Lukoil Struggles to Maintain Overseas Operations Amidst Sanctions
Russian oil major Lukoil is struggling to keep operations running at its sprawling foreign businesses as Western sanctions disrupt oil loadings in Iraq, pump stations in Finland and trading in Switzerland, sources said.The United States and the United Kingdom last month imposed sanctions on Russia's second-largest oil company…
Bloomberg News reports that Kennedy has directed the CDC to investigate the alleged harmful effects of offshore wind farms.
Bloomberg News, citing sources familiar with the issue, reported that U.S. health secretary Robert F. Kennedy Jr. had ordered the Centers for Disease Control and Prevention to investigate the potential harms caused by offshore wind farms. The move is part a larger push by the Trump Administration to scrutinize offshore development…
Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.
Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field. Majnoon Oil Field is located 60 km from Basra, in southern Iraq. It has an estimated 38 billion barleys of oil.
Sources say that OPEC+ is considering a larger increase in oil production
OPEC+ will likely consider a higher oil production increase for November of 411,000 barrels a day at its meeting on Sunday, as the rising oil prices encourages the group to attempt to regain market share. OPEC+ reversed its previous strategy of cutting output and has already increased quotas to more than 2,5 million bpd or 2.4% of global demand to increase market share.
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated that the reductions represented between 3% and 4% of global staff.
Bloomberg News reports that Glencore is in talks with Kamoto Copper Co to sell its stake.
Bloomberg News reported that Glencore, a miner and trader, has been in discussions about selling its controlling stake in an entity that runs a large copper and cobalt operation in the Democratic Republic of Congo. The news comes just a month after Glencore - the second largest cobalt mining company…
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.
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.
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…
China solar stocks rise on hope of a turnaround
China solar stocks rose in Friday's trading after a polysilicon manufacturer said that the industry has reached its bottom. Regulators also called for additional measures to increase sector revenue. Silicon wafers, which convert sunlight into electricity, are made from polysilicon. The government campaign…
After staff cuts, US Energy Data Agency delays reports on uranium and international outlook
Energy Statistics, the U.S. Government's arm that collects and analyzes data about energy, has seen its staff reduced this year. On Thursday, it announced it would delay publishing important energy data, including international outlook, as well as key energy information on uranium. An Energy Information…
Bloomberg News: EQT and NextDecade are in discussions for LNG supply
Bloomberg News reported Wednesday that EQT Corp was in discussions to purchase liquefied gas from NextDecade’s export terminal in Texas. The report was based on people who are familiar with the situation. The report stated that under the terms of a potential deal, EQT will load super-chilled gas from Rio Grande LNG's export facility.
Bloomberg News reports that Orsted, the energy firm, is considering a rights issue of up to 5 billion Euros.
Bloomberg News, citing sources familiar with the situation, reported Friday that Orsted, a Danish energy company, is looking to raise up to 5 billion euros ($5.83billion) through a rights offer in order for it consolidate its finances. If Orsted decides proceed, then the fundraising plan may be announced within the next few weeks.
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. French insurer Axa nears 1 billion euros deal for Italy's Prima Assicurazioni, Bloomberg reports. Banijay Group French production media company reported H1 revenues up 6.1% at EUR 2,21 billion, and confirmed its guidance for 2025.
Equinor writes down $955 million in US offshore wind costs, blaming Trump
Equinor, of Norway, booked a $955-million impairment on a project for offshore wind in the United States on Wednesday. The company cited U.S. tariffs as well as the uncertain regulatory environment in the United States under President Donald Trump. On Trump's first official day in office, in January, he cancelled all offshore wind leases.
Mexico announces debt sales to strengthen Pemex's struggling finances
The Mexican finance ministry announced a new operation Tuesday to strengthen the finances of Petroleos Mexicanos, the heavily indebted energy company owned by the government. The ministry stated in a press release that the operation will consist of issuing pre-capitalized note financing instruments, but the operation won't constitute a guarantee to the company.
Energy, mining shares drag TSX lower
Canada's benchmark stock index dipped on Wednesday as investors assessed updates related to tariffs and important U.S. inflation statistics. The S&P/TSX Composite index fell 0.1% to 27,027.81. As part of a new agreement, U.S. president Donald Trump announced that a 19% duty would be placed on Indonesian products.
EDF Weighs Stake Sales in North American, Brazil
France's EDF is weighing options to bring in capital to both its North American and Brazilian renewables businesses, a company spokesperson said on Wednesday, which could include stake sales of as much as 50%.The comments followed a report by Bloomberg News citing people familiar with the matter as saying…
Executive of Malaysian energy company Petronas says that the company has no plans to leave Canada
The CEO of Petronas' Canadian subsidiary, who spoke on Tuesday, said that the Malaysian company has no plans to abandon Canada. He added that the company was committed to exporting LNG off Canada's West Coast for decades. Petronas Canada's CEO Mark Fitzgerald said that the rumor of Petronas leaving Canada…
Japan will send a senior official for the Alaska energy conference
Yoji Muto, Japan's Economy, Trade and Industry minister, said on Friday a senior official would attend a conference in Alaska next week, at which the $44 billion Alaska LNG Project is expected to come up for discussion. Muto announced that Takehiko Matsuo will be the Vice-Minister of International Affairs for the Ministry.