Chevron: Argentina's costs are still challenging, despite reform progress
Mark Nelson, Vice Chairman of Chevron, said that the cost of doing business remains high in Argentina despite the promising geology. The government of Javier Milei has made progress to promote the oil industry. Mark Nelson, Vice Chairman of Chevron, said that the geology in Argentina is excellent despite the progress made by the government under President Javier Milei to promote the oil economy. Chevron holds exploration and development interest in the Vaca Muerta Formation in southern Neuquen Province, where the estimated ultimate recovery is 50% higher per well than the average in the Permian Basin in Texas.
As the US shutdown comes to an end, UK's FTSE100 hits a record high.
Investors welcomed signs that the long-running U.S. shutdown may be ending. The blue-chip index ended 0.1% higher and is now within striking distance of 10,000. The FTSE 250 mid-cap index was down by 0.7%. Upgrade the UK's regulated electric networks and expand their renewable business. Metal mining companies gained 1.3% in value as the copper price increased on global commodities markets. Market sentiment improved after growing optimism that the U.S. This has caused a disruption in the release of important economic data. The Federal Reserve would be better able to make future interest rate decisions if a resolution were reached.
Lukoil's drilling plans in the Black Sea of Romania are stymied by sanctions
Vantage Drilling, a company listed in Oslo, has cancelled a contract for drilling next year. Two industry sources said on Wednesday that the contract was with Russian oil major Lukoil to explore its Romanian Black Sea Trident discovery. This cancellation comes just days after the company declared force majeure on its Iraqi oilfield, the company's prized asset abroad. Vantage Drilling announced on 19 October that it had cancelled a contract of 260 days for its drillship Platinum Explorer without revealing the client or location. Three days earlier, Britain had imposed restrictions on Lukoil as well as Rosneft, another Russian oil company.
The UK's FTSE100 is down as energy and industrial shares weigh
The FTSE 100 index in London dipped on Wednesday, after two sessions of record-high levels. Losses in energy and industrial shares weighed heavily on the market. Blue-chip index fell 0.1% to 9,886 as of 1214 GMT. However, it is still nearing record levels and within striking range of the 10,000 point. The mid-cap index FTSE 250 rose 0.1%. The market sentiment improved this week as investors hoped for a resolution to the U.S. Government shutdown. Investors expect that the U.S. House of Representatives will vote soon to end the shutdown, which has prevented the release of important economic data.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases were based on Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG soared following the outbreak of war in Ukraine. Shell argues in its latest filing that, while it is difficult to appeal arbitration decisions, they believe such a move was justified as Venture Global withheld crucial evidence. Shell confirmed that the document was filed on Monday.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases concerned Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG on the spot market soared following the outbreak of war in Ukraine. Shell, in a new filing, claimed that, while it was true the legal hurdles to appeal arbitration decisions are high, they believed an appeal would be justified because Venture Global withheld crucial evidence. Shell confirmed that the document was filed on Monday.
TotalEnergies and Petronas get the green light for exploration in Guyana
TotalEnergies and Petronas are oil producers who have signed an agreement for five years with the Guyana government to explore shallow-water blocks, officials and executives of both companies said on Tuesday. Guyana is struggling to diversify its industry. Its energy sector is currently dominated by an Exxon Mobil-led consortium, which controls all oil and gas production since Guyana became a producer of crude oil in 2019. Block S4, which is located between 50 and 100 km (between 30 and 60 miles) off the coast of Guyana, was the first production sharing…
Shell challenges Venture Global Arbitration Decision in New York Supreme Court
Shell is appealing its loss in a case against U.S. liquefied gas producer Venture Global at the New York Supreme Court. This comes weeks after BP won a $1 billion arbitration. The dispute arose from Venture Global's failure of to deliver liquefied gas under long-term agreements starting in 2023. Shell claims in a new filing that Venture Global hid information from Shell and to the arbitration tribunal. Shell confirmed that the filing was made Monday. Shell, BP, Edison, and Galp, among others, filed arbitration claims in 2023 accusing Venture Global that it profited from the sale on LNG at the spot market…
Shell abandons two wind farms off the UK Coast after Strategic Review
Shell announced on Monday that it had abandoned the MarramWind project and the CampionWind project off the coasts of Scotland after a strategic review. Shell announced that it sold its 50% share in MarramWind, to ScottishPower Renewables, and returned the CampionWind Lease to Crown Estate Scotland. Although ScottishPower Renewables has said that it will continue to develop MarramWind it is not clear if CampionWind as proposed by Crown Estate Scotland would proceed. Under Wael Sawan's leadership, the oil major has shifted away from renewables, and redoubled its focus on oil and natural gas in order to increase investor confidence.
Indigenous leaders from the Amazon to the Andes bring their demands to COP30
A boat with dozens of Indigenous Leaders arrived in Belem a few days before the UN's COP30 Climate Summit. They had traveled for weeks, from a glacier on the Andes mountains to Brazil's tropical coastline. They wanted to have a bigger say in the management of their territories, especially as climate change continues to escalate and other industries, such as mining, oil drilling, and logging, continue to push deeper into forests. Lucia Ixchiu from Guatemala, an Indigenous K'iche, said that they wanted to do more than guarantee money or finance. "We want a consensus that Indigenous territories will no longer be sacrificed…
Indigenous leaders from the Amazon to the Andes bring their demands to the COP30
A boat with dozens of Indigenous leaders landed at Belem, Brazil, a day before the United Nations COP30 Climate Summit. They wanted to have a bigger say in the management of their territory, especially as climate change continues to escalate and more industries, such as mining, oil drilling, and logging, are pushing deeper into forests. Lucia Ixchiu said, "We are not just interested in securing money or funding," a K'iche Indigenous from Guatemala. She was one of the approximately 60 passengers. She told the crew from the boat, which was in the middle of the Brazilian Amazon.
Baker Hughes reports that US oil and gas drillers have added rigs to their fleet for the third time in just four weeks.
Baker Hughes, a leading energy services company, said that U.S. energy companies added oil and gas rigs this week for the third consecutive time in just four weeks. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending November 7 to 548. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs remained at 414 in this week's report, while gas-rigs increased by three to 128 - their highest level since August 2023. The number of miscellaneous drilling rigs decreased by one, to six.
UK stock prices set to drop by a week's end as earnings-driven losses weigh
UK stocks fell on Friday with IAG as the main drag. They were also set to record losses for a week that was packed with earnings, as well as a Bank of England rate decision. As of 1125 GMT the blue-chip FTSE 100 fell 0.8%, while midcaps lost 0.5%. IAG, the British Airways-owned company that owns travel and leisure stocks, fell 8.4%. Rightmove, Britain's largest property portal, warned that profit growth would be slower next year. The real estate industry as a whole lost 1.20%. Heavyweight banks shed 0.7%. HSBC, Barclays and other heavyweight banks fell by about 1%.
EOG, a producer of shale oil and gas, has topped profit forecasts as production increases
EOG Resources surpassed analysts' expectations for the third quarter profit on Thursday as higher production helped offset a decline in crude prices. Benchmark Brent crude dropped more than 13% from the previous quarter, but the company saw a boost in production as it expanded into the Utica and Marcellus region following its $5.6 Billion deal with Encino Acquisition Partners. EOG's production of 1.3 million barrels per day increased from 1,08 million boepd in the previous quarter. Ezra Yacob, CEO of EOG, said that the company's assets were performing better than expected in the Delaware Basin and Eagle Ford shale areas, while its international assets also contributed to the growth.
ADNOC Drilling continues to expand in the Gulf with a new acquisition
ADNOC Drilling announced on Wednesday that it will buy 80% of regional drilling and oilfield service provider MB Petroleum Services, for a total enterprise value worth $204 million (749 millions dirhams). This marks a new expansion in the Gulf. ADNOC Drilling has acquired SLB's offshore rig business in Oman, Kuwait and Oman. This is its second major regional acquisition. Youssef Salm, ADNOC Drilling’s Chief Financial officer, said that such deals are a blueprint for future growth. ADNOC Drilling will be able to expand its footprint in Oman and Kuwait as well as Saudi Arabia, Bahrain, and Saudi Arabia with the acquisition of MBPS.
The major Gulf exchanges are tracking Asian shares lower due to valuation fears
The Gulf's major stock markets fell on Wednesday morning, following the Asian share market lower after a tech-led selloff overnight on Wall Street brought the focus on stretched valuations. The stock market is retreating after reaching record highs, amid fears that equity markets have become stretched. This comes as CEOs from Wall Street giants Morgan Stanley and Goldman Sachs asked whether such valuations could be sustained. MSCI's broadest Asia-Pacific share index outside Japan has fallen as much as 2,3%, its highest since early April. It last traded at 1% lower. Saudi Arabia's benchmark stock index fell 0.8%, and was headed for a fifth straight session of losses.
BP profits beat expectations but there is no news about Castrol sale
Oil major BP announced a smaller-than-expected fall in its third quarter underlying profit Tuesday, as a good performance across all divisions, led by refinery helped offset the impact from lower crude prices. There was no news on the sale of Castrol Lubricants, which is the centerpiece of the $20 billion asset-sale campaign to reduce its debt. BP, after a failed foray into the renewables sector under former CEO Bernard Looney has vowed that it will increase profits and reduce costs by re-routing its spending towards oil and gas. BP launched a review in August of the best way to develop and monetise their oil and gas production assets.
BP CEO predicts that non-OPEC+ oil supplies could decrease by April
BP Chief Executive Murray Auchincloss stated on Monday that oil supply growth outside OPEC+ may decline by April while demand remains strong. Auchincloss stated that "there is a supply rise outside of OPEC+." "We believe that will end in February, March and April. Auchincloss, who spoke at the ADIPEC Energy Conference in Abu Dhabi, said that future oil prices will be determined by three factors: OPEC+ decision, Chinese stockpiling, and the impact on sanctions. He said, "It is a very serious sanctions environment at the moment which dampens supply." He remains confident about the long-term growth of demand despite short-term uncertainty. Aviation and petrochemicals are two examples.
Auto stocks rise as European shares soar in focus of earnings season
European stocks rose on Monday, as investors digested the latest round of earnings reports. Auto shares also gained amid optimism that Dutch chipmaker Nexperia will resume China shipments. The pan-European STOXX 600 index rose 0.4%, to 574.11 by 0910 GMT. This is a rebound from the one-week-low hit last week. After a White House announcement that Nexperia news will be announced soon, auto stocks like Renault, Mercedes Benz, and Aumovio each gained more than 3.3%. Nexperia was recently taken over by the Dutch government, owned and operated by Chinese company Wingtech. This prompted Beijing, to stop Nexperia from leaving China.
European shares stable as earnings season comes into focus; Italy's Campari falls
European stocks were steady on Monday, as new corporate earnings reports arrived, including those from the LNG company GTT, and Dutch firm PostNL. However, shares in drinks manufacturer Campari fell following a probe into tax evasion. As of 0812 GMT the pan-European STOXX 600 Index remained at 572.29, close to its more than one-week-old low. The shares of GTT rose 4.3% as the French LNG containment systems specialist raised its revenue and core earnings estimates for this year. Oil and Gas Index led the sectoral gains, with a 1.1% increase. The energy sector also saw a boost from BP's 1.7% rise after the UK firm announced plans to sell stakes of its U.S.