Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion
Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe. Equinor's partner Aker BP and Equinor said separately that the project will increase recoverable volume from the field between 40 and 50 millions barrels of oil-equivalent.
Prices continue to decline due to a healthy supply and ceasefire
The Dutch and British wholesale prices of gas continued to drop on Thursday morning due to an ample supply and weak demand, as well as the apparent holding of a ceasefire agreement between Israel and Iran. The benchmark Dutch front month contract at TTF hub was down 0.73 euros to 34.65 Euros per Megawatt Hour (MWh) at 0857 GMT. Meanwhile, the August contract is 0.77 euros lower at 35.13 Euros/MWh.
Japan protests new Chinese structures in East China Sea
The Japanese Foreign Ministry said that China had begun building a new structure between China and Japan, in the disputed East China Sea. It also added that it had lodged a formal protest with China. In a press release, the ministry stated that "it is regrettable" for China to continue with its unilateral development while the exclusive economic zones and continental shelf of the East China Sea are still not defined.
Japan protests new Chinese structures in East China Sea
The Chinese government has begun the construction of a new structure in the East China Sea on the western side of the geographic equidistance of Japan and China, according to the Japanese Foreign Ministry. It also said that it had lodged a formal protest with China. In a press release, the ministry stated that it was "extremely regrettable"…
TotalEnergies acquires 40 offshore US blocks operated by Chevron
PARIS, 16 June - French oil giant TotalEnergies announced on Monday that it had acquired a 25 percent interest in 40 federal exploration leases operated by Chevron in the Gulf of Mexico. The outer continental shelf leases consist of 13 blocks located in Walker Ridge, 9 blocks within the Mississippi Canyon region and 18 blocks situated in East Breaks.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental Resources and Turkish…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK. Continental Resources…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "The current (crude oil) imports by Turkey amount to 365,000,000 barrels.
Prices of gas in Europe rise due to tighter supply
Due to maintenance issues and limited supply, wholesale gas prices in the Netherlands and Britain rose on Tuesday morning. LSEG data shows that the benchmark Dutch front-month contract rose 0.99 euros to 36.19 Euro per megawatt hour at 0830 GMT. The British contract for the month of June increased by 2.20 pence, to 86.61 cents per therm. Oleh Scrynyk…
Continental Resources, a US oil company, claims that Hess has defrauded them of $69 Million
Continental Resources, a U.S. producer of shale gas, has filed a suit against Hess Corp. The lawsuit alleges that the company was defrauded of up to $69,000,000 through a series deals conducted by Hess Corp. with its subsidiaries. Continental claimed that Hess - which operates hundreds wells in North Dakota - artificially inflated its midstream service fee by entering into agreements between itself and its subsidiaries.
EUROPE GAS - Prices rise due to colder weather and maintenance in Norway
Dutch and British wholesale prices of gas rose slightly Monday morning but continued to trade within a narrow range. This was due to a forecast for cooler weather and a lower Norwegian flow to continental Europe because of maintenance at the Kollsnes processing plant. LSEG data shows that the benchmark Dutch front-month contract rose 0.26 euros to 35.40 Euro per megawatt hour or $11.50/mmBtu at 0848 GMT.
The price of EUROPE Gas is rising on the back of cooler temperatures in advance of Russia-Ukraine discussions
The Dutch and British gas price rose slightly on Thursday morning, as demand increased due to the cooler temperatures and market anticipation of news about Ukraine-Russian peace talks. LSEG data shows that the benchmark Dutch front-month contract rose 0.46 euros to 35.21 Euro per megawatt hour or $11.55/mmBtu at 0818 GMT. The Dutch July contract increased by 0.43 euros to 35.33 Euro/MWh.
Gas stocks in Europe could be more stressed this summer due to less hydro and wind.
The wind speed and lower hydropower stock in Northwest Europe could increase demand for gas-fired and coal-fired electricity generation this summer, at a moment when Europe needs to replenish storage that has been depleted following the winter. LSEG data revealed that hydro levels and snowpack are now well below the average levels in continental Europe. They were also much lower than those recorded in 2024.
Prices of gas in Europe remain stable as the market searches for new inputs
The Dutch and British wholesale prices of gas were volatile on Friday due to a lack fundamental news and a sufficient supply. According to LSEG, the benchmark Dutch front-month contracted eased 0.20 euros to 33.45 euro per megawatt hour. The June contract rose 0.30 euro to 33.63 euro/MWh at 0859 GMT. The British day-ahead contract is down 0.81 pence to 81.00 pence per therm.
Prices for gas in Europe are stable despite a healthy supply
The Dutch and British wholesale prices of gas were not much different on Thursday morning due to a healthy supply. According to LSEG, the benchmark Dutch front-month contract rose 0.17 euros to 34.30 euro per megawatt hour. The June contract, however, was 0.18 euros higher at 34.33 euro/MWh. The British day-ahead contracts was up 0.40 penny at 84.00 cents per therm.
Trump Administration kicks off plan to expand offshore drilling
The U.S. The U.S. Donald Trump ordered the government to find ways to increase U.S. oil production. He argued that previous administrations had curtailed drilling unnecessarily to combat climate changes. He also rescinded the efforts of former president Joe Biden to stop oil drilling in the Arctic, and large areas along the U.S. Atlantic Coast and Pacific Coast.
Financial Times – March 13,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Intel named Lip-Bu Tan, a former board member who has worked in the chip industry for many years, as its new CEO on Wednesday. Pat Gelsinger was ousted by the board of the struggling U.S.-based chipmaker back in December.
Aker BP's top shareholder claims that the company has opportunities for acquisition.
Aker BP is a Norwegian oil exploration and production firm that was formed through a series mergers and purchases in the past decade. Its top shareholder stated on Friday that there are opportunities to consolidate further on Norway's Continental Shelf. Aker BP is aiming to increase its production to over 500,000 barrels of oil-equivalent per day by 2028.
German spot contracts increase as imports are expected on Friday
The European power market split on Thursday, with Germany's contract for Friday increasing on the back of an anticipated drop in wind energy supply. Meanwhile, a French contract was expected to rise on a rising wind turbine power demand. As of 1059 GMT, the German baseload for Friday had increased 14.6% to 192.50 Euros per megawatt-hour (MWh). French baseload power for the day ahead was down 5.3% to 144.50 Euros.
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin, making it one of the biggest private players in U.S.
