Chile to receive its first Australian LNG in 3 years amid tighter Atlantic supply
According to ship tracking data, two Australian LNG cargoes are on their way to Chile. This would be the first time in three years that Chile has received shipments of this nature. The competition between these two 'basins' could be increased by more cargoes being sent to the Atlantic. This would also support the spot LNG price in the region. Kpler data shows that the Gaslog Gladstone tanker, which loaded cargo at Queensland Curtis LNG terminal (QCLNG), on January 27, is expected to arrive in Quintero, Chile on February 14. A second tanker, Barcelona Knutsen also picked up a cargo from QCLNG in February and is scheduled to arrive at Mejillones (Chile) on February 27.
Aker BP raises dividend despite 2026 output dip
Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite an anticipated decline in production. Its profit for the last quarter of 2017 was below expectations. The company's poll of 16 analysts showed that the group's earnings were below expectations. Karl Johnny Hersvik, CEO of Aker BP said that "our major development projects" had also made good progress. Aker BP stated that until the new projects are completed, such as the large Yggdrasil project, Aker BP’s production is expected to drop?this coming year?to between 370,000 and 400,000 barrels equivalent per day (boed), down from the 420,000 boed - in 2025.
BP suspends share buybacks to reduce debt, sending shares down 7%
On Tuesday, BP suspended its share buybacks. It also took charges of about $4 billion on its renewables assets and biogas assets. This sent its shares down by 7% during afternoon trading. The oil major said that it will shift money from its buybacks into shrinking debt and refocusing investment in oil and natural gas projects, where it expects higher returns. Analysts at Berenberg were not surprised that buybacks have been removed, but they said the market viewed it negatively, along with BP's decision to drop its pledge to pay between 30% and 40% of operating cash flow as dividends and stock buybacks.
BP confirms that it has applied for an OFAC license to develop the Venezuela/Trinidad Gas Field
BP wants a license to 'develop' its Manakin Cocuina Gas Field that crosses the border between Trinidad and Tobago, Venezuela and Trinidad. This was revealed by interim BP CEO Carol Howle on Tuesday. Shell's Dragon and Manatee project and BP's Manakin are among the energy companies that have moved forward with their plans in Venezuela since the U.S. captured former Venezuelan President Nicolas Maduro. BP is developing the?field in Trinidad to convert more than 1 trillion cubic feet of natural gas into liquefied gas for export. BP owned 45% of Trinidad’s flagship Atlantic LNG plant in 2025. This was 15% of BPs LNG total production. "Look, we are interested in the Manakin Cocuina field.
Sources say that Venezuela's Orinoco Belt is loosening, which helps to boost oil production to 1 million barrels per day.
Sources close to the operations reported that Venezuela's state-owned?oil firm PDVSA reversed the majority of output cuts in its own oilfields and joint ventures located along the Orinoco Belt. Total production has increased to close to one million barrels a day. OPEC member Venezuela was forced to reduce its crude production after Washington imposed an oil blockade in December in order to put pressure on Nicolas Maduro. Maduro's capture at the beginning of January resulted in the U.S. overseen government of interim President Delcy Rodriguez. Millions of barrels worth of exportable crude oil were left in Venezuelan tanks and vessels due to the strict U.S.
Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.
Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd). The OPEC nation had to reduce crude production, its main revenue source, after an oil blockade imposed by Washington in December to pressure President Nicolas Maduro. He was captured early January and replaced with the U.S. overseen government of Delcy Rodriguez. The strict 'U.S. The strict 'U.S.
Transocean buys Valaris for $5.7 billion to expand global offshore rig fleet
Transocean, a provider of oilfield services, announced on Monday that it will acquire Valaris, a peer company, in a $5.8 billion all-stock deal. This acquisition will increase its exposure to deepwater, harsh environment and shallow water basins around the world. Transocean shares dropped 1.9% to $5.28 while Valaris shares rose 20.7% to $75.43 during premarket trading. Oilfield service providers are following energy producers in their pursuit of?deals that will help them navigate the operational and pricing pressures as customers reduce?spending for new wells and prioritise returns to investors.
Shell is in need of a big deal or discovery as its oil and gas reserves are dwindling
Shell and analysts agree that the company needs to find a way to increase production to compensate for an expected shortage of between 350,000 and 800,000 barrels equivalent to oil per day in 2035, due to mature fields that are unable to meet its output targets. Oil majors have resisted the urge to 'top up' their reserves for years. They were aware that a rapid transition from oil and gas to other energy sources could reduce demand. As the transition is slow and the demand continues to rise, the spotlight has returned to those who have enough fuel in their tank.
BP does not intend to honor the National Oil Bargaining Agreement, says union
The union representing hundreds of workers in BP's Whiting Refinery, the.largest refinery.in the Midwest, announced?on.Friday that the British oil giant does not intend honoring the national oil bargaining agreements. The United Steelworkers union has adopted a national oil bargaining agreement that was negotiated with Marathon Petroleum to be used in contracts between 30,000 workers of the oil industry and their refineries or chemical plants. The Steelworkers Union represents about 800 workers in the Whiting refinery, which produces important transportation fuels such as?gasoline and diesel fuel.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the third consecutive week for the first since November. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending February 6 to reach 551 - its highest level since November. Baker Hughes reported that despite the increase in rigs this week, there were still 35 rigs or 6% less than this time last year. Baker Hughes reported that oil rigs increased by one this week to 412, the highest level since December. Gas rigs grew by five to 130 - their highest level since November.
Trinidad's Atlantic LNG will shut down Train 4 to perform major maintenance
Three people familiar with the plan said that Trinidad and Tobago’s flagship 'Atlantic LNG' plans to close its 6 million metric ton per annum Train 4 in May and/or June for maintenance and repairs. Atlantic LNG is owned by Shell, BP and Trinidad's National Gas Company. Each company holds a 45% share. According to documents from the company, this facility will account for?roughly 15% of BP’s global LNG production in 2025 and 10% of Shell’s LNG output. People told us that the maintenance and repairs will begin on May 4, and last between 45-50 days. During this time, Atlantic will continue exporting LNG from Trains 2 &?3, with a combined 6 mtpa capacity.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. One claim?involves a field operated by the Karachaganak Petroleum Operating Consortium, in which Shell holds a 29,25% stake along with Eni, Chevron and KazMunayGaz.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfield and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. Shell, Eni, Chevron and KazMunayGaz all hold a 29.25% stake in the Karachaganak Petroleum Operating Consortium, which operates the field.
BP Whiting refinery workers are preparing for a possible strike after union talks fail
United ?Steelworkers is asking workers at BP's 440,000-barrel-per-day refinery ?in Whiting, Indiana, to prepare for ?a strike ?or lockout, the union said on Thursday after weeks of negotiations with the British oil major that did not yield results. The comments follow a vote by 98% of the?800 Whiting?refinery workers that the local USW represents to authorize a walkout. Eric Schultz is the president of USW 7-1. He said that BP had rejected nearly all?of USW 7-1's proposals without much discussion. The union said BP had proposed workplace changes that included cutting over 200 union jobs from operations…
Sources say that the US will soon issue a general license for oil extraction in Venezuela
Three sources said that the U.S. is preparing to issue a general license allowing oil and gas companies to operate in Venezuela as soon as 'this week'. Washington aims to encourage increased production in the OPEC country since capturing the president. Sources said that the Office of Foreign Assets Control of the Treasury would allow companies to explore for and pump crude oil and gas. OFAC has already granted U.S. companies permission to store, refine and sell Venezuelan oil under a general license that was issued last month. On Tuesday, OFAC also issued a license for the sale of U.S. dilutients required to convert Venezuelan crude grades to exportable oil.
Equinor announces a sharp fall in capital spending next year and cuts back on buybacks by 70 percent
The company said that it would cut back on share buybacks to 70%, and reduce investment in renewables and low emissions energy. This was announced as the company reported a 22% decline in its fourth-quarter profits, due to lower oil and gas prices. Analysts say that share buybacks and dividends are unsustainable due to low oil prices. Equinor CEO Anders Opedal said to reporters that the company was taking steps to improve its free cash flow. This makes us more resilient against lower prices, and allows us maintain a strong balance sheet in turbulent times. Equinor's shares rose 0.6% at 1258 GMT.
Castrol India's quarterly profits drop due to higher costs and one-time charges
The lubricant maker Castrol India reported a 9.9% decline in its fourth-quarter profit on Tuesday. This was due to higher raw material costs and an unforeseen?charge, which outweighed the boost from a sustained demand. Profit after tax for the company fell from 2.71 billion rupees to 2.45 billion (about $27.2 million) during the quarter ending December 31. The results include a?one-time charge of 225.3 millions rupees related to?India’s newly enacted labor code. Castrol India is a major supplier of lubricants for automakers such as?Maruti Suzuki, Hero MotoCorp and?Hyundai. The demand for its products was boosted by the 17.6% increase in India's car sales during the third quarter.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and natural gas rigs this week for a second consecutive week for the first since December. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending January 30 to 546, its highest level since December. Baker Hughes reported that despite this week's increase in rigs the total count is still 36 rigs or?6% lower than this time last year. Baker Hughes reported that oil rigs remained at 411 in this week. Oil and gas rig counts declined by 7%…
Whiting refinery workers reject contract extensions
United Steelworkers members at ?BP's 440,000-barrel-per-day refinery in Whiting, Indiana, rejected the company's ?offer to extend their contract ?by ?28 days at the largest refinery in the U.S. Midwest, the company said in a statement on Saturday. United Steelworkers Local 7-1 which represents about 800 workers in Whiting said on Friday, 'in a statement sent to its members, that the two sides are still apart but that workers should continue to report to work according to schedule to ensure the safe operation of the facility. The union stated that "while there is no intention to stop work, we need to be ready." Our plans for a strike or lockout were initiated. Please do not be alarmed.
Activist shareholders ACCR and pension funds urge BP show that shift to oil will deliver value
UK pension funds, European activist shareholders and ACCR have urged BP to 'publish more information' to prove that its strategy to shift spending from low-carbon projects to oil and natural gas will bolster shareholder value. BP's then CEO Murray Auchincloss had announced a strategy shift back to hydrocarbons a year earlier, claiming that this would increase profitability after BP's predecessor Bernard Looney made ill-fated attempts at renewables. ACCR announced on Tuesday that it filed a joint resolution with a group of asset managers managing 191 billion pounds ($262 'billion).