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.
Hess will leave Suriname oil block after partners quit over drilling risks
Hess Corp, a U.S. oil company, has decided to withdraw its offshore Block 59 in Suriname, said the South American nation’s state oil firm Staatsolie on Tuesday. Hess didn't immediately respond to our request for comment. ExxonMobil, Equinor and others had left the block a year ago, citing the high risk of drilling an exploratory well. Hess has since been unable find new partners for exploration.
China doubles 2025 naphtha import quotas, sources say
Six trade sources reported that China issued a second set of import quotas for 2025, which nearly doubled the allocations last year, due to a rise in demand caused by disruptions of U.S. propane and ethane supplies, as well as new cracker startup companies. A source with knowledge of the issue said that the quotas issued in mid-June were extended to ten chemical companies.
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days. Another source said the work is planned to start in late July and will be completed by the end of August…
Senate bill increases value of tax credits to use CO2 captured to produce more oil
The U.S. Senate committee proposed that the tax credit to capture carbon emissions when recovering oil be equal to the tax credit of $85/metric tonne for permanently burying these emissions underground. This would be a boon to oil and gas producers. In its draft bill, the finance committee, which is a key part of the Republican budget package, proposed a change to the 45Q tax credit.
Conflict affects Iranian and Israeli energy sites
The military strikes between Iran & Israel have raised concerns about possible damage to oil and gas infrastructure and fields in the region. Here are some details on these sites, and how they have affected them so far. Israel attacked an installation in the South Pars offshore field where Iran had partially suspended production on June 14.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve.
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which plan to invest billions of dollars in developing abandoned fields. Even smaller producers are contributing.
Exxon to invest $1.5 billion in Nigerian oilfield
ExxonMobil, the world's largest oil company, will invest $1.5 billion in the development of deepwater operations for Nigerian oil companies. This was announced by the Nigerian oil regulator on Wednesday. The capital investment plan, which spans from the second quarter 2025 until 2027, is mainly focused on revitalising the production…
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender…
African energy exploration company Rhino Resources discovers light oil offshore Namibia
Namibia got a boost Thursday after Rhino Resources found "high-quality" light oil at its latest well. U.S. oil company Chevron also announced that it is considering a drilling campaign for 2026 or 2027. The southern African nation, a global hotspot for exploration, aims to produce its oil by the end of the decade, following a series of recent discoveries by Shell, TotalEnergies, and Galp Energia.
Gas giants claim that Australia's opposition plan to reserve supplies may worsen the shortage
Gas giants around the world said that a proposal made by Australia's coalition of opposition to force producers to divert more gas from exports into the domestic market in an attempt to win votes would discourage investment and not solve the looming gas shortages. The conservative Liberal-National Coalition has pledged to lower power bills by implementing a gas reservations scheme.
Rubio: An attack on Exxon or Guyana would be a 'bad day for Venezuela'
Marco Rubio, U.S. secretary of state during a Thursday visit to Guyana’s capital, said that it would be "a bad day" if Venezuela attacked its neighbor Guyana and the U.S. energy giant ExxonMobil. Guyana and Venezuela have been locked in a longstanding dispute over which country holds the rights to the area of Esequibo, spanning 160…
Trump hosts top US oil executives as trade wars threaten
Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term.
Kazakhstan fires its energy minister amid tensions between OPEC+ and oil majors
The country's president announced on Tuesday that Kazakhstan's Energy Minister will step down as a minister. This comes amid the government's struggle to convince U.S. companies and European oil firms to reduce production levels above OPEC+ targets. In a Tuesday decree, the president's office announced that Almasadam Sakaliyev would become the new head of the newly-created atomic agency.
Exxon Mobil to receive LNG from ARC Resources
ARC Resources announced on Tuesday that it had signed a long-term liquefied gas supply contract with a division of Exxon Mobil. In recent years, global LNG demand has increased amid a move towards cleaner energy. The U.S. is now a major supplier of both Europe and Asia. ExxonMobil LNG Asia Pacific has announced that it will buy all of ARC’s LNG from the Cedar LNG Project…
