Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner.
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.
Shell and Bulgaria sign a contract for Black Sea oil and gas exploration
Shell signed with the Bulgarian government a contract on Tuesday that gives the oil giant the rights to explore a Black Sea field for oil and natural gas. Shell will be able to explore 4,00 square metres of the Block 1-26 Khan Tervel Field. Bulgaria, a member of the European Union, was totally dependent on Russian Gas until 2022. It has sought to diversify and find cheaper gas sources. OMV Petrom, NewMed Energy and the Bulgarian…
Inpex, a Japanese company, has begun engineering design work for Indonesia's Abadi Liquefied Natural Gas project
Inpex Corp., a Japanese oil and natural gas exploration company, started Wednesday the front-end design process of its Abadi project for liquefied gas in Indonesia as the government pressed the company to speed up development. Shell's withdrawal from the project, the request by the previous administration for the LNG plant to be moved onshore and the change of the development plan that included a component to capture and store carbon were all factors in years-long delays.
Xinhua reports that China's CNOOC has discovered a 100 million-ton oilfield on the South China Sea.
Xinhua reported Monday that the China National Offshore Oil Corporation has discovered an oilfield with reserves of more than 100 million tonnes in the South China Sea. Huizhou's 19-6 oilfield, recently discovered, is not located in an area of the South China Sea that has been contested. It lies within China’s Exclusive Economic Zone which extends for 200 nautical mile or 370 kilometers from its coast. The report stated that…
China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil and natural gas specialist reported net profit of 18.99 billion dollars. Sinopec Corp, a domestic rival, reported a 16.8% drop in net income to 50.3 billion yuan.
Tullow Oil UK returns to profitability on the back of lower impairments and asset revaluation gains
Tullow Oil, an oil and gas exploration company based in West Africa, reported on Tuesday that it returned to profitability last year. This was largely due to a decrease in impairments, and asset revaluation. The company's shares rose by 3.9% early in trading after it reported a profit after taxes of $55 millions for the year ending December 31, 2024. This compares to a loss in 2023 of $110,000,000 when the company reduced the value of one of its West African Oilfields.
Inpex CEO: Buyers' interest in Indonesia's Abadi Liquefied Natural Gas exceeds planned production
Inpex Corp., Japan's largest oil and gas exploration company, said it received interest in buying liquefied gas from its $20 billion Abadi project in Indonesia, which exceeds the planned output. Inpex expects the long-delayed LNG project to drive growth. It is aiming to make a final investment decision by 2027. He said that Inpex would proceed with the marketing and finance talks. Inpex holds a 65% share in the Abadi Project in eastern Indonesia. Shell will purchase Shell's remaining 35% in 2023.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government of Lebanon will negotiate with IMF for a new program and work to address the financial default and the public debt in the country. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government in Lebanon will negotiate with IMF for a new program and work on the financial default of the country and its public debt. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts.
Trump creates Energy Council to promote US oil and gas
The administration of President Donald Trump announced on Friday that it had granted a licence to Commonwealth LNG for the export of liquefied gas in Louisiana. This is the first time since former president Joe Biden stopped exports at the beginning of last year. Exports to Asia and Europe are approved. Trump signed an executive directive in the Oval Office Friday, creating a new Energy Council to be headed by Interior Secretary Doug Burgum. The council will work to increase U.S. oil and gas production. The U.S.
Inpex, a Japanese company, targets FID in 2027 for Indonesia's Abadi Liquefied natural gas project
Inpex Corp., Japan's largest oil and gas exploration company, announced on Thursday that it plans to make its final investment decision on the Abadi project for liquefied gas in Indonesia by 2027, as part of efforts to increase LNG supply. The company has a three-year plan that will run through 2027. It plans to invest 11.8 trillion yen (11,7 billion dollars) in areas of growth, including the flagship Ichthys project in Australia.
Sources say that RPT-Encino owner is considering a $7 billion sale and IPO.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt. The energy industry has been anticipating a boost from President Donald Trump's administration, which has outlined an economic agenda that aims to increase fossil-fuel production by speeding up the approval process for energy projects, and rolling back environmental protections.
Sources: Encino's owner is considering a $7 billion sale and the IPO of an energy producer.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt. The energy industry has been anticipating a boost from President Donald Trump's administration, which has outlined an economic agenda that aims to increase fossil-fuel production by speeding up the approval process for energy projects, and rolling back environmental protections.
Minister: Greece will launch gas exploration bid on Friday
The Greek energy minister announced that Greece will hold a tender on Friday for new rights to explore gas in its southwest waters after a U.S. oil company, Chevron, expressed interest. Chevron has submitted its non-binding expression of interest in exploring for energy on a deep sea block located south of the Peloponnese Peninsula in the Mediterranean Sea. Theodore Skylakakis, Energy Minister of Greece, told Greek Radio that the tender process would begin today. He added that the winner would be announced by the end the year.
Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico.
BP to slash over 5% of workforce
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss last year said he would cut…
Norway awards 53 stakes to the latest offshore oil and gas exploration round
Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas. The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier. Norway's plan to extend oil and gas production in the coming decades is based on the annual predefined area (APA) rounds. This policy, however, is strongly opposed by environmentalist groups.
Pharos Energy announces that licences for 2 Vietnam oil and gas fields have been extended until 2031/32
Pharos Energy, a UK-based oil & gas exploration company, announced on Friday that its two joint ventures operating in Vietnam had received approval from the local government to extend their licenses for five years until early 2030. Pharos announced in a press release that the Te Giac Trang field operated by Hoang Long Joint Operating Company will be permitted to operate until December 7, 2031. TGT is situated in Block 16-1 in the Cuu Long Basin offshore Vietnam, and the licence was set to expire December 2026.
Sources say that Northern Oil and Gas is in the process of acquiring Granite Ridge, a smaller rival.
According to sources familiar with the situation, Northern Oil and Gas made a purchase offer for Granite Ridge Resources. Granite Ridge Resources is a small U.S. oil and gas producer that operates in the Permian and Eagle Ford basins. Sources said that Northern, based in Minneapolis, Minnesota, has made at least two bids for Granite Ridge. The latest offer, which was made within the last few weeks, came at roughly a 20% premium over the target's stock price.
