Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers. Sources say that the discussions are on a political and corporate level. They are also taking place as Germany prepares to bid for a Canadian sub tender, which is likely going to include deals in rare earths and batteries, and energy. Uniper refused to comment on any specific talks.
Dutch far-right legislators argue that Groningen's gas field should not be permanently closed
The far-right party in the Netherlands announced on Thursday that it will propose a proposal to keep the Groningen Gas?field available as a reserve, despite its closure due to seismic risk in 2024. The JA21 plan would allow for the possibility of re-taping some wells. This is in contrast to the Dutch government’s?earlier promise to permanently seal wells with concrete and never reopening them. Other far-right politicians, such as?Geert wilders of the Freedom Party, have endorsed this proposal. Wilders stated that it was logical to keep our gas reserves as an emergency reserve, given the current geopolitical situation.
China's five-year plan targets stable oil production, increased gas and stockpiling
China announced on Thursday that it would set a target for its annual oil production of 200 million metric tonnes (4 million barrels per day) as part of its next five-year plans. This is a goal?it had already exceeded last year. The country also promised to 'expand' the size of its strategic oil reserves, which are not publicly disclosed. This target is an extension of the 2022 goal by China's National Energy Administration to increase output to 200 millions tonnes by 2025. The target is still lower than the 216 million tonnes reached last year, after a seven-year effort to reverse production declines.
Brent oil prices continue to rise amid Iran conflict with Brent reaching a 19-month high
The price of crude oil rose by about 7% Tuesday. This is the third time that oil prices have risen in a row. As the U.S./Israeli conflict with Iran intensifies, fuel shipments are disrupted, and 'fears' of further disruptions to Middle East oil supply and gas supplies increase. Brent crude futures rose $5.70 or 7% to $83.44 per barrel at 1326 GMT, after reaching their highest level since July 2024, $85.12. U.S. West Texas Intermediate Crude gained $5.03 or 7% to $76.26. It had previously reached its highest level since June, at $77.58. Since Friday, when the attacks began, both contracts are up as much as 17 and 16 percent, respectively.
Analysts say that the Iran war could threaten Exxon TotalEnergies' production
Analysts said that Exxon Mobil and TotalEnergies are the three companies most exposed to disruptions of oil and gas production due to the U.S./Israel war against Iran. Energy sector has been shook by the U.S.-Israeli'strikes' on Iran on Saturday that killed Iran's Supreme Leader Ayatollah Khamenei. The conflict forced some oil and natural gas fields to close in the area and has effectively stopped shipping through the Strait of Hormuz. This is an important waterway that connects Iran and Oman, through which tankers transporting crude oil, fuel, and liquefied gas are transported on their way from Middle Eastern producers and refiners.
Equinor discovers oil in the North Sea and looks to rapid development
Equinor, a state-controlled Norwegian operator, and its partners have discovered oil near the Snorre field in the North Sea and plan to develop the reserves "rapidly and efficiently". Norway's Offshore Directorate, or NOD, has separately stated that preliminary estimates place the size of this discovery, called "Omega-South Alfa," between 25 and 89 million barrels of recoverable equivalent oil. This would be Equinor's medium-sized discovery. Norwegian companies are looking for ways to extend the lifespan of their oil and gas fields. They do this by searching for nearby reserves which can be connected to existing platforms.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions against Venezuela's energy industry this month by issuing general licences that allow global energy firms to operate oil projects and gas in the OPEC nation.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month. They issued general licenses allowing global energy companies the opportunity to operate oil projects and gas in Venezuela.
Presidio, a US energy company, plans to use a Goldman Sachs debt facility worth $1 billion to finance deals.
Presidio Investment Holdings and Goldman Sachs are working on a debt?facility of up to $1 billion, which will give the U.S. Oil and Gas Producer a war chest to pursue acquisitions when it becomes a public listed company. Energy producer EQV Ventures Acquisition Corp. will list the company in a few weeks through a merger with blank-check firm EQV Ventures Acquisition Corp. Presidio's model is to improve production by improving operations at existing oil and gas fields, instead of prospecting new drilling sites, in order to offer steady returns to investors. The debt facility allows Presidio, based in Fort Worth, Texas, to finance the purchase of new assets.
Petronas signs a 20-year LNG Supply Deal with QatarEnergy
QatarEnergy has agreed to supply Petronas with 2 million metric tonnes of LNG per year in a deal lasting 20 years. This will help meet the country's increasing gas demand despite its dwindling gas reserves. Qatar signed a 27-year LNG deal with Japan in the last week, and this deal was the first long-term LNG supply agreement between the two nations. Petroliam Nasional (Petronas) is pursuing new investments in natural gas fields abroad, and is seeking partnerships with foreign companies to increase extraction. It also seeks LNG import deals due to the falling reserves of local reserves.
Trinidad and Tobago talks with Indian Oil about reviving refinery
Trinidad and Tobago is in talks with ?Indian Oil Corp to restart its mothballed 165,000-barrel-per-day Guaracara oil refinery, Energy Minister ?Roodal ?Moonilal said, as the Caribbean nation looks to revive refining capacity shut more than seven years ago. The refinery in the south was shut down in 2018 by the previous government, which blamed its closure on massive losses and debt. Moonilal said in an interview at the India Energy Week that "we can come up with a new type of commercial structure" for Indian Oil. If all goes well, by the end of next year, or end-2026, I think we could be on track to start back at some level of production.
Trinidad Minister: BP and Shell are seeking US licensing for shared gas fields with Venezuela.
Shell and BP seek?U.S. Shell and BP are seeking?U.S. Trinidad is Latin America’s largest liquefied gas exporter, and also one of the largest exporters in the world of ammonia and methane. However, the Caribbean island is aiming to develop offshore oil and gas fields near the border with Venezuela to secure its supply and counteract the declining reserves. In recent years, despite frequent U.S. changes in policy towards Venezuela, its gas projects have made slow progress. Venezuela, under the leadership of President Nicolas Maduro, suspended its energy cooperation with Trinidad and?Tobago in 2013, including joint natural-gas projects that were being planned.
Overview of Iran's major gas fields and oil infrastructure
After a wave anti-government protests, the US is heading to Iran and renewing warnings against Tehran restarting its nuclear programme or killing protesters. Tehran accuses Washington of fomenting turmoil. A major increase in prices could endanger key energy infrastructure, and add uncertainty to the oil and gas market. Here are some facts about Iran's energy sector, its exports and the impact of?Western sanctions. Iran produces natural gases from the South Pars offshore gas field. This gas field makes up about a third the world's biggest reservoir of natural natural gas. Iran shares the reservoir field with Qatar, a major exporter.
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar, Syria's biggest oilfield, was taken over by the government at the weekend following a lightning-fast offensive against Kurdish troops who had occupied the site for almost a decade, and used it as an army base. Qeblawi said, from al-Omar that the field was operated as a joint enterprise between the Syrian Oil?Company, and Shell.
Syria tightens its grip after Kurdish withdrawal, IS jail attack reported
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that had been abruptly abandoned by Kurdish troops on Sunday. This was a dramatic change which solidified President Ahmed al-Sharaa’s rule. The Kurdish-led Syrian Democratic Forces, once the main U.S. ally in Syria, have agreed to a 'withdrawal from two Arab majority provinces that they controlled for many years. On Monday, there were reports of fighting despite the agreement. The SDF claimed that armed groups attacked a jail in which it held thousands of Islamic State fighters, but did not name them.
After abrupt Kurdish retreat, Syrian troops consolidate their hold
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that was abruptly abandoned by Kurdish troops on Sunday. This dramatic change solidified President Ahmed al-Sharaa’s rule. After fighting for days with the government, the Kurdish led?Syrian Democratic Forces, (SDF), which were once the main U.S. Allies in Syria, decided on Sunday to withdraw. This includes oil fields from two provinces that had a majority of Arabs. The biggest change in Syria's political map has occurred since jihadist fighters under Sharaa ousted President Bashar al Assad in 2024.
Syrian forces push deeper into the US-backed Kurdish controlled northeast
Officials and security sources reported on Sunday that Syrian government troops were pushing toward Raqqa in the northeast, which is the last stronghold of the U.S. supported autonomous Kurdish led administration. The Kurdish-led group suffered a major setback when they took control of Deir al-Zor’s main oil and gas fields east of Euphrates, a vital source of income. Last week, Syrian President Ahmed al-Sharaa stated that it was inacceptable for a armed group (Syrian Democratic Forces), to control one quarter of the nation and its primary oil and commodity resources. Officials said that U.S.
Security sources claim that Syrian forces have seized major oil and gas fields in eastern Syria
Officials and security sources reported on Sunday that Syrian troops fighting U.S. Kurdish-led force seized the largest oil field in Syria, the Omar, as well as the Conoco gas fields in eastern Deir 'Zor province, while allied Arab tribes advanced into the oil-rich region along the border with Iraq. The group suffered a major setback when they took over the oil fields east of the Euphrates, a source of income for the 'Kurdish led forces.' Officials said that the takeover had deprived the state resources which the militia used. The Syrian army has pressed on despite U.S.
Chevron has approved the expansion of Israel’s Leviathan Gas Field
Chevron has made a final decision to invest in expanding production at Israel's Leviathan gas field. The oil major announced on Friday that it has made a final investment decision to expand production?at Israel's Leviathan natural gas field,?the?U.S. Leviathan is one of the largest gas fields in the Eastern Mediterranean and the cornerstone of Israel’s energy system. The exports of gas to Egypt help supply LNG plants which ship gas to Europe. Chevron has said that the expansion will increase total gas deliveries to Leviathan to about 21 billion cubic metres per annum. Leviathan's expansion project should be completed by the end of this decade.
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions. Shell said that the parties had agreed on a'sale,' which would involve one of the largest,?longest-producing gas portfolios in the UK Continental Shelf. The sale was to take place by July 2024. Viaro CEO Francesco Mazzagatti stated that the two parties had mutually agreed not to proceed despite being fully funded.