Trinidad and Tobago wins four deepwater oil and natural gas blocks
The auction of deepwater exploration and production blocks for oil and gas in Trinidad and Tobago failed to attract much interest from foreign investors. Only four out of 26 areas were offered. Trinidad's Ministry of Energy announced that the bidding round ended on Wednesday. The Chinese company CNOOC bid for three blocks and a group of smaller energy companies for another. Ernesto Kesar, Trinidad's junior energy minister, stated that with several auctions taking place in Latin America and a limited pool of deepwater energy companies…
JERA in Talks to Buy $1.7b of US Natural Gas Assets
Japan's top power generator JERA is in advanced talks to buy natural gas production assets in the U.S. for around $1.7 billion, people familiar with the matter said, the latest example of the Asian nation investing in America's energy sector.JERA emerged as the top bidder for the assets owned by GEP Haynesville II, a joint venture between Blackstone-backed GeoSouthern Energy and pipeline operator Williams Companies, after banks solicited offers in recent weeks, the people said, asking not to be identified because the discussions are private.The deal would mark JERA's first foray in shale gas production…
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, speaking on the sidelines at the Gastech conference held in Milan, stated that this is in line the UAE's plan to increase production from 4 to 5 million barrels a day. We have assets in Norway and just recently acquired assets in the Northern Sea. We also have land to expand our operations in Norway.
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 to increase social programs and strengthen the finances of the heavily indebted oil company Pemex. The government has also predicted that Latin America's 2nd largest economy will expand between 1,8% and 2,8%, an increase of up to 1.3 percentage points at both ends.
SIX delists shares in Meyer Burger, a solar panel manufacturer.
The SER regulatory firm of the Swiss stock exchange operator SIX announced on Tuesday that it will delist Meyer Burger's registered shares after the solar panel manufacturer appears to be missing the deadline for submitting its annual report by 2024. SER said that the reasons for the delay in the annual report were not addressed and will likely not be resolved by the deadline requested, leading to a request to delist the shares. SER stated that the decision was not yet legally binding, and could be appealed in 20 days.
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, a day after OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies) agreed to increase oil production starting October. He said: "Clearly, today's market is looking to heavier grades...
Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark Brent crude oil price has dropped by more than 10% in the past year due to uncertainty about trade policies around the world and the Organization of Petroleum Exporting Countries (OPEC) and its allies increasing production. ConocoPhillips, a U.S.
India to Continue Buying Russian Oil Despite US Tariffs
India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow.As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude.New Delhi has said its purchases of Russian oil have kept the markets in balance.U.S.
Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18,7 billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC began its bid in June for Santos, Australia’s second largest oil and gas company. A due diligence initial was to be completed before August. The deal was postponed from August to September 19, despite the fact that no major problems were found.
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 Edwin Palma said the government had signed a confidentiality agreement with Venezuela to exchange information related to a potential acquisition of Barranquilla-headquartered Monomeros. The Office of Foreign Assets Control of the U.S.
Document from the Politburo shows Vietnam is open to using small modules nuclear reactors
According to a document released by the Communist Party’s Politburo (the most powerful body in the country), Vietnam is open to the use of small module reactors to power its planned nuclear plants. Southeast Asia, a manufacturing hub in the region, seeks to increase its capacity for power generation to support an economy that is one of the fastest growing in the world. The document is available on the internet. It calls for a rapid development of "a flexible nuclear energy development plan with small module reactors" and encourages private companies in the nuclear industry.
California legislators vote to allow the sale of higher-ethanol gasoline
California lawmakers voted on Wednesday to allow the sale a gasoline blend with a higher ethanol content that could lower fuel prices in America's largest auto market. Once the bill has been signed by Gavin Newsom, E15 (a blend that contains 15% ethanol) will be available for sale immediately. California was the only state in the U.S. that didn't allow the sale of this fuel. This move will likely benefit biofuel producers as well as corn farmers. It will increase the market for these products in the largest U.S. State. California's Senate approved the bill AB 30 with a 39-0 unanimous vote.
Highest Ever US LNG Exports Recorded in August
U.S. exports of liquefied natural gas (LNG) reached an all-time high in August as plants exited planned maintenance programs and Venture Global's Plaquemines facility continued to increase output, preliminary data from financial firm LSEG show.August exports totaled 9.33 million metric tons, beating the previous monthly record set in April of 9.25 million tons and higher than the 9.1 million tons exported in July, according to LSEG data.Plaquemines is the second-largest LNG plant in the U.S.
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 monthly record of 9.25 millions tons set in April and exceeding the 9.1million tons exported in July. Plaquemines, the second largest LNG plant in the U.S., has a capacity to produce 27.2 million tonnes per year (MTPA). Its production has been increasing every month since its start-up in December 2024.
Private equity deals in Japan are set to reach a record-breaking year.
Private equity funds and advisors predict that take-private deals will reach a new record in Japan this year. They expect the total to surpass the $40.3 billion in 2023. This is because companies are under pressure to increase returns for investors. Private equity was once seen as a threat by Japanese companies, who referred to it as "hagetaka", which means vultures. They are now more open to buying out companies and letting go of their once prized listed status, as activist investors and the Tokyo Stock Exchange call for a revamping of capital management and cross shareholdings.
US and Russian officials discussed the latest Ukraine peace talks alongside energy deals
Five sources familiar with these talks claim that U.S. officials and Russian government officials discussed energy deals in parallel to negotiations to achieve peace in Ukraine this month. They said that these deals were presented as incentives for Washington to relax sanctions against Russia and to encourage the Kremlin into peace in Ukraine. Due to sanctions imposed after the Ukraine invasion in February 2022, Russia is no longer able to attract international investment into its energy sector or make major deals.
New England officials claim that the US's decision to halt a wind project is a mystery.
Business and government leaders in New England claimed that the Trump administration's decision to stop work on a nearly finished wind farm near the coast of Rhode Island is a threat to grid reliability and jobs, and it defies any explanation. Connecticut and Rhode Island state leaders demanded information from the Trump administration on why the order was issued late Friday to stop work on the Revolution Wind project. The Bureau of Ocean Energy Management, in its letter to Orsted project developer, cited concerns about national security that were not specified.
Officials say that the US decision to halt a wind project in New England has a negative impact on grid reliability and jobs.
Energy and labor officials warned on Monday that the Trump administration's decision to stop work on a large wind farm being built off the coasts of Rhode Island could threaten grid reliability and create jobs. ISO New England which operates the grid across six states and North America’s Building Trades Unions issued these criticisms after the Interior Department of President Donald Trump abruptly stopped work on the Revolution Wind Project, which was 80% completed, on Friday, citing unknown national security concerns. On Monday, shares of Orsted, a Danish project developer, fell to new lows.
ConocoPhillips to Buy 4 Million Tons LNG from Sempra's Port Arthur Phase 2 Project
U.S. oil and gas producer ConocoPhillips said on Thursday it would secure 4 million tonnes per annum of liquefied natural gas from Sempra's Port Arthur LNG Phase 2 project in Texas to serve key global markets.Commercial activity in the U.S. LNG sector has picked up pace after President Donald Trump lifted a moratorium on new liquefied natural gas export permits soon after taking office in January.ConocoPhillips will buy LNG over a 20-year term on a free-on-board basis, the company said in a statement.The United States is the world's largest LNG exporter…
Q&A: Auction heats up for Venezuelan refiner Citgo as US court considers bids
After delays, the U.S. auction for Venezuelan-owned U.S. refining company Citgo is heating as bidders increase their offers. This is good news for creditors who are seeking compensation for Venezuelan debt defaults and for a wave nationalizations that occurred under the late Venezuelan president Hugo Chavez. Citgo is Venezuela's crown jewel in terms of foreign assets. The bidding round that ends this month has been spiced up by last-minute bids, compared to a dull round last year. Recently…