Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers.
Oil executives warn of increased costs due to Trump's tariffs
Two oil executives warned this week about the impact of tariffs on the cost of energy production and investment decisions. TotalEnergies' CEO Patrick Pouyanne said at the Energy Intelligence Forum held in London on February 2 that tariffs on metals were driving up costs for LNG projects. Trump signed a proclamation in June that increased tariffs on imports of steel and aluminum to 50%.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early…
Wall Street Journal, October 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. - A multibillion-dollar deal to send Nvidia's artificial-intelligence chips to the United Arab Emirates is stuck in neutral nearly five months after it was signed, frustrating CEO Jensen Huang and some senior administration officials.
Eni signs second floating LNG unit off the coast of Mozambique
The Italian energy company Eni, along with its partners, signed off on a project on Thursday to build a floating platform for liquefied gas, Coral North, in the waters of Mozambique. This will make that country Africa's top LNG producer. In the capital of Southern Africa, Maputo, a signing ceremony attended by Mozambique's President Daniel Chapo…
In August, Kazakhstan's oil production and condensate output increased by 3% compared to the previous month
Official data released on Friday showed that Kazakhstan's oil production and condensate output increased to 8,885 metric tons from 8,631 metric tons in July due to the growth of Tengiz and Karachaganak oilfields. Calculations show that the August figure is equivalent to 2.150 million barrels of oil per day. Kazakhstan has reaffirmed…
Trump's energy pivot accelerates US mergers and asset sales of solar, wind power
Analysts and industry insiders say that the Trump administration's retreat from renewables has prompted consolidations and asset sales by smaller U.S. wind and solar power companies, as they struggle to stay afloat. The One Big Beautiful Bill Act of President Donald Trump (OBBBA), which focuses on coal, oil, and gas, has drastically shortened the eligibility window for solar and wind energy projects.
Exxon expects EU to sign long-term US gas deals, FT reports
The Financial Times reported that ExxonMobil expected the European Union would sign multi-decade contracts for U.S. natural gas as part of its pledge to purchase billions of dollars in American energy. As part of a broad trade agreement with Washington, the EU pledged in July to buy 750 billion dollars of U.S. power by 2028.
ExxonMobil is considering selling European chemical plants to FT, reports
The Financial Times reported that ExxonMobil was looking to sell its European chemical plants located in the UK, and Belgium, as the industry struggles with the impact of U.S. Tariffs and the competition from China. In recent weeks, the U.S. energy company has been in early discussions with advisors about possible sales that could bring up to $1 billion. The newspaper cited two sources.
Guyana elects a leader amid controversy over oil wealth
Guyanese voters head to the polls Monday to elect members of parliament and the president who will decide how the hydrocarbon boom in the South American nation will be spent. Since ExxonMobil began pumping offshore oil late in 2019, Guyana has seen its economy grow at a rate of 7.5 billion dollars. Irfaan Ali is running for reelection as the leader of the People's Progressive Party.
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…
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…
Government sources confirm that Trinidad and ExxonMobil have agreed to terms on deepwater blocks.
Two senior government officials confirmed that Trinidad and Tobago has awarded ExxonMobil, the U.S. oil giant, acreage to explore for oil and natural gas in an ultra-deep area. Negotiations began earlier this year between the parties for the area off the coast of the Caribbean nation that ExxonMobil abandoned more than 20-years ago.
Libya's NOC signss memorandum with ExxonMobil following decade of inactivity
Libya's National Oil Corporation announced on Monday that it had signed a Memorandum of Understanding with U.S. Oil Giant ExxonMobil, after a decade-long halt of activities in the North African nation due to security concerns. In a press release, NOC said that the MoU is aimed at conducting detailed geological studies and geophysical…
Russian FSB Allow Foreign Tankers to Access Black Sea Ports; Kazakh Oil Exports Resume
Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day, four industry sources said on Thursday.The suspension led to the disruption of around 2% of global supply and drove international oil prices to almost $70 a barrel on Thursday before they pared gains.
Angola's offshore CLOV phase 3 production starts
Angola’s offshore CLOV Phase 3 developed started oil production Wednesday, adding 30,000 bbls per day to its country's production, according to its national oil and natural gas agency. The satellite project, located in Block 17, will be connected to an existing floating storage and offloading vessel. This will help Angola keep its production at or above 1,000,000 bpd.
FTC reverses its order banning John Hess Chevron board member
The U.S. Federal Trade Commission reversed on Thursday an earlier order that barred Hess Corp. CEO John Hess as a condition to the oil giant acquiring his company for $53 billion. ExxonMobil is locked in a dispute with Hess over a large oilfield in Guyana. The outcome of the arbitration will determine whether Chevron's planned acquisition of Hess can go ahead. Chevron has agreed to buy smaller U.S.
FTC: Ex-Pioneer Chief Executive Officer cannot appeal order barring from Exxon Board.
The Federal Trade Commission announced on Tuesday that Scott Sheffield, founder and former CEO, of Pioneer Natural Resources could not directly challenge an order from the Biden era barring him to ExxonMobil’s board following its acquisition of Pioneer. However, it added that the FTC would review the order anyway. The FTC's…
Venture Global Produces LNG from Phase 2 of Plaquemines Facility
Venture Global has started producing liquefied natural gas from Phase 2 of its Plaquemines export facility in Louisiana, according to two people familiar with its operations as well as LSEG ship tracking data and federal filings.In the last six months, the United States' second-largest LNG producer has exported LNG from Phase 1 of its Louisiana facility…
Sources say that Venture Global has begun producing LNG at the Plaquemines Phase 2 plant.
According to LSEG ship tracking and federal filings, two people who are familiar with Venture Global's operations and have been following its operations for some time as well as two people familiarized with its operations, Venture Global began producing liquefied gas at Phase 2 of the Plaquemines Export Facility in Louisiana.