Egypt signs $340 million oil and gas exploration deal with global firms
The Petroleum Ministry announced on Saturday that Egypt had signed four agreements worth $340 million with international companies to explore for oil and gas along the Mediterranean and Nile Delta. The state-owned Egyptian Natural Gas Holding Company, or EGAS, has signed a deal that will see 10 wells drilled as part of efforts by the Ministry to increase exploration and production. Egypt, a once-prominent regional exporter, is increasingly importing to meet the rising demand at home, as production from old fields declines and investment in new ones lags. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021.
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 that the U.S. firms have cut back on oil and gas rigs for the second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending August 29 to 536, the lowest level since August 2021. Baker Hughes reported that the total number of rigs is down 47 or 8.1% from the same time last year. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by three to 119. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Ali, the Guyanan president, seeks a second term amid a oil boom
Guyanese will vote in general elections on Monday. They'll decide if President Irfaan Ali's People's Progressive Party, which controls the country's government, can keep its parliamentary majority. It's also a chance to determine if they want to continue leading one of the fastest-growing economies in the world. ExxonMobil's offshore discoveries have helped the South American nation, which is home to 800,000 people and has experienced double-digit growth in its economy for five straight years. Five parties that are challenging the PPP in the race for…
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
Mitsubishi abandons offshore wind farms in Japan
A senior official in the industry ministry said that Japan wants to re-auction as many offshore wind sites as possible as soon as they can, subject to local community consent. The trading house Mitsubishi Corp announced on Wednesday that it would no longer build wind farms in the prefectures of Akita and Chiba due to rising costs. In 2021, the first state-wide auctions were held to award the rights to construct and operate these farms. The farms have a total planned capacity of 1,76 gigawatts and were scheduled to begin between 2028 and 3030. Japan has already held three major auctions to increase its offshore wind power capacity. It aims to reach 10 GW in 2030 and 45 GW in 2040.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion. CNOOC’s net production of gas and oil increased by 6%, reaching a record of 384.6 million barrels equivalent of oil during the period. Gas was up by 12% on an annual basis.
Mitsubishi is considering abandoning offshore wind energy projects in Japan
Mitsubishi Corp announced on Wednesday that it is considering withdrawing from 3 Japanese offshore wind projects. Three wind farms are owned by Mitsubishi-led consortiums in Japan's Chiba Prefecture and Akita Prefecture. The trading house announced in February it was reevaluating how to proceed given the "significantly altered" business climate. Mitsubishi recorded a charge for the projects of 52.2 billion Japanese yen (354 millions dollars) earlier this year. Mitsubishi released a statement saying that they were currently evaluating all options, including the possibility of withdrawing from the project. They added that no decisions had been taken.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve. The country is expecting to start offshore oil and natural gas production by 2028, following a successful investment decision for the flagship 12 billion dollar Gran Morgu project, between TotalEnergies, APA Corp, and Staatsolie. Suriname, unlike its neighbor Guyana where the Exxon Mobil consortium controls all production, wants to diversify its energy sector.
Kazakhstan continues to fine Kashagan consortium $4.4 billion
A source and an official document indicate that Kazakhstan's regional environmental department has imposed a fine of $4.4 billion on an international consortium working to develop the giant Kashagan oilfield. This is despite a long-running legal battle. The NCOC consortium which includes Eni Shell TotalEnergies ExxonMobil said that its shareholders strongly disagreed with any fine and would continue to pursue every avenue of recourse available against the decision. Kazakhstan's Government originally fined NCOC $5.4 billion in 2023 - 2.3 trillion Tenge…
RPT-Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion in an investment project that will produce 60,000 barrels of crude oil per day by the end of 2026. An executive involved directly in the project confirmed this. This is a rare private Chinese investment in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the government of President Nicolas Maduro. This is the first time that the investment amount and production plan have been reported. Beijing is a close ally of Maduro, and of his predecessor, late President Hugo Chavez.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the fourth consecutive week. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by one in the week ending August 22 to 538, the lowest level since mid-July. Baker Hughes reported that the number of rigs has dropped by 47 this week. Below this time last Year. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. The number of rigs in the largest oil and gas producing state of the country,, fell by two, to 240. This is the lowest level since September 2021.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number of natural gas and oil rigs for the fourth consecutive week in its widely read report. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 22. This is the lowest level since mid-July. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the…
BP's Whiting refinery, Indiana, continues to flare up days after a severe thunderstorm
BP's Whiting refinery, which produces 440,000 barrels per day, has continued to flare up after flooding disrupted operations earlier this week. In a post on social media, the company stated that the facility continues to burn materials to maintain safe operation. They also added that floating barriers have been placed in Lake Michigan to act as a precaution due to the wind and wave conditions. The company stated that "there are no known impacts beyond the refinery" at this time. The Whiting refinery was affected by flooding earlier this week caused by a severe storm overnight. BP tried to restart the plant on Wednesday.
Indiana's BP Refinery restarts following severe flooding
IIR, a monitor of the industry, said that BP's Whiting refinery, which produces 440,000 barrels per day, is in the process to restart after flooding disrupted operations earlier in the week. The units will take several days for them to ramp up, IIR added. IIR stated that the facility will be running at full capacity by early next week. The refinery reported that it was experiencing flaring as a result of flooding from a severe storm. BP posted on social media on Wednesday that materials will be burnt in flares to maintain safety operations. The company added that teams from the response and operations have been at the site since Monday night.
BP confirms Whiting refinery operations have been affected by flooding
BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight. BP has not said which units of the refinery were affected and if production was affected. A source cited by industry monitor IIR said that multiple units at Whiting refinery had been shut down on Monday night due to flooding. Source: The affected units include the primary crude processing units as well as the heavy distillate catalytic Cracker and Hydrotreater and middle distillate Hydrotreater. BP reported that response and operations crews are on site to manage the impacts of the storms.
Sources say that Raisa Energy is selling US oil and gas assets worth $1.5 billion, according to sources.
People familiar with the matter say that Raisa Energy, a private investment firm, is selling an oil and gas package across several U.S. Shale basins. The package could fetch up to $1.5 billion. These sources, who asked not to be identified because the process was confidential, said that the sale is still in its early stages and that the final price may fluctuate depending on the market conditions and other variables. TPH, a boutique advisory firm Perella Weinberg Partners' energy-focused investment bank, advises Raisa in this effort, according to the statement. Raisa declined to comment on a request for a statement. Perella Weinberg declined to comment.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. energy companies this week kept the number of oil rigs and natural gas rigs at a constant level. The number of oil and gas drilling rigs, which is a good indicator of future production, was 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412 while gas rigs decreased by one to 122. Texas, which is the largest oil and gas producing state, saw its rig count drop by one, to 242, marking the lowest level since September 2021. In Wyoming, rig counts fell to 13 from 1, the lowest level since August 2024.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. firms held steady this week on the number of natural gas and oil rigs. The oil and natural gas rig count - an early indicator of future production - remained at 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by one to 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production. The U.S.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola, Sub-Saharan Africa’s second-largest oil producer after Nigeria is turning to natural gas as a way to drive its industrialisation program based on favorable investment terms.
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa, United Arab Emirates' largest onshore oilfield. Sources said that Zhenhua, with its new role as the company responsible for the development of Bu Hasa and for meeting production and cost goals…
