Austrian OMV expects the gas production at Neptun Deep to begin in 2027
Austrian oil-and-gas group OMV announced on Wednesday that gas production is expected to begin in the Black Sea in 2027 as part of their Neptun Deep Project. The company stated that drilling for the first ten wells began in March. It is expected to take between two and three months. Neptun Deep is a project that OMV Romania's Romanian subsidiary OMV Petrom, and the state-owned gas company Romgaz invested 4 billion euros (4.55 billion dollars) in. It should yield 8 billion cubic meters per year. Neptun Deep is estimated to hold 100 billion cubic meters of recoverable natural gas. This makes it one of Europe's largest gas reserves.
Woodside Energy, Australia signs LNG deal with BP to supply Louisiana project
Woodside Energy, a major Australian oil and natural gas company, announced on Wednesday that it had signed a deal with BP under which the British energy company would supply natural gases to its Louisiana liquefied gas project (LNG). Woodside, in a press release, said that the Louisiana project will buy a maximum of 640 billion cubic foot of gas over a long term basis from the integrated energy giant. However, it did not reveal any financial details. Woodside acquired Tellurian last year for $1.2 billion to develop in four phases the 27,6 million metric ton a year Louisiana LNG Project, formerly known as Driftwood.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high of two years, supported by record flows into LNG export facilities as well as concerns about supply leading up to summer.
Serhiy Korotetskyi is appointed as the new CEO of Ukraine's Naftogaz
Naftogaz, Ukraine's national oil and gas company, announced on Tuesday that Serhiy Koretskyi would be its new CEO effective May 14. Koretskyi, an engineer and economist, is the CEO of Ukrnafta & Ukrtatnafta which are both part of Naftogaz. In 2022, he took over Ukrnafta - Ukraine's largest petroleum company. Oleksiy Cernyshov was appointed as deputy prime minister in December 2024 and left Naftogaz. Naftogaz, Ukraine's largest gas producer, also dominates gas imports. The need for gas imports has increased sharply since a series large-scale Russian assaults on Ukrainian gas production plants in early 2025.
Baker Hughes reports that US drillers added oil and gas rigs in the US for a second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the second consecutive week for the first since February. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending April 25. Baker Hughes reported that despite this week's increase in rigs, the total count is still 26 or 4% lower than this time last year. Baker Hughes reported that oil rigs grew by two this week to 483 while gas rigs grew by one to 98. Drillers reduced the number of operating rigs by five in April.
EQT will spend less and produce more US natgas by 2025
EQT Energy, the second largest natural gas producer in the United States, will reduce its capital expenditure but increase energy production by 2025. Range Resources, on their part, said they would keep both output and spending relatively constant from 2024. Companies released their first quarter earnings reports and spending plans on Tuesday. The U.S. Gas Prices are forecast to increase in 2025. This year, companies will likely pull out record amounts of gas. EQT plans to spend between $1.950 and $2.70 billion in maintenance capital by 2025, producing approximately 6.03-6.30 BCFED per day.
Enverus: Weak oil prices and limited shale acres will impact energy M&A by 2025
Enverus, an analytics firm, said that the U.S. Upstream Oil and Gas M&A Market is bracing itself for the most challenging conditions in the past decade, as oil prices plummet and prime acreage disappears, despite the fact that dealmaking surged last quarter, making it the second best start to the year ever, despite the fact that the number of deals jumped to the highest level since 2018. After a string of record-breaking takeovers of oil and gas companies in recent years that culminated with a $192 billion deal in 2023, the expected decline in mergers and purchases follows.
Woodside Energy's revenue for the first quarter of 2013 jumps by 13% thanks to Senegal project.
Woodside Energy, Australia's largest gas producer, posted a 13% increase in its first-quarter revenues on Wednesday. The growth was boosted by the start-up of Senegal's Sangomar Project in July 2024 as well as strong gas hub-linked prices. The gas-hub-linked prices from which Woodside benefitted are determined by trading in specific natural-gas hubs. This is different from oil-linked pricing, which typically follows crude oil market trends. The average realized price for the third quarter was $65 per barrel equivalent (boe), an increase of 3% over a year earlier.
Devon Energy to boost free cash flow by $1 billion by 2026
Devon Energy announced on Tuesday that it intends to increase its annual free cashflow by $1 billion by 2026. This sent its shares up by 3.5% in the premarket. This is what the U.S. oil-and-gas producer hopes to achieve by reducing costs for drilling and completion and improving operating margins. Devon is expecting to save $300,000,000 through capital efficiency. Another $250,000,000 will be saved by reducing production and operational costs. A further $300,000,000 will be saved through enhanced commercial contracts.
Santos Australia reports 7% decline in first-quarter revenue
Santos, an Australian oil and natural gas company, reported a 7% drop in its first-quarter revenue on Thursday. The fall was attributed to lower crude oil sales and weaker realised prices of domestic gas and LNG contracts linked to oil. Since China's first 15% retaliatory tax shut down U.S. imports, in February, global LNG prices have fallen. Meanwhile, mounting trade tensions are causing concern about demand erosion on major gas markets that could face economic contraction. According to Jarden’s data compilation, the average realized price for Santos’ liquefied gas plummeted to $11.57 per 1 million British thermal unit (mmBtu).
Canadian oil and Gas CEOs avoid rash decisions during the price crash
On Tuesday, CEOs of Canadian producers of oil and gas said they were trying to avoid taking sudden decisions as the global oil price hovers around four-year lows. Doug Bartole said that his Calgary-based company, InPlay Oil, does not expect to reduce production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision. Bartole stated in an interview that it was best to take a long-term view and wait for the outcome. He said this could change, however, if the price of oil continues to fall.
Canadian oil and Gas CEOs avoid rash decisions during the price crash
Two Canadian oil and natural gas producers have said that they want to avoid taking rash decisions as the global oil price hovers around a four-year low and fears of a recession grow. Doug Bartole said that his Calgary-based company, InPlay Oil, does not anticipate reducing its production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision. Bartole stated in an interview that it was best to take a long-term view and wait for the outcome. He said this could change, however, if the price of oil continues to fall.
Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities. In 2022, the oil and gas producer laid out short and medium term steps to achieve net zero emission, including those from using its products, by 2050. In February, however, the company reneged on its pledge to dedicate more than half of its capital expenditures to low-carbon and renewable solutions by 2030.
Carlyle is looking for buyers of Colombian oil producers
According to sources familiar with the matter, Carlyle's private equity group is looking for a buyer of its Colombian oil company SierraCol. The price would be around $1.5 billion. SierraCol was established by Carlyle in 2020, after purchasing assets from Occidental Petroleum. With a production of 45,000 barrels equivalent per day, it is the largest independent producer of Colombia. According to a SierraCol website presentation, its free cash flow for the year ended September was $172 millions and its net debt was $511 million. Carlyle declined comment.
Energean reports a rise in its annual profit and flags exploration costs
Energean, a UK-based gas company, reported a 2% increase in its annual profit after taxes on Thursday. However, it also flagged $241 million in impairments relating to assets located in Egypt, Morrocco, and Greece. The company reported a profit of $188 millions for the year ending December 31, 2024. This is up from $185 in 2023. The company stated that the increasing demand for electricity and the government's plan to phase out coal in Israel have increased the demand for natural gas in Israel, which is the majority of the country's production. It added that its operations in Israel were not affected by the Middle East conflict.
Trump's Energy dominance aims to attract more global companies to the US
Executives said that the market upheaval caused by U.S. president Donald Trump's protectionist policies on trade has not dampened interest from foreign investors in the U.S. Energy Industry. They praised his promise to reduce regulations and support fossil energies. Trump made energy dominance the cornerstone of his administration. He declared a national emergency on his first official day in office, and pulled the U.S. out of the Paris Climate Agreement. He has encouraged energy companies to increase fossil fuel production, and promised lower prices for consumers. Trump's energy stance has been widely welcomed by the U.S.
Naftogaz, Ukraine's gas producer, says that the Russian attack has damaged its production facilities.
Ukraine's Energy Minister said that Russian forces had targeted Ukraine's gas and energy infrastructure with their latest drones and missile attacks, which took place on Friday. Rescuers and engineers work to minimize the effects. "All necessary measures are taken to stabilise the power and gas supply," he said. In a press release, Naftogaz said that the attack had damaged its natural gas production plants. "Production installations that ensure gas production have been damaged. Naftogaz reported that there were no fatalities via Telegram.
The gender pay gap in Australia has improved slightly but women are still paid 18.6% lower than men
A government report revealed that the gender pay gap in Australia has shrunk slightly, but women still earn nearly a fifth of what men do. The biggest disparities are found in the mining, construction and finance industries. The Workplace Gender Equality Agency's survey showed that 72.2% had a gender gap in favour of men, while 21.3% of employers had an equal gap between the two groups within +/-5%. The remaining employers had a gender gap in their favour. The median wage gap in March 2024, which was 19% the previous year, was now 18.6%. About 56% of businesses reduced their pay gap.
Expand Energy is on track to increase US natgas production to meet the growing demand
Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told analysts on the company's earnings call for the fourth-quarter that the company was ready to increase output from 6.4 billion cubic foot equivalents per day (bcfed), in the fourth quarter 2024 to 7.1 bcfed by 2025 or 7.5 bcfed by 2026 depending on the market conditions.
Woodside Energy's profit for the year is at its lowest level in three years due to low oil and gas prices
Woodside Energy, a major oil and gas company, reported on Tuesday its lowest annual profit in the last three years, due to lower realized prices. However, it maintained its production forecast for 2025, based on expectations that demand for liquefied gas will be strong. The energy markets were affected by geopolitical events that occurred in the past year. Slowing global growth, and a softening of demand from China's top consumer also pushed down commodity prices. Woodside's average realized price for its products is $63.60 per bar of oil equivalent. This is a 7% decrease from last year.
