Shell Acquires Stake in BP's Conifer Prospect in the Gulf of Mexico
Shell Offshore, a subsidiary of British oil and gas major Shell SHEL.L, said on Wednesday it would acquire a 30% stake in the BP-operated Conifer exploration prospect in the Gulf of Mexico.Shell and BP are prioritizing long-term growth in their oil and gas portfolios after years of investing heavily in renewables and other lower-carbon energy businesses.BP said in a separate statement that Shell would also acquire a 50% stake in the Tupinamba exploration block in Brazil's Santos Basin. BP will retain the remaining 50% interest in Tupinamba and 70% in Conifer and continue as operator in both.The Gulf of Mexico, which U.S. President Donald Trump has called on U.S.
Sources say that Chevron, KEO, ENI, and Primavera will sign energy agreements in Venezuela very soon.
Two sources close to the preparations say that oil?producers Chevron & ENI, as well as investors KEO Capital and Primavera will sign energy 'agreements' in Venezuela by Wednesday. The majority of these pacts are project expansions which have been in negotiations with Venezuela's Oil Ministry and the state oil company PDVSA in order to migrate dozens of energy contract terms in accordance with a comprehensive?oil-reform approved in January. Chevron, the U.S. oil giant, plans to invest?more than $7 billion in order to double crude production to approximately?600,000.00 barrels per day in the OPEC nation over the next five-year period.
Chevron doubles production in five years with $7 billion investment plan.
Chevron plans to invest a total of more than $7 billion in order to double the crude oil production from Venezuela, to 600,000 barrels per day, over the next five-year period. This is part of an expansion plan with PDVSA, following a recent energy reform. The U.S. Oil Major's expansion announced on Wednesday is the culmination after several months of negotiations conducted separately to Washington's announcement about an unprecedented deal that would take majority control over Venezuela's oil reserve of 65 billion barrels. Venezuela is home to the largest oil reserves in the world, but mismanagement, corruption and underinvestment, as well as U.S.
ROI-Trump plan risks derailing Venezuela oil recovery: Bousso
The plan of President Donald Trump to gain direct U.S. entry to a large portion of Venezuela's oil reserves may end up derailing the long-awaited revival in the South American country's energy industry by stifling the competition, distorting the markets and discouraging foreign investment. Washington would acquire a 35% stake in North American Blue Energy Partners (NABEP), a private oil company controlled by Venezuelan Alejandro Betancourt. The 'company' would be granted a lease of 100 years on 17 Venezuelan oilfields with estimated reserves of 65?billion?barrels. The U.S.
BP appoints Ian Tyler, former CEO of Balfour Beatty as its new chairperson after Manifold is ousted
BP?has named Ian?Tyler as its permanent chair, after firing Albert Manifold, who held the position for less than a month, citing concerns about governance and conduct. BP announced that board member Amanda Blanc, who oversaw Manifold and Tyler's appointment, will not run for re-election next year at the annual general meeting. She will step down as soon as a replacement has been found. Tyler, who is also Chairman of the building materials company Grafton Group, and Senior 'Independent Director at mining company Anglo American joined BP’s board a year ago and replaced?Manifold in May.
ROI-Trump plan risks derailing Venezuela oil recovery: Bousso
The plan of President Donald Trump to gain direct U.S. entry to Venezuela's vast reserves of oil could end up derailing the long-awaited revival in the South American country's energy industry by stifling the competition, distorting the markets and deterring foreign investment. Washington would acquire a 35% stake in North American Blue Energy Partners, a private oil company controlled by Alejandro Betancourt, a Venezuelan businessman. The company would be granted a?100-year lease on 17 Venezuelan oilfields with estimated reserves of 65 billion barrels. The?U.S. The?U.S.
Source: Venture Global informs Plaquemines Phase 2 buyers of LNG deliveries on time
?U.S. According to a source with direct knowledge, Venture Global told its customers at the Plaquemines Phase 2 Export Plant in Louisiana that they are on track to deliver contracted cargoes according to schedule and at prices previously agreed. Exxon Mobil, Chevron and other major energy companies are among the customers of Plaquemines Phase 2. Energy companies. In a Tuesday letter to its customers, the Virginia-based firm said that it "remains committed" to beginning long-term delivery from Plaquemines phase 2 by the second quarter 2027. This is despite the recent rise in global gas prices.
Sources say that Trump's oil agreement with Venezuela raises concerns for some major producers.
Sources familiar with the matter said that the unprecedented deal between the U.S. and Venezuela to gain access to a quarter of Venezuela's reserves and the role played by a Venezuelan businessman has caused some oil companies to hesitate and ask questions about their potential investment in the country. In a White House factsheet released late on Monday, it was revealed that private oil company North American Blue Energy Partners would be granted a lease of 100 years for 17 oilfields located in Venezuela. These oilfields contain 65 billion barrels worth of oil. The U.S.
Sources say that Trump's oil agreement with Venezuela raises concerns for some major producers.
Sources familiar with the situation said that the unprecedented deal between the U.S. and Venezuela to access a fifth of the country's oil reserves, and the role played by a Venezuelan businessman in this deal, has caused some oil companies to hesitate and ask questions when evaluating their?potential investment?. In a White House factsheet released late Monday, the White House outlined an arrangement whereby private oil company North American Blue Energy Partners would be granted a lease of 100 years for 17 oilfields located in Venezuela that hold 65 billion barrels worth of oil reserves. The U.S.
Baker Hughes: US energy companies leave rig count unchanged for the latest week
Baker Hughes, a closely watched energy services company, said that the U.S. firms had not changed their rig counts in the last week. The number of oil and gas drilling rigs, a good indicator of future production, was 588 during the week ending August 28. Baker Hughes reported that the total number of rigs was up 52 or 9.7% from this time last year. The report said that oil rigs dropped by five this week to?447, while gas-rigs increased by five to 130 and other'miscellaneous' rigs remained at nine. The Permian Basin, which is the nation's largest oil-producing shale region, in West Texas and Eastern New Mexico, saw the same rig count of 267.
China's CNOOC records record profit in the first half of this year on higher oil prices and output
CNOOC Ltd, a Chinese offshore oil-and-gas major, posted a record net profit for the first half of 2012 on Wednesday. Higher oil prices resulting from the Iran War?and increased production helped to boost earnings. According to a filing at the Hong Kong Stock Exchange, net?profits attributable to investors?rose by 23.4% from 69.5 billion to 85.8 billion ($12.9 billion). The oil and gas revenue has jumped by 20% to 206.1 billion Yuan. The average realized oil price of the company rose by 23.6% during this period to $85.49 per barrel, and its average realized gas price increased by 1.3% to $ 8 per thousand cubic feet.
SLB has access to Venezuelan oilfield data via contract, say sources
Three sources said that a contract signed by SLB with Venezuela's PDVSA, the state-run oil company in Venezuela, last week gave the U.S. technology and oil services company access to oilfield data from the nation with the largest crude reserves. According to sources, the?deal?will enable SLB to upgrade and organize PDVSA’s vast but outdated database following years of neglect as well as a recent cyberattack. Venezuela hasn't published oil statistics for more than 10 years. The last annual bulletin from the oil ministry came out in 2015. The lack of data…
US Judge dismisses legal challenge against Trump's offshore drilling expansion
A federal judge in Alaska on Monday dismissed a lawsuit filed by environmental groups to challenge President Donald Trump’s decision to allow offshore drilling along large swathes of previously protected coast. Judge Sharon L. Gleason of the U.S. District Court found that the lawsuit filed by groups such as?the Northern Alaska Environmental Center?was premature, because there was no imminent drilling in federal waters which were off-limits under Trump's predecessors. Gleason left open the possibility that the groups could refile their lawsuit if they wanted.
Exxon aims to increase oil production by automating drilling in the Permian.
ExxonMobil's contractor in rural west Texas, where oil rigs, pump jacks, and sparse, flat terrain are everywhere, sits on a drilling platform, using controls to move steel pipes weighing 2,000 pounds. The most common place for an accident on a drilling rig is the floor of the rig, where human supervisors would normally stand. Exxon is the largest oil company in the United States by volume. It operates over 30 drilling rigs, including two automated rigs equipped with robotics. An executive stated that by 2028 the company plans to convert half of its fleet into automated rigs.
Baker Hughes reports that US energy companies have cut back on drilling for the first time in four-weeks.
Baker Hughes, a 'closely watched' energy services firm, said in its report on Friday that U.S. firms have lowered the number of operating rigs for the first four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by five in the week ending August 21. Baker Hughes stated that the total count is still up by 50 rigs or 9.3% from last year. Baker Hughes said oil rigs dropped by three this week to 452, while gas rigs decreased by one to 128, and miscellaneous or other rigs by one to 9. The rig count in the 'Permian', America's largest oil-producing shale region, has risen by two, to 267. This is the highest since June 2025.
SLB and Formentera executives claim that they are working on activating drilling rigs for Venezuela.
SLB, a private equity firm and oil?service provider, is working with?Formentera?Partners to either reactivate or import more oil rigs into Venezuela in the next few months. Blake London, managing partner of energy-focused Formentera, said that the company is in talks with international service providers about bringing oil drilling rigs to Venezuela. According to Baker Hughes data, only two onshore drill rigs were active in Venezuela by the end of July. This puts a 'cap on the production capacity, which according to official figures is currently at around 1.25million barrels per day.
Moscow's petrol stations restrict sales due to shortages
According to witnesses and fuel suppliers, Moscow's fuel stations have implemented new limits on gasoline purchases due to fuel shortages caused by Ukrainian drone attacks against refineries as well as strong seasonal demand. Fuel suppliers and witnesses have confirmed that fuel stations in Moscow have imposed limits on gasoline purchases due to fuel shortages linked?to Ukrainian drone attacks on refineries, as well as strong seasonal?demand. In May, shortages began to spread across most Russian regions. By July, however, fuel stations in Moscow had been able to lift restrictions imposed in June.
Baker Hughes reports that the US oil and gas rig counts have reached their highest level since March 2025.
Baker Hughes, a renowned energy services firm, said that U.S. firms added rigs this week for the second time within three weeks. The oil and gas rig counts, an early indicator for future production, increased by five in the week ending August 14. This is their highest level since March 2025. Baker Hughes reported that the number of rigs has increased by 54, or 10% over a year ago. Baker Hughes reported that oil rigs increased by one this week to 455?, the highest level since May 2025. Gas rigs also rose four to 128?, the highest level?since May 2026. Other miscellaneous drilling rigs remained at 10?.
Shell's Wild Coast exploration plan is blocked by South Africa's highest court
South 'Africa's Constitutional Court blocked Shell's offshore exploration along the 'country's' pristine Wild Coast on Friday, a'setback' for the oil giant after years of legal challenges from local communities and environmentalists. This ruling is just the latest in a long line of court decisions that have dampened interest from investors and delayed offshore exploration. The majority of the South African Supreme Court overturned a judgment from 2024 by the Supreme Court of Appeal. Justice Jody Kollapen stated that the order of 'Supreme Court of Appeal' is set aside.
BP awarded license for Venezuela Loran gas fields in partnership with XRG and UCC
BP has, in partnership with United Arab Emirates firm XRG, and a unit from Qatar's conglomerate UCC Holding secured a licence to explore and develop Venezuela's offshore Loran field's second phase, according to the British company's and government officials' announcements on Thursday.The agreement was signed in Caracas, and broadcast by the state?TV. It gives BP's group the right to produce 4 trillion cubic foot of gas in Loran.British Shell was awarded the license for the first phase in June. BP stated in a press release that both phases will be developed…
