Colombia president-elect taps Miguel Gomez as finance minister
Gomez said that Abelardo De La Espriella (the president-elect of Colombia) had appointed him as finance minister. Gomez is a conservative of '65 years old. He will be tasked with pushing through ambitious economic reforms in a polarized Congress where no party has a majority, and the left dominates. This is to pass tax, budget, and spending reduction reforms. He was previously a 'congressman', the head of the state-owned Bancoldex bank, the Fasecolda insurance association, and the Asocoflores flower industry.
The US has lifted sanctions on Serbia's NIS oil company, which is owned by Russians.
Serbian energy Minister Dubravka Djedovic Handanovic announced on Instagram that the U.S. Treasury Office of Foreign Assets Control has granted another reprieve to Serbian-owned NIS oil until July 31. The waiver from the U.S. Office of Foreign Assets Control allows NIS to continue to import crude oil up until the sale of the Russian majority stake to Hungary's MOL. The previous waiver will expire on Wednesday. OFAC imposed sanctions on NIS as part of wider measures targeting Russia's Energy Sector over the War in Ukraine in October.
Matador Resources JV increases Delaware Basin footprint by $752 Million Cardinal Deal
Matador Resources, an oil and gas company, announced?on Monday that its joint venture San Mateo Midstream had agreed to purchase the operating subsidiaries of Cardinal Midstream Partners for a total of $752 million?in cash. The deal reflects the continued consolidation of the U.S. Energy Sector as producers and midstream operators expand their infrastructure and scale to support increasing shale production and growing liquefied gas export demand. Cardinal's assets consist of a cryogenic gas processing facility in Loving County in Texas…
The U.S. seeks to waive sanctions on Serbia's NIS Oil Company, which is owned by Russians.
The company announced on Friday that Serbia's Russian owned NIS (NIIS.BEL), the only oil refinery in the country, had applied for a new U.S. sanctions waiver to continue 'operations' after July 1, when the existing one expires. NIS cannot import or process crude oil without the waiver. NIS supplies up to 80% the Serbian market, and is majority owned by Russia’s Gazprom and?Gazprom. NIS stated in a request to the Office of Foreign Assets Control of the U.S. Treasury that the waiver was needed "for the regular?work ..., and the 'orderly supply of domestic market.
US oil prices fall briefly below $70 as stocks at storage hubs dwindle
The resurgence of tanker traffic through the Strait of Hormuz has pushed U.S. The price of crude oil briefly fell below $70 a barrel on Wednesday, despite the fact that inventories at Cushing's crude storage facility in?Oklahoma had dropped to their lowest level in 12?years. The U.S. Energy Information Administration announced on Wednesday that oil stocks at Cushing had fallen to 19?million barrels, their lowest level since 2014. West Texas Intermediate (WTI), the benchmark for domestic crude oil, was still trading as low as $69.63 per barrel before settling to $70.34.
Peso softens in Colombia as a right-wing lawyer is set to become the next president
Colombian stocks rose sharply on Monday, after the right-wing lawyer Abelardo De La Espriella narrowly won the Sunday presidential election. However, both the peso and international bonds were softening in early trading. De La Espriella was a political outsider who led leftist Senator Ivan Cepeda, by less than 1 percent, after running a campaign on promises to shrink the state's size, increase the tax base, reduce corporate taxes, and restart oil exploration. De La Espriella received 49.66%, while Cepeda was behind by about 250,000 votes, with 48.7%.
Colombian assets will add to recent gains, as a right-wing attorney is poised to become the next president
The Colombian peso is expected to rise on Monday, and local stocks are likely to continue their gains from Friday as right-wing lawyer Abelardo De La Espriella leads the initial count for Colombia's presidential runoff. De La Espriella was leading Ivan Cepeda, a leftist senator, by less than 1 percent after he campaigned on promises to shrink the size of state, expand the tax base and cut corporate taxes. De La Espriella received 49.66%, Cepeda 48.7%. This is according to the initial results from the national registry.
India's thermal power imports fall to a four-year low as the green energy sector rises
India's thermal coke imports dropped to a four-year low between January and May?due mainly to higher domestic production and increasing renewable energy generation, according commodities consultancy BigMint. The consultancy reported that overall, thermal coal imports fell by 12% in the past year, to a total of?65 millions tons. India, which is the second largest importer of thermal coke in the world, has sought to reduce its dependence on imports. It aims to reduce the use of this coal for power production by at least 30 percent?this coming year.
SLB aims to double core profits and digital revenue by 2030
SLB announced a goal to double its digital revenue by 2030 to $2 billion. It expects AI adoption to boost the global digital market to $50 billion. The oilfield services provider said that at its Digital Investor Day it also expects digital spending to increase by $10 billion annually by 2030. Stephane Biguet, SLB CFO, outlined a path to double SLB's current adjusted EBITDA in digital by 2030. Margins will increase to 38% to 42 % towards the end of this decade. Oilfield contractors…
MOL receives US license extension to negotiate the purchase of sanctioned NIS Oil firm, reports news agency
According to a report by the Serbian news agency Tanjug, the Office of Foreign Assets Control of U.S. Treasury has granted a license to Hungary's MOL energy company to negotiate a purchase of a majority stake in Serbia's Russian owned NIS up until July 1. The report did not provide any further details and MOL didn't immediately respond to a comment request from. OFAC imposed sanctions on NIS as the U.S. targeted the 'Russian energy sector' over the conflict in Ukraine. They also demanded that Russian companies divest their NIS shares.
MOL Hungary, Gazprom Neft Russia, and Gazprom will get an extension of NIS talks
Serbian President Aleksandar Vucic announced on Tuesday that the initial deadline had expired. He said that the talks between Hungary's MOL and Russia’s Gazprom and Gazprom should be extended by 15 days. Last October, the Office of Foreign Assets Control of the U.S. Treasury imposed sanctions against NIS as part of their efforts to target Russia's?energy sector due to?the conflict in Ukraine. They demanded that Russian firms divest their shares in NIS. The U.S. sanctioned also forced NIS to request waivers from OFAC in order to purchase and process crude oil.
ConocoPhillips to sign agreement with Syria to restart gas production, reports FT
The Financial Times, citing people familiar with this matter, reported that U.S. Oil and?Gas Producer ConocoPhillips was set to sign a deal with Syria's new government to revive gas production. The report said that ConocoPhillips will work with Novaterra Energy to develop existing gas reserves and search for?new ones, as part of an agreement signed with the state-owned Syrian Petroleum Company. The FT reported that the potential deal, which 'builds on a memorandum-of-understanding (MoU), signed in November, will be signed this week.
Kharg Island, Iran and its energy sector
Donald Trump, U.S. president on Thursday, said that the United States would strike Iran "very heavily tonight". He also stated his desire to seize Kharg Island - the heart of the world's biggest oil producer. Iran is the third largest producer of oil in the Organization of Petroleum Exporting Countries. It exports 90% of crude via Kharg Island. This island lies 16 miles (26 kilometers) off the coast of Iran, at the northern end of Gulf and approximately 300 miles (483km) northwest of Strait of Hormuz. The U.S.
Serbia concludes negotiations on shareholder agreement with Hungary's MOL regarding NIS oil company
Serbia completed Wednesday talks on a shareholders agreement with MOL, Hungary’s largest oil and gas company, regarding its minority stake in Russian-owned, U.S. sanctioned NIS Oil & Gas. Serbia's Energy Minister Dubravka Djedovic Handanovic announced this in an Instagram post. MOL's acquisition talks with NIS's majority owners, Russia’s Gazprom and Gazprom (44.9% and 11.3% respectively) are distinct from the relations between MOL and the Serbian Government, which owns 29.9% of NIS.
Commodities trader Gunvor invests in a venture to purchase US natural gas production
Commodities trader Gunvor announced on Wednesday that it had provided financial support?to an executive team from the energy industry for their efforts to accumulate natural gas-producing assets in?top U.S. Shale basins. Gunvor confirmed through a spokesperson that it has backed Western Natural Resources. This is a private oil-and-gas producer based in Oklahoma City, which previously worked with asset manager KKR to develop energy production projects. Gunvor is increasing its exposure to U.S. Natural Gas production by backing Western.
Serbia's NIS wants a new US license to operate after 16 June
NIS Serbia, owned by Russians, operates the only oil refinery in Serbia. The company has now applied for a 'U.S. The company announced on Wednesday that it would apply for a new?U.S. NIS said that in its request to U.S. Treasury’s Office of?Foreign Assets Control (OFAC), it highlighted "the importance?of NIS' regular work for an orderly supply on the domestic market" and referred to negotiations about changing the ownership structure. The NIS is subject to sanctions imposed by the U.S.
The US allows MOL, the Hungarian oil company, more time to negotiate with NIS, the Serbian oil company.
The?U.S. has?granted more time to Hungary's largest oil-and-gas company, MOL MOLB.BU. MOL announced late Saturday that the government will 'negotiate' the?purchase of a majority share in Serbian NIS NIIS.BEL. This oil company is controlled by Russia. The deal involves the purchase of a?56.16 % stake in?NIS held by Gazprom (SIBN.MM), based in Russia. NIS was subject to U.S. sanction imposed by the U.S. government in 'October due to its Russian ownership. This is part of wider measures that target Moscow's energy sector following its invasion of Ukraine.
Chinese battery manufacturer CATL anticipates that energy storage will make up half the global sales by 2030
CATL in China, the?largest battery manufacturer in the world, is expecting energy storage to account for 50% of its global sales, up from 25% today, according to a company official on Thursday. Kevin Tang, CATL’s director of Energy Storage Systems for Europe, stated that energy storage is already up from 2% of battery purchases five years ago. CATL was founded in 2011 and initially specialized in manufacturing lithium-ion battery for electric vehicles. These batteries now account for about three quarters its sales.
Serbian Energy Minister: Hungary's MOL wants to extend the finalisation of talks to purchase Serbia's NIS
MOL, Hungary's biggest oil and gas company, asked the U.S. for an extension of one month to finish talks with Serbia's NIS. NIS is a?oil?company controlled by Russia. MOL has requested a one-month extension to complete negotiations with Russia's Gazprom neft regarding its purchase of a majority stake in NIS. This request follows a two week extension that MOL obtained last month. NIS was subject to U.S. sanction imposed in October due to its Russian ownership. This is part of broader measures that target Moscow's energy sector following its invasion of Ukraine.
WhiteHawk Minerals, a natural gas royalty company, is aiming for a $701 million valuation at its US IPO
WhiteHawk?is aiming for a valuation up to $701.2 mln?in the U.S. Initial Public Offering, as it aims to tap into?investors appetite for domestic energy assets. It said that the company based in Philadelphia, Pennsylvania, is looking to raise up to $187m by selling approximately 6.9 million shares at a price between $25 and $27 each. As the Middle East conflict continues to drive up crude prices, many energy companies and those with an interest in the energy sector have listed 'plans to take advantage of the opportunity.
