Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582…
Indonesia offers three new oil blocks
An official from the Energy Ministry said that Indonesia has opened a new round of oil-and-gas block tenders, and offered three new blocks to contractors. This is part of efforts to increase energy supplies. Indonesia's oil production has declined over the last decade as reserves have been depleted. The government has promised to offer dozens more blocks in the coming years in order to reverse this trend.
ADNOC's XRG acquires stake in Turkmenistan Gas Block
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), announced on Wednesday that it had acquired a stake in a Turkmenistan offshore natural gas block as part of its ambitious expansion plans. XRG was set up in late 2018 and ADNOC reported that it has assets worth $80 billion. Its mandate is to pursue global deals for chemicals, natural gases and renewables.
Agency says there are undiscovered oil and natural gas reserves in the US Gulf Coast.
The U.S. Geological Survey released a report on Wednesday that outlined the potential for undiscovered oil in two formations beneath much of the U.S. Gulf Coast, from Texas to Florida. The Hosston formation and the Travis Peak formations have a total of 28 million barrels and 35,8 trillion cubic feet (or natural gas) of technically recoverable reserves.
Energy assets affected due to sanctions and standoff between Russia and the West
On Tuesday, the United States and Russia reached separate agreements to stop attacks on energy and maritime targets. Washington also agreed to press for the lifting of some sanctions against Moscow. In the event that a peace agreement is reached between Russia and Ukraine, the potential for a relaxation of U.S. sanctions and EU sanctions…
Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy. The…
Nigerian regulator: Applicants for oil licenses must demonstrate low carbon emissions
Nigerian applicants for oil licenses and permits will be required to provide evidence of low-carbon emissions and a program of renewable energy starting on Wednesday, before they are approved. This was announced by the head of Nigeria's upstream regulatory agency. Gbenga Kmolafe said that the Nigerian Upstream Petroleum Regulatory…
BNP Paribas Funds to exclude new Oil and Gas Bonds
BNP Paribas Asset Management has announced that it will no longer be investing in new bonds issued in November by companies engaged in oil and natural gas exploration and production. According to the document, French asset managers said their policy was to help oil and gas companies transition to sustainable sources of energy, while screening those companies that are not adapting fast enough.
Chinse CNPC aims to produce 12.4 mln bbls at shale project, according to state media
China's state-owned energy group CNPC aims at producing 1.7 million metric tonnes of shale crude oil or 12.4 millions barrels in the next year as part of a pilot project, according to a report by Xinhua, the state news agency. The Jimsar Shale Gas Project, located in Junggar Basin, is one of three pilot shale oil projects that state oil companies are trying develop.
BP and its partners invest $7 billion into a carbon capture project in Indonesian Papua
BP and its partners announced that they will invest $7 billion into a carbon-capture project and the development of gas fields in Indonesia's easternmost Papua Region, which could unlock an additional 3 trillion cubic feet in gas resources. The British oil producer announced its investment in London on Thursday during a meeting between President Prabowo Subito, who was visiting London.
Cyprus says that Europe has set the bar too high for climate change.
The president of Cyprus stated on Friday that Europe has set too high a bar for its climate goals, without paying enough attention to economic competitiveness. This is adding fuel to the growing debate about the pace of reforms. The European Union has strict rules that aim to reduce net greenhouse gas emission in the bloc 90% by 2040 and achieve zero net emissions by 2020.
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico is the second largest oil producer in the U.S. A leading economist released this week a study about potential drilling restrictions. The study showed that they could affect up to 5,4% of the future crude production and cost billions in revenue. The study evaluated the setback proposals that were made during the legislative session of 2024…
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico's chief economic officer said in a recent report that the state is currently studying new drilling restrictions. These could affect up to 5.4% its future crude production and cost the state billions in revenue. The study looked at proposed setbacks, or restrictions on how near operators can drill certain structures and areas of the environment.
Norway court rejects environmental order against oil and gas field
The Norwegian Court of Appeal ruled on Monday in favor of the Government in an appeal brought by environmentalists who wanted to stop the development of three gas and oil fields. Greenpeace, among others, sued the Norwegian Government to stop the development of new oil and natural gas resources. This is the latest dispute related to climate change.
Putin wants BRICS to play a greater role in the global energy dialogue
On Wednesday, President Vladimir Putin called for a greater role for the BRICS group on global energy markets. Russia is looking for ways to counter Western influences. The Energy Week International Forum will be held in Russia this week. It is also expected to host a meeting between the energy ministers of the BRICS countries. In a letter addressed to participants and guests of the forum…
BP, ADNOC meet Cyprus Officials to Explore Gas Investments
13 offshore blocks, or exploration locations, rimming the island. has found gas in five wells at 3 blocks. None has gone into industrial production yet.BP declined to comment.Previously this year, a $2 billion offer by ADNOC and BP to buy.
Equinor Increases Ownership in Linnorm Discovery
Equinor will acquire Shell’s equity in and operatorship of the Linnorm discovery in the Norwegian Sea. Under this agreement, Equinor will acquire a 30% interest in the PL 255 covering the Linnorm discovery, conditional upon taking over the operatorship from A/S Norske Shell. The deal is expected to close during the first quarter of…
Incoming Shell Boss Aims Fire up Renewables Drive
Shell's incoming Chief Executive Wael Sawan is set to accelerate the group's drive to build its renewable energy business, including through a possible "transformative" clean power acquisition, company and industry sources said.Sawan will from January take on a firm with a strong balance sheet after a surge in oil and gas prices, but…
Wasted Gas: As Global Supplies Tighten, Here’s 210 bcm of Natural Gas for the Taking – IEA Report
A new report from the International Energy Agency (IEA) estimates that if there was a concerted, global effort to eliminate unnecessary flaring and control leaks across the supply chain, nearly 210 billion cubic meters (bcm) of natural gas could be made available to gas markets.Russia’s war with Ukraine has sent energy prices soaring…
US-China Cold War Would Redirect Energy Flows
Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies, including Australia and Britain, have recently hardened the language…
