Sources say that Trinidad's Atlantic LNG has shut down its processing unit to perform maintenance.
Gerald Ramdeen, the Chairman of the National Gas Company of Trinidad and Tobago (NGC) and two other people familiar with the operation, said that the flagship?LNG?facility of Trinidad and Tobago shut down its Train 4 processing unit for planned maintenance on Tuesday. Sources said that the outage could last for nearly two months and affect as much as 50% of Atlantic LNG’s total production capacity. The Caribbean's liquefied natural gas supply is now more limited in the short-term due to the interruption. Global markets are already constrained by the loss of Qatari volumes.
BP ousts Chairman Albert Manifold, citing unnamed Governance Issues
BP announced on Tuesday that it had removed Albert Manifold as its Chair 'with immediate effect'. The company cited governance and conduct concerns, just months after he was appointed to oversee a new strategy. BP launched a plan to switch the focus from renewable energy to fossil fuels in February '2025. It also appointed Meg O'Neill as its fifth CEO since last year. In a Tuesday statement, BP announced that its?board unanimously agreed to remove Albert Manifold as chairman and director. BP stated that the decision was made in response to serious concerns expressed to the board regarding important?governance, oversight and behavior standards.
BP Whiting Refinery revises its proposal to the union in ongoing negotiations
BP announced that its Whiting refinery had returned 'to the bargaining table' with the United Steelworkers - Local 7-1 negotiating committee on Friday and presented a revised proposal to bring the parties closer together. In response to union concerns, the company said that it has withdrawn the voluntary reductions of up to 42 employees of maintenance crafts. BP said the proposal included an average 13% 'pay increase' over the first four?years of a six-year proposed agreement.?Pay increases in the last two?years would match those?set out in the 2030 National Oil Bargaining.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, an energy services firm, said in its widely-read report published on Friday that U.S. firms added oil and gas rigs this week for the 'fifth consecutive week' for the 'first time since February 2025. The number of oil and gas drilling rigs, a good indicator of future production, increased by seven in the week ending May 22 to 558, its highest level since June 2025. Baker Hughes reported that despite this week's increase in?rigs, the total count is still eight rigs lower, or 1%, than this time last. Baker Hughes reported that oil rigs increased by 10 this week to 425. This is their highest level since July 2025.
Shell subsidiary sells stakes to QatarEnergy in offshore blocks of Uruguay
QatarEnergy acquired three offshore exploration blocks in Uruguay from Shell's subsidiary, marking its first entry in the South American nation's upstream energy sector. The state-owned firm said on Wednesday that it would not disclose financial details. Shell, a key partner in Qatar's energy projects, is also strengthened by the Qatari energy giant’s South American exploration expansion. Over the past few years, the company has built up an upstream portfolio, which includes interests in Brazil and Cyprus as well as Egypt. QatarEnergy acquired 30% of the?stakes? in blocks OFF-2 and OFF-7 where Shell holds 70% and 40%, respectively.
Venezuelan Oil Minister tells Houston Conference that country is open to dispute resolution
The Venezuelan Oil Minister Paula Henao announced on Tuesday that the new framework for hydrocarbons in the country is open to?dispute settlement outside of the country. This was a major wish expressed by many foreign oil firms before they begin operations in the South American nation. She said this at a conference outside Houston. "We hope it never comes to that but if it does, we will resolve any issues through this channel." Her remarks at the event hosted by the American Association of Petroleum Geologists, in The Woodlands in Texas, marked her first trip to the U.S. since the January ouster of President Nicolas Maduro by American forces. Since then, U.S.
Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the fourth consecutive week.
Baker Hughes, a closely watched energy services firm, said in its report on Friday that U.S. firms added oil and gas rigs for a fourth consecutive week. In the week ending May 15, the oil and gas rig counts, which is an early indicator of future production, increased by three, to 551 - its highest level since late March. Baker Hughes reported that despite a?this week?s increase in rig count, the total number was still down 25 rigs or 4% from this time last year. Baker Hughes reported that oil rigs increased by five this week to 415, the highest level since November 2025. Oil and gas rig counts will decline by 7%, 5%, and 20% between 2025 and 2023, as the lower U.S.
Sources say BP will cut its pipeline gas trading team, as the focus on LNG grows.
BP aims to dismantle the team that trades pipeline gas, according to two sources familiar with the matter. The oil major is focusing on a larger?liquefied gas (LNG), trading. Sources said that BP would lay off 20 employees from its pipeline gas division and fold the rest into the fast-growing LNG business. The move "underscores" a wider shift that has been occurring since 2022 when Europe shifted away from Russian pipeline gas to LNG. BP refused to comment. European majors spent "decades" building large trading desks in order to profit from price differences across time periods, regions and derivatives markets.
Sources say that BP is considering selling some Egyptian gas assets
Four people close to the matter have confirmed that BP may sell some of its natural gas assets located in Egypt. This is as Meg O'Neill, the new CEO, restructures BP to reduce debt and focus on more profitable projects. Over the past six decades, BP has invested a total of?more than?$35 billion in Egypt. Joint ventures in the East Nile Delta and BP-operated fields on West Nile Delta produce?about?60% of Egypt's natural gas. Over the past six decades, BP has invested more than?$35? The sources said that no final decisions had been made. A BP spokesperson stated that the company doesn't comment on market speculation.
BP will meet with union leaders for Whiting refinery talks next week
BP and the United Steelworkers union announced on Wednesday that they will be meeting with 'union leaders' on Monday in order to re-start contract negotiations at their oil refinery in Whiting, Indiana. We look forward to returning the table for negotiations to reach an agreement which will preserve strong jobs by improving refinery performance and safety. This will also keep the site competitive over the long-term in various economic conditions. BP stated that they have been negotiating in good faith since the'start' and would continue to do so. Some 800 workers at the 440,000-barrel-per-day refinery, the largest in the U.S.
Iran ceasefire is a major factor in the growth of most Gulf markets ahead of Trump's China visit
As 'investors' watched the fragile Middle East truce and the upcoming 'high-stakes meetings' between U.S. President Donald Trump and Chinese president Xi Jinping. U.S. Treasury Sec. Scott Bessent said the two presidents would discuss the Iran War, and asked?China to 'join us in the international operation' to open the Strait of Hormuz for international shipping. Analysts say that while Beijing worked behind the scenes last month to persuade Iran to attend peace talks in Pakistan with 'the U.S.,' it did not act solely on Washington’s orders. Saudi Arabia's benchmark indices gained 0.2%. Al Rajhi Bank rose 0.8%, and Saudi National Bank, the largest lender in the country, increased 0.5%.
Europe's first-quarter earnings are a mixed bag for consumers and growth.
A majority of European companies have reported their first-quarter earnings. As a result, the corporate profits will rise faster than ever in three years. This is due to strong growth from the financial and energy sectors. As the war drags on, concerns are growing for consumers. According to LSEG I/B/E/S earnings in Europe are expected to be up 10.2% for the first quarter based on results?of the companies who have already reported and estimates of those that still have to report. This would be the 'fastest?growth rate in the first quarter since 2023. Despite the Iran War severely disrupting energy supplies around the world and threatening global growth and inflation prospects.
US loans 53.3 million barrels from Strategic Petroleum Reserve
The Trump Administration announced on Monday that it would loan 'energy companies' 53.3 million.barrels from the U.S..Strategic.Petroleum Reserve, as part of a worldwide agreement to calm down oil markets which have spiked due to the U.S. -Israeli War with Iran. Exxon Mobil and Trafigura are among the nine companies that borrowed less than 58% of the 92.5 million barrels offered by the Department of Energy to the SPR last month. This spring, the DOE had already borrowed about 80 million barrels. It is aiming to release a combined 172 million barrels. The U.S. agreed on this larger amount in March, in a deal with over 30 countries of the International Energy Agency.
Woodside Energy's delayed Browse Liquefied Natural Gas project is expected to cost 35 billion dollars
Woodside Energy has commissioned a report that estimates the cost of its long-delayed Browse project to be A$48.7billion ($35.2billion). The proposal to develop Australia's biggest?untapped gas resources was submitted to?regulators? in 2018. It was estimated at A$27.3billion in 2019 but in 2023, a major component of carbon capture and storing (CCS) was added to the plan. Environmental approvals and negotiations over a processing contract have slowed down the Browse project. Deloitte's economic impact analysis, commissioned by the Woodside company and released on Monday, revealed that the total capital expenditure for this project would be A$48.7billion.
Sources say that BP CEO told staff in June to expect a reorganisation of the company.
Three sources said that BP CEO Meg O'Neill notified staff of a reorganization?into 'two main business unit' - upstream & downstream - starting in June. BP announced in April that it would restructure according to this plan, but did not provide a timetable. O'Neill took over as oil major's 5th chief on April 1, becoming the first to make such a move. BP has three major business units. The gas and low-carbon unit covers gas-focused production, while the oil production and operation unit includes oil?output and its U.S. Onshore Business?and refinement. Customers and Products includes fuel sales, petrol station and lubricants.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand. World has used temporary buffers to absorb the shock of the Middle East war. These include commercial stocks, oil in transit or stored at sea, and emergency reserves. Executives from major energy companies and investment banks…
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S. and Iran reach a peaceful agreement to end their conflict, oil supplies will tighten in the coming weeks. It will take weeks for oil to be shipped from the Middle East Gulf to refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the peak summer demand. World has temporarily buffered the impact of the Middle East war by using?commercial stocks, oil in transit and stored at sea as well as emergency?reserves. Markets and global economies have yet to feel the full impact of the disruption to oil supplies.
ADNOC to promote shale oil and gas projects following UAE's OPEC withdrawal
ADNOC Abu 'Dhabi expects to reach a final investment decision on its unconventional gas with TotalEnergies 'this year, and approval of a separate unconventional petroleum project is expected to follow shortly, said its upstream chief. Musabbeh Al-Kaabi, the Upstream CEO of state oil giant ADNOC, said that the United Arab Emirates' exit from OPEC on May 1 was a "sovereign" decision made in the 'long-term economic and strategic interests' of the country. Kaabi, who spoke at the "Make it in the Emirates" conference, said that ADNOC has been piloting its unconventional projects for more than a year, using advanced drilling techniques similar in style to those used in the U.S.
Irfaan Ali, President of Guyana, says that energy investments are not enough to meet demand
Irfaan Ali, Guyana’s President, said on Monday that the gap between supply and demand was widening, due to global energy systems being under strain. The Iran war is now in its third month, and it continues to push up oil and natural gas prices. Since the beginning of?the war, energy markets have been in turmoil. The conflict has damaged infrastructure throughout?the Middle East, and the resulting closure of the 'Strait of Hormuz - a major trade chokepoint - has led to a significant drop in prices. Oil prices are now above $100 per barrel and trade flows around the world have changed as some nations rush to secure supplies.
Norway Wealth Fund fails to meet its climate goals, according to NGO
A report from an environmental NGO on Tuesday said that Norway's $2.2 billion sovereign wealth fund is not engaging in climate change with the companies it invests in, despite its stated intentions to do so. The fund will aim to have all the companies in which it invests reach zero emissions of greenhouse gases by 2050. This is in accordance with the Paris Agreement. Around 7,200 companies are involved in the fund. Norges Bank Investment Management, the fund's operator sets expectations on company boards regarding climate change. It also votes on the topic at the annual general meeting and has the option to divest if the companies do not respond.
