The government claims that oil production in Guyana dropped to 611,000 barrels per day in April.
According to a government bulletin published on Friday, oil production in Guyana decreased to 611,000 barrels of oil per day (bpd) in April. This is down from 627,000 in the previous month. The consortium that includes Exxon Mobil, Hess and CNOOC from the United States and China controls all oil and gas production in South America. The production capacity will surpass 900,000.00 bpd by the end of this year, once the fourth facility which arrived in the country on February 1st is connected and installed.
SSE Reduces Investment Plans by 15% Amidst Project Delays
British utility SSE on Wednesday cut its five-year investment plans by 15%, or 3 billion pounds ($4.04 billion), reflecting project delays, supply chain disruptions and also changes in the economic outlook.SSE, which has been pushing ahead towards green energy goals, reduced its investment to around 17.5 billion pounds, with its renewables division taking the biggest hit with a 1.5 billion pound cut.Projects that face delays include Berwick Bank, the world's largest offshore wind farm off Scotland's east coast…
National Grid Takes $402 Million Hit on Paused New York Wind Project
National Grid booked a multi-million impairment charge on a paused U.S. wind project, but said on Thursday it was on track to invest 60 billion pounds ($79.74 billion) in energy networks through March 2029 and its results beat estimates.Its shares rose 2% to 1,038 pence by 0725 GMT, outperforming the wider market, which traded 0.5% lower.The renewable energy sector has been shaken by U.S. President Donald Trump's hostility to wind power.On the first day of his second term in office in January…
Ethiopia signs mineral and energy deals valued at $1.7 billion with Chinese companies
Ethiopia's Finance Ministry said that it has signed deals worth over $1.7 billion with Chinese companies, mainly in the minerals and energy sector. The East African nation is undergoing a massive reform program, including the flotation and restructuring of its debt of $8.4 billion with its official creditors. In a late-night statement, the Finance Ministry announced that two-day Addis Ababa investment conference participants had signed agreements worth more than $1.7 million to invest in the country.
US Regulators Recommend That Venture Global's CP2 LNG Project Gets Greenlight
U.S. federal regulators recommended in a final environmental report that Venture Global's proposed CP2 liquefied natural gas export project in Louisiana get the go-ahead, according to a government document filed on Friday.If constructed, CP2 will be the single largest LNG export facility in the U.S. and help the country remain the world's largest exporter of the superchilled gas.Venture Global already obtained approval to construct the 28 million tonnes per annum plant…
MPLX reports Q1 profits rise on higher volume, but expects minimal tariff impact
MPLX, a U.S. midstream firm, reported on Tuesday a quarterly profit increase aided by higher volumes and transport rates. It also said that it expected minimal impact of tariffs on its operation. Maryann Mannen, CEO of MPLX, said that tariffs have a minimal impact at this point. The U.S. Energy Sector is bracing itself for the possible fallout from President Donald Trump's sweeping trade tariffs, and an intense war of words with China. This could affect oil and gas production and demand.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession.
India extends the deadline for commissioning certain solar energy projects to December
A document obtained by revealed that the Ministry of New & Renewable Energy in India (MNRE), due to multiple obstacles, has extended the deadline for commissioning certain solar projects to December 2025. In a letter sent to the Solar Energy Corporation of India and the Indian Renewable Energy Development Agency, the MNRE cited the limited availability of photovoltaic modules made in India, transmission infrastructure problems, and delays related to tenders as reasons for extending the deadline.
Shell completes survey of Venezuelan gas field as winding down of license approaches
Shell, the oil and gas company, plans to finish a marine survey of the offshore Dragon gas field in Venezuela before the May deadline set by the United States to close all energy licenses in the country. According to LSEG vessel tracking data, the Colombian-flagged Dona Jose II survey vessel arrived in Venezuela sanctioned by the U.S. this month to collect data for Shell and Trinidad’s National Gas Company. Two sources said that the exploration work will be completed within the next few weeks and allow the company determine drilling locations as well as pipeline design…
Chevron, other companies withdraw from Egypt's Red Sea concessions and redirect resources
The Egyptian petroleum ministry reported that a number of multinational oil companies, including Chevron, have left their Red Sea oil concession blocks without finding any oil or gas and have instead channeled their resources to other parts of the country. In 2019, Egypt, as part of its effort to become a hub for energy, awarded the first oil and gas exploration concessions on the Red Sea to Chevron and Shell, and the Abu Dhabi sovereign fund Mubadala Investment Company.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration’s decision late Wednesday to halt the construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that fully permitted developments worth billions of dollars are not secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds. On his first day as president, he issued an executive ordering suspending any new leasing of such projects within federal waters.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration's late Wednesday decision to stop construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that developments with full permits, representing billions of dollars in investment, aren't secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds.
Wood Mackenzie reduces 5-year US Wind Energy Outlook by 40% due to Trump policies
On Tuesday, a prominent energy research company slashed their five-year forecast for new U.S. Wind Energy Projects by 40%, citing Trump Administration policies and concerns over the economy. Wood Mackenzie predicts that the United States will install 45.1 gigawatts (both onshore and off-shore) of wind power through 2029. The firm had initially forecast 75.8 GW of installations over this period. The Energy Information Administration announced last month that the U.S. electricity consumption will reach record levels in 2025 and beyond.
Eni CEO: Eni will invest 26 billion dollars in North Africa within the next four years.
Claudio Descalzi, CEO of Italian energy company Eni, said Tuesday that the group will invest approximately 24 billion euros ($26.24billion) in Algeria Libya and Egypt during the next four-year period to boost energy production. The investments will coincide with Rome's efforts to revive its economic and political relations with Africa, as part of the so-called Mattei Plan. Eni has been a major investor in the energy sector of North Africa for many years. Descalzi said…
Vingroup Vietnam plans LNG and renewable energy ventures
Vingroup, Vietnam's largest conglomerate, announced on Tuesday that it is looking to develop renewable energy sources and liquefied gas power plants. This would be the company's first ventures in the energy sector. The state-run newspaper VietnamNet reported, citing documents the company had submitted to the Government, that the company wanted to be added to a revised national power development plan. Vingroup responded to the request for comment by saying it was "interested and studying this issue" and that more information would be provided at a future date.
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding.
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron to work in Venezuela citing President Nicolas Maduro’s lack of electoral Reforms. The opposition leaders took advantage of the situation to increase pressure on Maduro.
Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S. proposal of an immediate 30-day truce in order to restore a lasting peace following Russia's invasion. Last week, it was reported that the U.S.
Venezuela's opposition drafts an energy reform in order to increase foreign pressure on Maduro
According to sources, and according to a summary seen by the. Opposition leaders see the re-election Donald Trump as a chance to increase pressure on President Nicolas Maduro. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron in Venezuela, citing the lack of electoral reforms by President Nicolas Maduro. The reform of Venezuela's hydrocarbon laws may appeal to oil companies from around the world, including those based in the United States.
