president and Xi Jinping, the Chinese president, reached a fragile truce on trade in South Korea Thursday. The agreements were on China's purchases of soybeans and exports of rare earths. There is room for a great deal of energy trade between China & the United States. China is the world's largest natural gas importer. The United States is the world's largest natural gas exporter.
Canada's Imperial Oil surpasses profit expectations on record production and strong refining
Canada's Imperial Oil announced a higher-than-expected profit for the third quarter on Friday. Record production and refinery output offset lower crude oil prices. Canadian oil sands companies such as Imperial Oil, have been resilient in the face of a global oil downturn. They have done so because they have invested for years and are now among North America's low-cost producers. Imperial, which is majority owned by Exxon Mobil said that its upstream production from July to September rose 3.4%, reaching 462,000 barrels of crude oil equivalent per day.
Source: Mozambique's TotalEnergies has requested that Exxon LNG put its decision on hold.
According to a source with knowledge of the situation, Exxon Mobil cannot make a final decision about a $30 billion project for liquefied gas in Mozambique named Rovuma LNG before TotalEnergies resumes its work on an adjacent project. TotalEnergies project affects Exxon because it includes shared facilities. The French company confirmed Saturday that they had lifted the four-year period of force majeure for their $20 billion Mozambique Liquefied Natural Gas project. TotalEnergies, in a letter sent to the Mozambique Government…
China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange. Sinopec Corp, a domestic rival, reported a flat third-quarter net profit. However, the company's first-nine-month net income dropped by 3%.
TotalEnergies' Q3 earnings are down slightly as lower oil prices weigh
PARIS, 30 October - French oil giant TotalEnergies announced a 2.4% decline in earnings for the third quarter on Thursday. This was expected, as an increase in upstream production, and improved crude refining margins, partially offset lower oil price. LSEG's analysts consensus showed that adjusted net income fell to $4.0 billion, down from $4.1 billion in the same period of last year. The European margins for refining fuels have increased by more than 300% since the EU banned fuel imported from Russia, just as demand for diesel grew during the holiday driving period.
US loans $1.5 billion for coal-fired fertilizer plants
The U.S. Energy Department announced on Wednesday that it had closed a $1.5 Billion loan to Wabash Valley Resources, LLC, for an Indiana Fertilizer Plant, which will now be powered by coal. The department stated that the project would restart a coal-gasification plant, which has been idle since 2016, and modify it so that it can produce 500,000 tons of anhydrous urea each year, using coal from a mine nearby and petcoke as a feedstock. The loan is in line with the policy of the Trump administration to support coal.
Tokyo Gas CEO: US is priority market for overseas expansion, Tokyo Gas.
Tokyo Gas will prioritize the U.S. for its overseas expansion because of its high growth potential, CEO Shinichi SASAYAMA said on Wednesday. Japan's biggest city gas provider is looking at a possible offtake of gas from Alaska. Tokyo Gas, Japan's largest buyer of liquefied gas, and JERA (Japan's second-largest LNG buyer) have signed agreements to purchase 1 million metric tonnes of LNG each annually from the $44 billion Alaskan LNG project, which is supported by U.S. president Donald Trump.
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western sanctions over Russia’s war in Ukraine that began in February 2022. The sale of assets is being conducted under an OFAC wind-down license. Lukoil stated that if necessary, the company will apply for an extension of the license in order to continue uninterrupted operations of international assets. Donald Trump, the U.S.
Oilfield giants shift focus to AI infrastructure after drilling demand declines
SLB, Halliburton, and Baker Hughes, oilfield services giants in North America, are focusing on data centers and artificial intelligence infrastructure to fuel their next phase of expansion as they deal with a slowing drilling market and idle rigs. U.S. producers of oil have reduced exploration budgets, as the price of a barrel hovers in the low 60s, under pressure from rising production by the Organization of Petroleum Exporting Countries (OPEC) and its allies. Meanwhile, power demand has risen due to the surge of AI workloads.
JPMorgan selects Perpetua Resources as the first investment in its $1.5 trillion security funds
Perpetua Resources, an antimony and gold mining company, is the first investment made by JPMorgan Chase’s $1.5 trillion fund to support U.S. National Security. This underscores the company’s important role in producing the metal that China has banned and is used for bullets and weapons. JPMorgan, whose details were revealed on Monday, will invest $75m of its own money for a stake of nearly 3% in Perpetua. Perpetua is building the biggest U.S. mine of antimony about 138miles (222km) north of Boise. The agreement was signed Sunday and expected to be closed on Tuesday.
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm. Next are Russia, Ukraine and Canada, followed by Germany.
TotalEnergies says the Mozambique Liquefied Natural Gas project cost has risen to $4.5 billion
TotalEnergies told Mozambique in a letter that costs for its LNG project had risen $4.5 billion over the past four years. It also wants to extend its production agreement by 10 years. The French oil giant confirmed Saturday that it, along with its partners, had decided to lift the force majeure for this project. It was stopped in 2021 due to an islamist militant attack. Before construction can resume, Mozambique’s Council of Ministers must approve an updated budget. The oil and gas regulator of Southern Africa is preparing its own estimate for the additional costs associated with this project.
TotalEnergies, in partnership with partners, lifts force majeure on the $20 billion Mozambique Liquefied Natural Gas project
TotalEnergies, a French oil company, announced that it had lifted the force majeure for its $20 billion Mozambique Gas project with project partners. This comes four years after a militant Islamist attack halted construction. TotalEnergies' press officer confirmed that a letter was sent on Friday to the Mozambican Government. However, the company stated that the project will only be relaunched after the government has approved a revised budget and schedule. The company stated that before the project can be fully relaunched…
What are the main issues in India-U.S. Trade Talks?
U.S. president Donald Trump said that he spoke to Indian Prime Minister Narendra Modi this week about trade and that Modi assured him India would restrict its oil purchases from Russia. Indian refiners, who are major buyers of Russian oil, said that they will cut their imports sharply after the United States sanctioned Russia’s top oil producers. This could be a crucial step in a U.S. India trade agreement. India is facing steep tariffs of 50% on its exports to America - half of which are aimed at punishing Russian purchases of oil.
Baker Hughes exceeds profit expectations on the strength of industrial and energy technology demand
Baker Hughes, a provider of oilfield services, beat Wall Street expectations for its third-quarter profits on Thursday. This was due to the strength in their industrial and energy technologies (IET) division. Oilfield services firms are navigating a volatile oilfield market. Resilient areas such as LNG infrastructure, upgrades to the power grid, and increasing electricity demand by data centers help support growth. Baker is also relying on the Industrial and Energy Technology (IET), division of the company to increase its presence in the LNG and natural gas market.