Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.
Baker Hughes reports that US drillers have kept the number of oil and natgas drilling rigs unchanged for a second consecutive week.
Baker Hughes, a leading energy services company, said that the number of oil and gas rigs in the United States remained unchanged this week for a second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, remained at 551 during the week ending February 20. This is the same as the previous week. Baker Hughes reported that despite the lack of movement this week, there were still 41 rigs or 7% less than this time last year. Baker Hughes reported that oil rigs remained at 409 this week while gas rigs remained at 133. Although the total number of rigs did not change, some energy companies added rigs to certain?states while others removed them.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S. This includes $15 billion in energy commodities. Crude oil, LPG and fuel products will be included in the planned energy imports. Pertamina CEO Simon Aloysious Mantiri told reporters that "regarding plans to import energy from the U.S.
Shell claims US general exploration licenses in Venezuela will enable it to move forward with Dragon natural gas project
Shell's Dragon gas project will be able to move forward with the general licenses issued by the U.S. for oil and natural gas exploration in Venezuela this month, according to a Shell spokesperson on Thursday. As U.S. policies toward Venezuela have shifted, the project has been plagued by a series of starts and stops. The company spokesperson said that the recent general licences are a "positive signal" and allow for progress to be made on the Dragon project. Shell hopes to export gas from Venezuela through the Atlantic LNG facility located in Trinidad and Tobago. Shell spokesperson stated that the company doesn't 'generally' comment on possible dates for investment decisions.
Exxon will determine the size of the natural gas reserves in Guyana's Stabroek Block.
Guyana’s energy minister stated that Exxon Mobil continues to work on determining the size of natural resources in Guyana’s?prolific Stabroek Block as the company pursues wider development of the resource. Previous statements by the U.S. oil giant, who leads the consortium operating the Stabroek Oilfield, have stated that ongoing efforts are being made to better understand the mixture of crude oil, associated gas and non-associated gases. It is crucial to estimate the potential of gas projects for both the domestic and export markets. Vickram Bharrat said that Exxon needs to continue to work on evaluating the amount of natural resources in Guyana.
Exxon’s Uaru project and Whiptail project in Guyana is moving ahead of schedule according to an executive.
Exxon Mobil’s President of Guyana Operations said that the company's fifth- and sixth-projects in Guyana, Uaru and Whiptail, are on schedule and within budget. Alistair Routledge (Exxon Guyana president) refused to give a timeline for the start-up of projects when asked by. Whiptail, meanwhile, is expected to begin production in 2027. Uaru will produce 250,000 barrels a day, and Whiptail - 200,000. Guyana's total output will be?1.15m bpd once Uaru begins, and 1.4m bpd after Whiptail comes online. Routledge, in a speech at the Guyana Energy Conference…
Reports from FT say that Eni, the Italian oil and gas company, is considering a return to trading.
Italian energy major Eni ?is weighing re-entering oil ?and ?gas trading ?as it seeks the outsized returns enjoyed by BP, Shell and TotalEnergies, amid geopolitically-driven price volatility, the Financial Times reported on Wednesday. Claudio Descalzi,?Eni's Chief Executive, told FT that he stopped trading in 2019, but other large companies were still traders. Descalzi stated that he has held preliminary discussions with several commodity companies, including Mercuria about forming a joint-venture. "It's not in our DNA." We're not very commercial. "I thought that to be commercial we would need a partner to understand the business," said he.
Sources say that Trinidad's Atlantic LNG has shut down its Train 3 facility for emergency repairs.
Three people familiar with the situation said that on Wednesday, Trinidad and Tobago’s flagship Atlantic LNG complex, which produces liquefied gas from natural gas in Trinidad and Tobago, shut down its Train 3 facility for emergency repairs. Repairs at the unit with a 3 million tonne per year capacity are likely to take a month. A crack was found in the?flaring systems. Sources said that the shutdown could affect a quarter or more of Atlantic LNG’s production in?the island. BP and Shell did not respond immediately to Friday's requests for comments. Each company owns 45% of the complex. Atlantic LNG also did not respond to any inquiries.
Baker Hughes reports that US drillers have cut three oil rigs and added three gas rigs to their weekly count, while maintaining the same number of rigs.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies this week reduced three oil rigs while adding three natural-gas rigs. The overall rig count remained unchanged. The 'oil and gas rig number, a leading indicator of future production, remained at 551 during the week ending February 13. Baker Hughes reported that the total count was down 37 rigs or 6% from this time last year. Baker Hughes reported that oil rigs dropped by three this week to 409, their lowest level since early January. Gas rigs, however, rose?by three, to 133, the highest level since July 2023.
US permits oil majors to resume Venezuelan operations and broadly approves new energy investment
The U.S. eased its sanctions against Venezuela's energy industry on?Friday. It issued two general licenses allowing global energy companies? to resume oil and?gas operations in the OPEC?member?and other companies?to negotiate??contracts? on investments in???new???energy operations?. The Treasury Department’s Office of Foreign Assets Control has issued a license allowing Chevron BP Eni Shell Repsol and Repsol resume their oil and gas operations. The second license is for companies to invest in Venezuelan oil or gas. The license does not permit transactions with Russian, Iranian, or Chinese companies or entities controlled or owned by joint ventures in these countries.
Sources say that Venezuela's PDVSA has expanded its oil fields to joint venture partners.
Three sources familiar with the matter have confirmed that PDVSA, Venezuela's state-run petroleum company, is in talks with its joint-venture partners to offer them expansions of?the oilfields assigned to their projects. This could lead to an increase in crude and natural gas production and exports. Venezuela's National Assembly approved in late January a reform of the country's oil law that grants foreign oil companies autonomy to operate, export, and cash out sale proceeds - even if they are minor partners in joint ventures. Two sources claim that the'reform' gave the 'oil ministry' of Venezuela, PDVSA, and its partners six months to renegotiate the terms of their joint projects.
Sources say that Venezuela's PDVSA has expanded its oil fields to joint venture partners.
Three sources familiar with the matter said that the state-run PDVSA of Venezuela is currently in discussions with its joint venture partners including Chevron Repsol and Maurel & Prom to expand the oilfields assigned to their respective projects. This could lead to an increase in crude and natural gas production. Venezuela's National assembly?approved a reform of the main oil law in late January, allowing foreign oil companies autonomy to export and receive cash sales proceeds even though they are minor partners in joint ventures with PDVSA. The reform…
Gulf stock markets fall due to US-Iran tensions and earnings.
Stock markets in the Gulf slowed in early trading on Thursday, pressured both by a lacklustre earnings report and investor unease over tensions between the United States and Iran. U.S. president Donald Trump met with Israeli prime minister Benjamin Netanyahu on a Wednesday. He later stated that they hadn't reached a "definitive agreement"?regarding Iran but stressed that negotiations would continue. The announcement came just a day after Trump announced that he was considering sending a second aircraft ship to the Middle East in case a deal with Iran is not reached. Oil prices rose on Thursday due to the 'persistent tensions' in the region.
MVM purchases 10% of BP's Shafag Solar Project
The oil giant announced Wednesday that it had sold a 10% share in its Shafag Solar?project? in 'Azerbaijan? to MVM Energetika Zrt of Hungary. BP?said that BP owns 40.01 % of the project. SOCAR owns 39.99% and MVM and Azerbaijan?Development?Fund each own 10 %. BP announced the news a day before, after it reported that it had taken about $4 billion of impairments in its renewables and?biogas?assets. This included its?solar unit Lightsource Bp. Lightsource bp and its joint venture partners are building the Shafag Project. British Oil Major said it made a decision in June to invest final funds on the project.
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.