Russia's monthly oil revenue is set to reach its lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenues in December are likely to drop by almost half from a year ago, reaching 410 billion Russian roubles (5.17 billion dollars), due to lower crude prices and stronger roubles. Calculations showed that oil and gas revenues are the Kremlin's main source of income. They account for a quarter the federal budget, which has been depleted by heavy defence and security expenditures since Russia started its military campaign against Ukraine in February 2022.
Russia's oil & gas revenues are expected to drop by half in December, reaching their lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenue is likely to drop by almost half in December, compared to a year earlier. This will be due to lower crude prices as well as a stronger rouble. The Finance Ministry had forecast 8.65 trillion roubles for the year. Calculations based on official statistics and data from industry sources suggest that the total revenue will fall by nearly a quarter, to 8.44 trillion. In August 2020…
US permits negotiations over Lukoil’s foreign assets to take place until January 17, 2019.
The United States extended Wednesday a deadline for negotiations to buy the global assets of Russian Oil?company Lukoil. It was originally set at?January 17th. Lukoil's assets were put up for sale soon after President Donald Trump imposed sanctions against the two largest Russian energy companies on October 22, as part of a campaign to pressure Moscow regarding its war in Ukraine. The assets of the company, which include oil fields, refineries and a retail gas station network, are valued at $22 billion.
China's giant polysilicon companies set up an acquisition firm to combat oversupply
Local media reported that Chinese polysilicon manufacturers have established an acquisition?company in order to help restructure a sector plagued by an oversupply. However, it is unclear whether the firm has any concrete plans to purchase and shut down excess capacity. According to the business registration platform Qichacha, Beijing Guanghe Qiancheng Technology was registered on December 9, with assets of 3 billion yuan (424.7 million dollars) and 10 shareholders.
Ananym Capital launches activist campaign after acquiring stake in Siemens Energy
The Financial Times reported that Ananym Capital owns a stake in Siemens Energy, a German company. It is pushing Siemens to separate its wind business. Ananym has 'launched a campaign of activism against the company,' FT reported, citing sources familiar with the issue. The stake was not disclosed. Charlie Penner and Alex Silver, a former P2 partner, founded the activist hedge fund last year. Penner was the architect of a three-seat win at Exxon Mobil by 2021.
Venture Global accuses Shell in FT report of a campaign to harm the LNG business
According to a Financial Times staff note published on Wednesday, Venture Global, a U.S. LNG manufacturer, accused Shell of waging "a three-year campaign" against its business. This was after Shell appealed a loss in arbitration. The report could not be verified immediately. Venture Global and Shell didn't immediately respond to our request for comment. The email, seen by the FT, from co-founders Michael Sabel & Robert Pender criticized…
INSIGHT- West scrambles fill the heavy rare earth gap, as China rivalry intensifies
Western efforts to create a domestic magnets supply chain in order to reduce their reliance on China, led by the massive U.S. support for Nevada-based MP Materials, are running into a major problem: a scarcity of heavy rare earth elements. United States and its allies are scrambling to find an alternative supply chain for super-strong rare earth magnetic components, which are essential in everything from electric vehicles and defence technology to electronics and windmills.
Russia's Lukoil talks to potential foreign buyers about its assets
Lukoil, Russia's second largest oil producer, said it was in talks on Friday with potential buyers for its foreign assets after sanctions were imposed by the UK and US last month and a deal made with Gunvor Trading House collapsed. The specific deal would be announced once the final agreements had been reached and all regulatory approvals obtained. The company wants to maintain the operation of assets even after they are sold and transferred to new owners.
Sources say that Russia's Orenburg plant has increased its gas imports from Kazakhstan
Two industry sources reported on Thursday that the Russian Orenburg gas plant had increased its gas intake from the Karachaganak gas field in Kazakhstan at the beginning of November, in an effort to recover gradually after it was attacked by drones last month. The first disruption of Western oil majors in Russia was caused by the strike at the Orenburg plant, located 1,056 miles (1 700 km) east of Ukraine. This was part of Kyiv’s campaign against Russian infrastructure.
PetroChina will phase out 19 old chemical and refining units to reduce sector glut
Analysts say that PetroChina, a state-owned company, plans to permanently close 19 aging refining and chemicals units in order to reduce overcapacity. This is part of Beijing’s campaign to boost profitability and curb the country’s overcapacity. Due to the rapid electrification, fuel demand in this country's transportation fleet is expected to increase faster than anticipated. Its petrochemical industry is also plagued with excess capacity and low margins.
BP profits beat expectations but there is no news about Castrol sale
Oil major BP announced a smaller-than-expected fall in its third quarter underlying profit Tuesday, as a good performance across all divisions, led by refinery helped offset the impact from lower crude prices. There was no news on the sale of Castrol Lubricants, which is the centerpiece of the $20 billion asset-sale campaign to reduce its debt. BP, after a failed foray into the renewables sector under former CEO Bernard Looney has vowed that it will increase profits and reduce costs by re-routing its spending towards oil and gas.
INTERVIEW-Iraq's prime minister: Iraq can only disarm its factions when the US leaves.
Iraq has promised to put all weapons under state control, but this will not happen as long as a U.S. led coalition is in the country, which some Iraqi factions see as an occupier force, said the prime minister on Monday. The Prime Minister Mohammed Shia al-Sudani stated that a plan is still in place for the multinational anti-Islamic State Coalition to leave Iraq by September 2026, as it was one of Iran’s closest Arab Allies. This was because the threat posed by islamist militant groups has diminished significantly. There is no ISIS.
INTERVIEW-Iraq's prime minister: Iraq can only disarm its factions when the US leaves.
Iraq has promised to put all weapons under state control, but this will not happen as long as a U.S. led coalition is in the country, which some Iraqi factions see as an occupier force, said the prime minister on Monday. The Prime Minister Mohammed Shia al-Sudani stated that a plan is still in place for the multinational anti-Islamic State Coalition to leave Iraq by September 2026, as it was one of Iran’s closest Arab Allies. This is because the threat posed by islamist militant groups has diminished significantly. There is no ISIS.
ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet). The company stated that…
BW Energy reports encouraging preliminary results for Kharas well offshore Namibia
BW Energy announced on Friday that the preliminary results of its Kharas-1 well, which was drilled offshore Namibia in the Kudu license, were encouraging and indicated the presence hydrocarbons. The results come after a series of discoveries made by oil companies including TotalEnergies and Shell, which have transformed the small Southern African nation into a hotspot for exploration. BW Energy said that the appraisal well had provided geological data for a wider petroleum system.
Energy Minister: Orenburg plant in Russia restarts gas imports from Kazakhstan field
Kazakhstan's Energy Minister said that the Russian Orenburg gas plant was damaged by a drone strike on Sunday. It has since resumed receiving natural gases from Kazakhstan's Karachaganak gas field. As part of Kyiv’s campaign to destroy Russian energy infrastructure, the strike on Orenburg, located approximately 1,700 km (1.056 miles east of Ukraine), marked the first disruption known for Western oil majors that operate in Russia.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early in September as Brazil is preparing to host world leaders at this year's United Nations Climate Summit, COP30, in the Amazonian town of Belem.
EU Auto Group pushes hybrids and e-fuels as part of CO2 emissions goal review
The European Union's auto association suggested that the EU should relax its CO2 targets for cars and vans. It also recommended a longer period of compliance and a larger role for hybrids and alternative fuels. The European Automobile Manufacturers' Association presented proposals to European Commission which will review its targets at the end of this year. This is to take into consideration the pressure on the sector due to U.S. Tariffs and Chinese dominance in electric vehicles.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products.
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news, government reports, and company websites, state oil companies like Sinopec and CNOOC are planning on adding at least 169,000,000 barrels in storage over 11 sites between 2025 and 2026.