Norway's sovereign fund supports BP chairman's reelection
The 'world's biggest' sovereign wealth fund of $2.2 trillion, Norway, announced on Saturday that it would vote for the reelection 'of BP Chairman Albert Manifold 'and 'other board-supported'resolutions' at the annual general meeting, April 23. Norges Bank Investment Management, which runs the fund and operates it, said that they would support the board in its proposal to remove two climate reporting resolutions. Some BP shareholders had argued that these should be retained. BP said that the two resolutions had been?superseded' by a more comparable and standardised reporting on climate change.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the second consecutive week.
Baker Hughes, an energy services firm, said that U.S. firms have cut the number of oil and gas rigs for the second week in a row for the first time since march. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending April 17 to 543, the lowest level since late March. Baker Hughes reported that the total number of rigs is down 42 or 7% from this time last week. Baker Hughes said oil rigs dropped by one this week to 410, the lowest level since late March. Gas rigs also fell, by two, to 125, the lowest level since January. Other miscellaneous drilling rigs increased by one, to eight.
Australia lifts fuel restrictions following fire at its largest refinery
The Australian Prime Minister Anthony Albanese stated 'on Friday that a fire in 'the larger of Australia's two oil refineries would not trigger any fuel restriction, as the Government ramps up its efforts to secure fuel supply due to the War on Iran. The fire at Viva Energy’s refinery, located in Geelong an hour from Melbourne, is a terrible time for Australia. It imports 80% its fuel and has been racing to secure additional supply?from region allies. Albanese, after meeting with company officials on site, said that the 120,000 barrels per day refinery currently operates at reduced rates.
Eni shareholders urged to reject pay increase for CEO by proxy firm
Influential proxy advisor ISS has urged investors to vote against a proposal by Italian energy company Eni to increase its chief executive's salary for 2026. The move was called "excessive". Eni, after a 'nine-year period of no pay increase, planned to raise CEO Claudio Descalzi’s remuneration to about 8.9 million euro ($10.49million), and pay could rise up to 38%, to 15.4 million euro, under an additional overperformance level in its long term incentive plan. Rome announced earlier this month that it would reappoint Descalzi for a new three-year term starting in May. This would prolong his tenure as the longest-serving head of the company.
Maurel & Prom sales in the first quarter more than doubled due to rising oil prices
Maurel & Prom, a French 'oil group, reported that its first-quarter revenue more than doubled from $64?million to $163 million, a rise of 41% in the average price per barrel for each quarter, to $90.8, according to a company statement on Thursday. Gabon led the recovery with a 14% increase in its total working interest production. M&P began drilling in Venezuela in early march after U.S. officials authorized the company to increase?oil-and-gas operations. Production is expected to rise in the second quarter. Portzamparc, a brokerage, said in an investor note that "M&P delivered a great performance in Q1 of 2026.
Equinor: trading profits to top guidance partly due to Iran war windfall
The Norwegian oil and gas company Equinor said that its downstream division, which includes trading in energy, will report stronger results for the first quarter of this year. This is partly due to the volatility caused by the Middle East war. Equinor will report its first-quarter earnings to investors on May 6. Investors are interested in how tighter markets for gas and crude oil, and a revamped business structure affect earnings and cash flow. BP and Shell, two European rivals, have said that the U.S./Israeli war on?Iran triggered the energy price fluctuations in the third quarter, which created a windfall to their trading operations.
US Judge rejects Trump Administration bid to block Hawaii Climate Lawsuit
A federal judge dismissed on Wednesday a lawsuit filed by the Trump administration to stop Hawaii from filing a climate change lawsuit in state court against fossil fuel companies. The judge cited a "longstanding policy" that prohibits federal interference in state court proceedings. This is the second time that federal courts in 2026 have blocked efforts by the U.S. Department of Justice to stop climate change lawsuits in state courts. In January, a different federal judge dismissed a similar lawsuit that attempted to prevent the state of Michigan suing major oil companies.
BP's CEO will simplify the company structure by dividing it into upstream and downstream units
Meg O'Neill will be the new CEO of BP, and she is the fifth head to lead the oil giant since 2020. She took over the role on April 1. The spokesperson confirmed an earlier Financial Times article about the changes. A BP spokesperson stated that there was no timeline set for the 'new structure. BP has 'three main business divisions. Gas and Low Carbon Unit includes production focusing on gas. Oil production and operations includes the oil-focused production as well as its U.S. Onshore business. Customers and Products is comprised of its refined products unit and petrol retail station networks. Carol Howle was named O'Neill's Deputy Chief Executive by BP two weeks ago.
BP reports 'exceptional trading results' amid volatile oil prices
BP announced on Tuesday that it expects its massive oil?trading -desk to report "exceptional" first quarter results, signalling a windfall resulting from the spike in crude oil prices triggered the U.S. and Israeli war against Iran. In a trading statement, the company said that it expected its net debt to rise from $22 billion just over a quarter ago to $25 billion or $27 billion due primarily to changes in working capital. Working capital is an accounting measure of liquidity based on current assets minus liabilities. The outlook for the first quarter was similar to that of Shell…
BP will buy three offshore Namibian block as the shift towards oil and gas intensifies
BP has agreed to purchase an operating 'interest' in three offshore exploration -blocks in Namibia, from Canada-based Eco Atlantic Oil & Gas. This is part of its strategy to expand its upstream portfolio. Eco Atlantic, a Canadian company, said that BP would pay Eco Atlantic $2.7M in cash to acquire 60% of the interest in three?petroleum exploring licences. Oil major has shifted its focus to oil and natural gas following an ill-fated venture into renewables. It pledged to sell $20 billion in assets and reduce its debt by $14 to 18 billion dollars by the end of 2027.
Baker Hughes reports that US drillers have cut oil and gas rigs three times in the last four weeks.
Baker Hughes, a renowned energy services firm, said that U.S. firms have cut the number of oil and gas rigs for the third consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by three in the week ending April 10 to 545, the lowest level since late March. Baker Hughes reported that the total number of rigs is down by 38, or about 7% compared to this time last. Baker Hughes reported that oil rigs remained at 411 this week while gas rigs dropped by three, to 127 - their lowest level since late March - and miscellaneous drilling rigs stayed at 7. Oil and gas rig counts declined by approximately 7% in 2025.
OMV names Emma Delaney, a BP executive, as its first female CEO
The Austrian oil-and-gas group OMV will appoint Emma Delaney to the position of CEO and Chairperson of the Executive Board from September. This was announced in a Friday statement. Delaney, who has worked for BP since 1995, will replace Alfred Stern as chief executive. Stern has held this position since September 2021. He announced in May he wouldn't run for reelection at the end of his contract. Edith Hlawati said that the Executive Board's nomination of 'Emma Delaney' will give OMV an even stronger international presence. Delaney, who would be OMV's first female CEO, was also described as a "stronger" woman.
Oando to invest $750 million in drilling program, expecting funding boost from Iran turmoil
Oando, a Nigerian energy company, plans to raise $750 million this year to fund a drilling campaign which could increase production by 300%. This is to tap into the improved investor appetite that West African producers are experiencing amid turmoil related to the Iran War, according to CEO Wale Tinubu. Oil and Gas Company is a local company that has acquired assets from oil companies in the last decade, as they leave Nigerian shores. Tinubu stated that this year, the surge in energy prices will open up more funding options for producers. Nigeria is Africa's largest oil producer. It produces crude and condensate at a rate of around 1.6 millions barrels per day.
Sheinbaum, Mexico's Sheinbaum, backtracks from his opposition to fracking and says that new methods are cleaner
The Mexican president Claudia Sheinbaum acknowledged on Thursday a change in her position?on hydraulic fracture, or fracking. She argued that new technologies made?the extraction technique less environmentally damaging. Sheinbaum said that its use in Mexico would help to?boost the domestic gas production and reduce Mexico's heavy reliance on U.S. imported gas. Her comments are a departure from those of Sheinbaum’s political mentor, Andres Manual Lopez Obrador. He was a staunch critic of this technique. Both leaders have previously spoken out against the fracking that experts…
Shell plans to start gas production at the massive Venezuela-Trinidad Loran Manatee Field next year
Gerald Ramdeen is the chairman of Trinidad's National Gas Company. He said that Shell will begin natural gas production in 2027 at the Loran-Manatee field offshore, which crosses Venezuela and Trinidad and Tobago. Shell has accelerated gas projects in Venezuela, under the interim president Delcy Rodriguez, especially those with Trinidad. Trinidad needs new gas supplies to fuel liquefied gas and petrochemical project. Shell informed NGC that it was working towards having the first gas produced from the joint field by next year. NGC chairman stated that…
LAPFF joins the chorus of shareholder advisers recommending dissenting vote on BP Board
The Local 'Authority Pension fund Forum', which represents funds with assets worth over $425 billion ($569 'billion), has'recommended' a vote against BP chairman Albert Manifold, and other resolutions supported by the board, said the body on Thursday. LAPFF has put pressure on BP, after Glass Lewis, ISS and LGIM, two influential proxy advisers and top-10 BP shareholders supported votes against BP. Glass Lewis and ISS are two of the largest shareholders' advisers and rarely encourage votes against a company's board. LAPFF stated that its recommendation was based on concerns regarding "transparency" and "robust governance"…
The oil lobby group claims that the export tax in Brazil is an obstacle to new investment
The 12% tax on exports of crude?oil, which was introduced by the Brazilian government about a month ago, is a barrier to new investment by oil companies, according to the head lobby group IBP, who said at an event held on Wednesday that the group may file a suit against the tax. The 12% export tax was created when oil prices spiked due to the U.S./Israeli war against Iran. At the same time, the government scrapped local taxes on fuel sales in order to reduce prices for consumers. Roberto Ardenghy, IBP's head of the Oil & Gas sector, said that the tax was not appropriate.
The oil lobby group claims that the export tax in Brazil is an obstacle to new investment
The head of the lobby group IBP said at a Wednesday event that Brazil's new export tax on crude oil, which was created by the government a month ago, is a hurdle to new investments for oil majors. He added that the group may file a suit against the tax. As oil prices rose due to the U.S./Israeli war against Iran, the government abolished?local taxation on fuel sales in order to reduce prices for consumers. Roberto Ardenghy, IBP's head of corporate affairs, said: "This tax is not appropriate. Ardenghy said that the lobby group representing oil majors in Brazil will sue the Brazilian government to determine the legality and fairness of the tax.
Oil prices plunge on Iran ceasefire, causing European energy stocks to fall
After weeks of gains, European oil and gas stocks fell sharply Wednesday. Equinor, a Norwegian company, led the declines, falling 13%. It was followed by its domestic competitors Var Energi and Aker BP, who had benefitted from the disruptions in Qatar's gas flow after the closure of the Strait of Hormuz. TotalEnergies, France, BP and Shell in Britain, Eni and?Italy were all around 6%-9% down. Oil prices fell after U.S. president Donald Trump announced that Washington had agreed to an?armistice? with Iran for two weeks, subject to the safe and immediate reopening of?Strait of Hormuz. WTI fell 15% and Brent futures dropped 13%, while WTI was down $95.0 per barrel.
Petrobras increases prices for Brazilian natural gas distributors by around 20% in May
The executive director of the industry group Abegas stated that Brazil's state-run petroleum company Petrobras could raise prices for natural gas sold to distribution companies by up to 20% in May, due to an increase in global oil prices. Petrobras adjusts natural gas prices every quarter, based on Brent oil. The last adjustment was made in early February, just before the U.S. and Israel war against Iran caused a spike in global oil prices. According to its Executive Director Marcelo Mendonca, Abegas is concerned that a further increase of more than 35% could occur in August, based on the current market data.
