JERA Nex BP will buy EnBW’s stake in UK’s Mona offshore Wind project
JERA Nex BP has announced that it will purchase its partner EnBW’s stake in Mona 'offshore wind project. It also signed a lease agreement with the British 'facility. This move follows a German utility EnBW's announcement that it would be taking a 1.2 billion-euro ($1.39-billion) impairment charge for pulling out of two wind projects, Mona and Morgan, which it had been developing?jointly? with JERA Nex BP. The decision was a direct implication of the UK losing a landmark offshore tender. EnBW also cited significant increases in supply-chain costs, lower electricity market prices and increased interest rates.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said in its closely watched report published on Friday that U.S. firms have cut back the number of natural gas and oil rigs for the second consecutive week. In the week ending January 16, the oil and gas rig counts, an early indicator for future production, dropped by one, to 543. This is the lowest it has been since mid-December. Baker Hughes reported that the total rig count is down 37 rigs or 6% from this time last week. Baker Hughes said oil rigs increased by one this week to 410, while gas-rigs dropped?by two, to 122. This is their lowest level since October.
Ambani's Reliance missed profit forecast due to higher expenses and oil and gas drag
Mukesh Ambani, the Indian billionaire who owns Reliance Industries, missed its quarterly profit estimates on Friday due to higher expenses and a weak performance in its oil and natural gas segment. The unit's performance has been affected by lower output and softer prices realized from its KG D6 fields in Andhra Pradesh. These are a major source of gas for the domestic market. The BP-developed 'deep-water' block, which was once a major contributor to India’s gas production, has since seen its output decline as the reservoirs have matured and the pressures have fallen.
EnBW cancels two UK offshore wind farms, incurring $1.4 billion in impairment
EnBW, the German utility, announced on Thursday that it would take a 1.2 billion euro ($1.4 billion) impairment charge for scrapping two British wind projects. This was a direct result of losing a UK offshore tender. In this week's record-breaking auction, the?two offshore projects -- Mona & Morgan -- with a total potential capacity of 3 Gigawatts -- did not qualify for any government assistance via contracts for difference. The?two?projects are?being developed jointly with JERA Nex bp. This is a joint venture 50/50 between British oil giant BP and Japan’s JERA.
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and more than?20 investors filed resolutions on Wednesday asking BP and Shell how they would create value if the global demand for gas and oil declined. The resolutions are a strategic change on the part the Dutch activist group. In April, it announced that it had been forced to stop its campaign to get major oil and gas producers to commit to emissions reductions due to a lack investor interest. Follow This filed climate resolutions during shareholder meetings starting in 2016. It received peak shareholder votes of 80% in the following years at Phillips 66 and 60% at Chevron.
Climate activist shareholder group pushes BP, Shell on plans for declining oil demand
The group Follow This, a climate activist shareholder group, and'more than '20 other investors filed resolutions on Wednesday calling on BP to explain how it will generate value if the global demand for gas and oil declines. The resolutions are a strategic change on the part the Dutch activist group. In April, it announced that it had to suspend its campaign to get major oil and gas companies to commit to emission?cuts due to lack of investor interest. Follow This filed climate resolutions during shareholder meetings starting in 2016. In the following years, it received a peak of shareholder votes - 80% for Phillips 66 and 60% for Chevron.
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions. Shell said that the parties had agreed on a'sale,' which would involve one of the largest,?longest-producing gas portfolios in the UK Continental Shelf. The sale was to take place by July 2024. Viaro CEO Francesco Mazzagatti stated that the two parties had mutually agreed not to proceed despite being fully funded. Shell will continue operating the assets.
BP warns of up to $5 billion in impairments due to energy transition and weak oil trading
BP said that it expects to book between $4 and $5 billion of impairments during the fourth quarter. These are mainly related its energy transformation businesses. It also noted a weak oil trading. Under the new leadership, Chair Albert Manifold has said that BP’s portfolio needs to be simplified. Meg O'Neill, the new CEO, will replace interim Chief Carol Howle after Murray Auchincloss's sudden departure last month. BP stated in its trading statement on Wednesday that the impairments will not impact underlying replacement costs profit, their version of net income. A spokesperson declined to provide further information on the?projects that were affected by impairments.
EIA: US oil drilling will slow down as prices fall, Venezuela's growth could increase pressure
Lower oil prices will likely reduce?U.S. The Energy Information Administration reported on Tuesday that drilling activity will reduce production by 1% in the top producing country this year, and a possible increase of supply from Venezuela may 'add pressure. The Department of Energy’s statistical arm echoes concerns from some U.S. producers regarding President Donald Trump’s request that domestic oil companies enter Venezuela to help increase its production after President Nicolas Maduro was captured. U.S. oil producers are already struggling with low oil prices. They say that the demand for more Venezuelan oil will only make them worse.
Sources say that BP's interim CEO has pledged to continue focusing on costs after Auchincloss' departure.
According to a pair of people who attended the meeting, BP's interim CEO Carol Howle said that the company is focusing on cost -cutting and maintaining its current strategy. Howle was appointed interim chief after BP abruptly replaced Murray Auchincloss, its former CEO with Meg O'Neill of Woodside Energy last month. He will remain in the role until O'Neill assumes his position in April. Sources?said that executives at the 'town hall' stressed the importance of keeping costs under control. BP has pledged to reduce costs by between $4 and $5 billion a yearly from a baseline of?2023 by the end 2027. As of mid-2025, it had already achieved $1.7 billion.
Trump calls on US oil companies to fix Venezuela's rotting energy industry
Donald Trump, the U.S. president, began a meeting at the White House on Friday to discuss Venezuela. He said he wanted executives from some of the largest oil companies in the world to invest $100 billion to expand Venezuela's production. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops seized Nicolas Maduro as the leader of the South American nation during a brazen raid overnight on the capital on January 3. He said: "We will be making the decisions as to which oil firms are going to enter, and…
Trump meets with oil companies in Venezuela
Donald Trump, the U.S. president, began a meeting at the White House with executives of some of the largest oil companies in the world on Friday. He said that increasing crude production from Venezuela will benefit the United States. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops?seized South American leader Nicolas Maduro during a brazen raid overnight on the?capital of the country January 3. Officials in the Trump administration have stated that they must control Venezuela's revenue and oil sales for as long as possible to ensure it acts "in America's interest".
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in 3 weeks.
Baker Hughes, a closely watched energy services firm, said that U.S. firms have cut back on the number of oil rigs and natural gas rigs operating for the first time since three weeks. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by two in the week ending January 9 to 544, the lowest level since mid-December. Baker Hughes reported that the total number of rigs is down by?40, or 7%, from this time last week. Baker Hughes reported that oil rigs dropped by three this week to 409, and gas rigs by one, the lowest level since October.
White House oil meeting includes independents and has strong ties to Denver
On Friday, the White House will be inviting oil executives to meet with them in order to discuss possible investment in Venezuela. While the list of attendees includes some big names from American oil, such as Exxon Mobil, ConocoPhillips, and Chevron, it also contains smaller independents, private equity-backed companies, and other players. Only the largest U.S. An oil industry source said that oil producers in Venezuela have the experience and scale to operate there. It is noteworthy that smaller companies from Venezuela were included in the meeting, given that most of them operate in the U.S. Continental Resources will also be there, and HKN Inc.
The European stock rally is stalled as traders evaluate the economic impact of Venezuela
After a string of record closings, European stocks were down?on Wednesday as investors took a break to digest the latest U.S. - Venezuela developments and awaited new economic data. The?STOXX?600 index was slightly lower at 0920 GMT a day after it reached a new closing high. Investors were cautious following the announcement by U.S. president Donald Trump that the United States has reached an agreement to import $2 billion of Venezuelan crude oil, which is expected to increase supply. In response to Trump's remarks, oil prices dropped. Shares of UK energy giants Shell and BP fell 2.4% and 3.1% respectively. The European energy index also dropped 1.7%.
The European stock rally is stalling as traders evaluate the economic impact of Venezuela
After a string of record-breaking?closes?, European stocks were subdued Wednesday as investors took time to digest recent U.S.?developments? between Venezuela and the United States. They also awaited new economic data. STOXX 600 was slightly lower at 0920 GMT a day after it had reached a new closing record. Investors were cautious when U.S. president Donald Trump announced that the United States has reached an agreement to import $2 billion of Venezuelan oil, which is expected to increase supply. In response to Trump's remarks, oil prices dropped. Shell and BP, UK's two largest energy companies, fell 2.4% and 3.1% respectively. The European?energy index also dropped 1.7%.
Shell purchases stakes in offshore blocks in Angola from Chevron
Shell announced on Tuesday that it has reached an agreement with Chevron to purchase a stake in two offshore blocks in ultra-deep water offshore Angola. European oil companies have announced that they will invest billions of dollars in Angola. Angola is the second-largest crude producer in Sub-Saharan Africa after Nigeria. Angola has implemented major regulatory reforms in order to 'attract investments into its energy sector. It aims to keep production at or above 1,000,000 barrels per day. "We have signed a farm-in contract with Cabinda Gulf Oil Company Ltd, a subsidiary of Chevron to acquire a 35% stake in Block 49 and 50 off the coast of Angola.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump administration will meet with oil executives this week to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at over 300 billion barrels or about one-fifth the global stock. Venezuela's oil production has a huge potential for?increase?. After years of mismanagement, and U.S.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump Administration plan to meet with oil executives this week in order to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at 300 billion barrels or roughly one-fifth the global stock. Venezuela has a huge potential to increase its oil production. After years of mismanagement and U.S.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, an energy services company, said that U.S. firms added oil and natural gas rigs this week for the second consecutive week. The oil and gas rig counts, an early indicator of future output, increased by one in the week ending December 30 to reach 546, its highest level since December 12. Baker Hughes released its rig count report early because of the New Year's Day holidays. Baker Hughes reported that despite a?this week rig increase?, the total number of rigs was still 7.3% lower than this time last year. Baker Hughes reported that oil rigs rose by three this week to 412…