Australia announces $1.4 billion in support for Rio's Boyne Aluminium Smelter
Australia announced a?A$2 Billion ($1.40 Billion) over ten years to support Rio Tinto's Boyne Smelters, the country's second largest aluminium smelter. Federal Industry Minister Tim Ayres stated that the investment will be equally funded by both the federal government and Queensland's state governments. Rio Tinto will underwrite investment in energy assets. Rio Tinto announced in a separate press release that the initiative will help the Anglo Australian miner reduce emissions and maintain its competitiveness amid rising fossil fuel prices. The agreement…
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews". Semafor, citing an official from the United States, reported that the U.S. would continue to strike Iran. The pause, however, only applied to energy sites. The report said that Israel was not included in Washington's contact with Tehran.
Sinopec will increase Bohai Bay Shale Oil as a backup to maintain output
Sinopec, the Chinese oil company, will increase shale oil production in the Bohai Bay basin following a successful pilot. The resources gained from this project will be used to sustain oil production for a longer period of time, according to its chairman. Sinopec has pumped 7.3 million barrels of oil (or close to one million metric tonnes) from the Jiyang Trough in the basin, which is part of Shengli Field, an old field. This was the first of Sinopec's major shale-oil pilot projects. Hou Qijun, chairman of Sinopec, told reporters at a Monday media briefing that shale?oil has a huge potential.
Gulf stocks mixed after Iran denies US talks, Qatar continues decline
Gulf stock markets were unable to find direction during early trading Tuesday. Qatar's fall was exacerbated by mixed messages about U.S.Iran talks following President Donald Trump's decision to delay strikes on Iran's energy infrastructure. Trump made his decision on Monday based on what he called productive discussions with Iranian officials. Iran denied, however, that it had held negotiations with the U.S. Semafor, citing an official from the United States, reported on Monday that the U.S. would continue to strike Iran. The pause only applied to attacks against Tehran's energy sites. According to the report, Israel did not participate in Washington's discussions with Iran.
Union calls for return to negotiations after BP locks out Indiana oil refinery
The United Steelworkers stated on Monday that BP engaged in unfair 'labor practices' by locking out nearly 800 workers at a?Whiting oil refinery. They urged BP to resume contract negotiations. Roxanne Brown, USW 'International President, said that BP's decision of locking out these skilled workers was illegal and unacceptable. Workers at the Midwest's largest refinery began picketing last week after the British oil giant barred union members entry to the facility following months of stalled negotiations. BP?said that the lockout 'followed' months of negotiations.
Venture Global talks about settling arbitration cases with Energy Companies
Venture Global has begun discussions with energy companies to settle pending arbitration claims against the company for failing to provide?LNG? from its Calcasieu Pass facilities in a timely fashion, said CEO Mike Sabel on Monday at a roundtable session during the CERAWeek Conference in Houston. Venture Global customers such as Shell, BP, Repsol, orlen & Edison filed arbitration claims in 2023, accusing Venture Global of failing to supply them with LNG more than two years after it produced the super-cooled gas. BP has won against Venture Global and the LNG exporter against Shell and Repsol. The other cases are still pending.
BP's Kaskida project is approved by the US, a spokesperson said.
A company spokesperson said in an emailed statement sent late Friday that the Trump administration has approved the Kaskida Project in the Gulf of Mexico. The $5 billion investment would unlock 10 billion barrels in resources that BP has discovered in the Paleogene field of the U.S. Gulf according to the spokesperson. A statement stated that the U.S. Department?of the Interior's approval for?Kaskida was the result of an extensive review of the development plan of the company over a period of one year. Bloomberg News reported for the first time on Friday that Kaskida is scheduled to begin crude?production by 2029.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised contract to its union 'workers' at its Whiting oil refinery in Indiana on Friday after the United Steelworkers overwhelmingly voted against what BP had described as its 'last, best, and final proposal. Last week, BP presented to the union what it called its "final offer" and stated that it would expire within 10 days. This revised offer is not meant to penalize the union or its membership for refusing the original offer. BP said in a bulletin to employees released following the vote that it was simply reflecting certain incentives which were conditional on an agreement being reached by March 12th, 2026.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised offer of a contract to its union?workers in its Whiting, Indiana oil refinery. This was after members of the United Steelworkers overwhelmingly refused what the 'company' had described as its "last, best and final" -proposal. BP said that the offer would expire after 10 calendar days. This revised offer does not penalize the Union or its members who rejected the original offer. In an employee bulletin issued after the vote, BP stated that it was simply a'reflection' of certain incentives being conditional on reaching an agreement by March 12th 2026. The revised proposal would not retroactively apply the first-year wage increase to February 1, 2026.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, an energy services company, said in a closely-followed report on Friday that U.S. firms added oil and natural gas rigs this week for the second time in a row. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending March 13 to reach 553 - its highest level since November 2025. Baker Hughes reported that despite this week's increase in rigs the total count is still?39 or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by a?1 to 412 in this week. This is their highest level since early February. Gas rigs also rose by one to 133.
USW rejects BP's last offer to Whiting refinery employees
The U.S. United SteelWorkers union members voted Thursday to 'overwhelmingly reject' what energy giant BP called their "last, best and final" contract proposal for those who work at its Whiting refinery, Indiana. Last week, BP presented the union a "Last, Best and Final Offer" (LBFO), and stated that it would expire in 10 calendar days. USW said that after two-months of negotiations, BP’s proposal included changes to the basic contract terms, including limiting the union’s right to strike, reducing its bargaining power, base wage reductions across classifications and the outsourcing of 100 union jobs. United Steelworkers Local 7-1 represents about 800 workers in the U.S.
Enverus reports that global dealmaking for oil and gas upstream in 2025 was muted.
Enverus, a firm that provides analytics, said Wednesday that the upstream oil and natural gas market in the world will remain?subdued' for the second consecutive year, with only $18 billion in deals. The firm stated in a recent report that fewer 'high-quality resources' and lower oil prices have limited the value of mergers and acquisitions well below the historical norm of $60 billion. Andrew Dittmar is the principal analyst of Enverus. He said that international M&A deals are shaped by availability, not appetite. Majors have retreated from the M&A sector and are focusing on organic growth.
BP and Chevron top the list of bidders at a small US Gulf of Mexico gas and oil auction
According to a U.S. government livestreamed auction, BP's single bid accounted for almost half of the total. The U.S. Bureau of Ocean Energy Management conducted the sale. It was a far less successful one than the previous auction three months earlier. Donald Trump's administration prioritizes regular lease sales and plans to have 30 in the area by 2040. The auction was won by a $21 million bid from BP on a block located in Green Canyon. Chevron was also a high bidder, as were Shell, LLOG Exploration, Anadarko, Woodside Energy and Anadarko. Chevron won the high bid for three blocks at $11.5 million. Livestreaming was available on BOEM's website.
Aramco requests dual loading nominations from buyers amid the Hormuz Crisis, sources claim
Multiple sources have confirmed that Saudi 'Aramco asked buyers to provide a crude loading plan for its main 'export terminal in Ras Tanura and Yanbu at the Red Sea for shipments scheduled for April, as the U.S. Iran conflict has disrupted exports out of the Middle East. The U.S. and Israeli war against Iran has largely stopped shipping through the Strait of Hormuz, disrupting the supply from the Gulf. This has forced regional producers, including Saudi Arabia, to adjust their export logistics and oil production. Sources said that Aramco requested Asian buyers to submit two nomination plans for April-loading cargoes - one for loading in Ras Tanura…
Gulf of Mexico Oil and Gas Auction yields Far Fewer Bids Than First Trump Sale
According to a document posted on the government's website, the second auction of oil and natural gas leases in the Gulf of Mexico by the Trump administration in three months drew far less interest from the industry than the one held in December. Oil prices are at four-year highs due to the U.S.'s war against Iran, which has disrupted crude oil flows around the world. According to the document of pre-sale statistics, 25 of the 15,000 blocks that the US Bureau of Ocean Energy Management offered received bids. This 'compares to 181 blocks which received bids in BOEM’s last Gulf Sale, the first one held in this region since 2023. Ten companies have submitted 38 bids.
Patterson-UTI, an oilfield services firm, says that higher oil prices won't spur more US production.
Andy Hendricks, CEO at?oilfield service company 'Patterson-UTI', stated on Tuesday that a surge in energy costs caused by the war between the United States and Israel with Iran would not lead to an increase in U.S. production of oil without the necessary market predictability. Since the end of Feburary, oil prices have been fluctuating wildly after Iran closed the Strait of Hormuz - a major trade route - forcing major Middle East producers to reduce production. U.S. Crude Futures reached $119 per barrel at the beginning of this week. This is the highest price since August 2022. During Monday's trading, they moved in a range between $35.80 and $39.
Oil majors are still stuck on the sidelines as Iran's war increases oil prices.
Oil prices rose to their highest level since 2022 on Monday, but the shares of major producers such as Shell and Exxon Mobil are still only seeing modest gains'since the U.S. - Israel war on Iran 'broke out last month. This suggests that traders believe the pain in the market could be temporary. The iShares Global Energy ETF, which tracks global energy companies, is up about 2%. Crude oil futures are up more than 40% since Israel launched its joint airstrikes with the U.S. on February 28. This suggests that any gains made from higher prices are temporary or will be offset by lower production.
Shell sells Jiffy Lube for $1.3 Billion to Monomoy Capital
Shell announced on Monday that it would sell its Jiffy Lube chain of lubricant shops to an affiliate of private equity firm Monomoy Capital Partners for $1.3 billion. The oil major is continuing to divest non-core assets as part CEO Wael sawan's strategy. Premium Velocity Auto is also included in the sale, which is the second largest Jiffy Lube franchise. Pennzoil Quaker State Company is a 'wholly-owned subsidiary of Shell USA, that includes Shell's U.S. Lubricants Business. The agreement also includes a long term lubricants agreement. Shell executive Machteld De Haan said…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks. Baker Hughes reported that despite this week's increase in rigs the total count is still 41 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by four this week to 411, the highest since early February. Gas rigs, on the other hand, fell by two, to 132, which is their lowest level since early February. As U.S. crude oil prices fell, energy firms focused more on boosting shareholder returns, paying down debt, and reducing their debt than increasing production.
BP to perform maintenance on Central Azeri Platform in August
BP's regional president for Azerbaijan and Georgia, as well as Turkey, Giovanni Cristofoli, said that the company plans to perform scheduled'maintenance on the Central Azeri -platform in August 2026. He added that the shutdown would only affect the gas infrastructure of the platform, and oil production would continue. He added that maintenance usually lasts for 19 days. The shorter outage is possible because of the new technologies. BP is the largest foreign investor and operator in Azerbaijan’s oil and natural gas sector. The ?company operates Azerbaijan's largest oil and gas projects…