After a drone attack in Ukraine, a giant Russian gas plant has suspended its intake of Kazakh gas
Kazakhstan's Energy Ministry said that a drone attack in Ukraine forced the Orenburg gas processing facility, the largest of its kind anywhere, to stop receiving gas from Kazakhstan. Yevgeny Solntsev, the regional governor of Orenburg, had stated earlier in the day that the drone attack had partially damaged the plant and caused a fire at an atelier at the plant.
Equinor begins production in Brazil's Bacalhau Oilfield
Equinor, a Norwegian oil company, announced on Thursday that it had begun production in Brazil at its Bacalhau field one year after the original investment decision in 2021. Equinor said that Bacalhau, with recoverable reserves exceeding 1 billion barrels equivalent oil (boe), is the largest offshore field developed to date by Equinor.
Saudi Aramco CEO: Saudi Aramco's maximum oil production capacity can be sustained for an entire year at 12 million barrels per day.
Saudi Aramco's Chief Executive Amin Nasser said that the company can maintain crude oil production of 12 million barrels a day (bpd), for an entire year, without incurring any additional costs. Saudi Arabia has a large share of the world’s spare oil supply – idle oil that can be quickly brought to market.
In August, Kazakhstan's oil production and condensate output increased by 3% compared to the previous month
Official data released on Friday showed that Kazakhstan's oil production and condensate output increased to 8,885 metric tons from 8,631 metric tons in July due to the growth of Tengiz and Karachaganak oilfields. Calculations show that the August figure is equivalent to 2.150 million barrels of oil per day.
Russia downgrades gas exports, production outlook
Russia's forecasts for 2025 gas and oil exports have been lowered, while projections on oil exports have increased. The fallout of its conflict with Ukraine as well as its strained relations with the West continue to impact the energy sector. While Russia's economy is still thriving despite the sanctions, signs of stress are appearing in several industries.
Lower temperatures lift power demand
The upcoming days are likely to see low temperatures in Europe. This will cause the German spot price on Tuesday to be slightly higher. However, the French contract remains low due the strong supply of nuclear and wind energy. As of 0951 GMT on Tuesday, the German baseload electricity price was 109.50 Euros per megawatt-hour. This is an increase of 0.5% over Friday's close.
Nikkei reports that Mitsubishi Corp. and others will withdraw from three offshore-wind projects in Japan.
The Nikkei daily reported that a consortium led by Mitsubishi Corp is planning to pull out of three offshore wind projects in Japan's Chiba Prefecture and Akita Prefecture due to concerns about profitability. Japan, which is heavily dependent on imported energy, has turned towards renewable energy in order to boost energy security and achieve carbon-neutrality by 2050.
Norway prepares its first major licensing round for oil and gas in years
Norway's Energy Minister said Friday that he was preparing to launch a round of oil and gas licenses on the Norwegian continental shelf. This will be the first new offer of drilling permits for frontier areas which have not been explored since 2021. In a statement, Labour Party Minister Terje Aasland said that Norway will be a reliable supplier of oil to Europe for a long time.
BP will review assets and costs after profit exceeds expectations
BP said it will review its assets and look at further cost reductions as part of a push to improve shareholder value. The oil major announced this on Tuesday after reporting a second quarter profit that was well above expectations. Murray Auchincloss, the CEO of Murray Auchincloss announced earlier this year that he would reduce costs…
Chevron wins arbitration against Exxon over Hess deal, according to analysts.
Chevron completed its $55 billion purchase of Hess last Friday, after winning a landmark court battle against Exxon Mobil. This was to gain access the largest oil discovery of the past decade - the Stabroek Block offshore of Guyana. It contains more than 11 billion gallons of oil. This project will drive significant growth in production for the next 3 to 5 years.
Energy ministry reports that Russia's crude oil production fell 3.5% between January and May.
The Russian energy ministry announced on Wednesday that the country produced 211 millions metric tons of oil (10.24million barrels per day) between January and the end of May. This is a 3.5% decrease compared to the same period last year. The data were revealed during a presentation by Energy Minister Sergei…
Rising demand lifts French spot prices
On Monday, the French baseload power price increased from the previous one week due to an expected increase in demand that would offset a higher renewable supply for Tuesday. LSEG data shows that the French baseload electricity price for Tuesday at 0815 GMT was 72 euros ($72.43 per megawatt-hour (MWh), 50% more than it was last Monday.
Orlen LNG to sell 140 million cubic meters of US LNG to Ukraine's Naftogaz
Naftogaz, Ukraine's energy company of state, has signed a deal to purchase 140 million cubic meters (mcms) of U.S. Liquefied Natural Gas from Poland's Orlen. After Russian shelling, Ukraine's storage sites are almost empty and it needs to import large quantities of gas in order to meet its heating requirements for 2025/26.
CMOC IXM declares Force Majeure on Cobalt Deliveries from Congo
IXM, a commodity trader owned by China's CMOC Group has declared force majeure for deliveries of cobalt from the Democratic Republic of Congo, after the country extended the ban on exports of battery material. In February, the Congo suspended all cobalt exports for four months to reduce oversupply and stabilize prices which were at a nine-year-low of around $10 per lb.
In administration is the parent company of Prax, which owns UK's Lindsey refinery.
Teneo Management Consulting said that State Oil Limited (parent company of Lindsey Oil Refinery) has been placed under administration and insolvency proceedings by the British High Court. State Oil is owned by Prax Group, which also owns the Lindsey Refinery. Teneo announced on Monday that it has been appointed administrator of State Oil.
Thyssenkrupp's deputy chairman votes against the extension of CEO contract due to 'fundamental distrust'
T hyssenkrupp’s deputy chairman, who sold a stake in the steel unit to billionaire Daniel Kretinsky, will vote against the extension of Miguel Lopez’s contract at a board of directors meeting on Friday. He said that Lopez had failed to deliver the turnaround promised of the steel division. Juergen Kerner's comments…
PetroChina aims to reduce risks by increasing North American LNG volume, according to an executive
PetroChina International, trading arm of Chinese oil giant, is interested in North American supplies of liquefied gas. The company wants to reduce its trading risks by negotiating flexible supply agreements, according to a company official on Tuesday. If I look at the portfolio we have today, I'd say that there is a slight over-weighting on duration.
TotalEnergies acquires 40 offshore US blocks operated by Chevron
PARIS, 16 June - French oil giant TotalEnergies announced on Monday that it had acquired a 25 percent interest in 40 federal exploration leases operated by Chevron in the Gulf of Mexico. The outer continental shelf leases consist of 13 blocks located in Walker Ridge, 9 blocks within the Mississippi Canyon region and 18 blocks situated in East Breaks.
Aster Chemicals will increase Singapore's refining capacity following the acquisition of a splitter stake
Aster Chemicals & Energy plans to increase the crude processing capacity of its Singapore refinery to more than 300.000 barrels per day after purchasing a stake in excess of 50% in a unit that splits condensate, according to a statement released on Monday. The Chandra Asri led joint venture with Glencore…
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it continues its international expansion while coping with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet.