Kazakhstan announces that oil production at Tengiz has resumed
The energy ministry announced on Saturday that oil production at Kazakhstan's massive Tengiz Oilfield has been restored, with five wells now operating again. Since the outage, production data for the largest field in Kazakhstan has been unavailable. Kazakhstan announced on Wednesday that it would restart the Tengiz Oilfield in stages.
Russian Oil Stored in Tankers Awaits Sales
Traders are increasingly using tankers to store Russia's Urals crude as demand weakens and customers weigh growing sanctions risks, Reuters calculations based on LSEG and trade data show.Major importers India and Turkey have cut purchases since the end of the last year amid tougher Western sanctions, including recent U.S.
Carlyle's energy investment list as it targets Lukoil assets valued at $22 billion
Analysts initially estimated that the Carlyle Group would acquire most of Lukoil’s foreign assets at $22 billion. The Office of Foreign Assets Control (the U.S. agency responsible for sanctions) has yet to approve the sale. The?U.S. The?U.S. Treasury had given Lukoil a deadline of February 28th to divest their global portfolio.
Oil Prices Surge 3% on Worries of US Action Against Iran
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.Brent futures rose $2.10, or 3.1%, to $70.50 a barrel by 11:07 a.m. EST (1607 GMT), while U.S.
Sources say that Chevron wants better terms with Iraq before acquiring the Lukoil Oilfield.
Sources say that Chevron is seeking better terms for the West Qurna 2 Oilfield. Iraq nationalized oilfield operatorship after U.S. Three sources with knowledge of the matter said that Chevron, the U.S. oil major, is pressing Iraq to increase returns on the West Qurna 2 field in order to buy the project from Russia’s Lukoil.
Bloomberg News reports that energy firms could be facing a $4 billion payout if they lose the Karachaganak Arbitration.
Bloomberg News, citing sources familiar with the situation, reported that an international consortium working on the Karachaganak oil field lost a?arbitration suit brought by Kazakhstan. They could be liable for compensation of up to $4?billion, Bloomberg News said. The oil project in Kazakhstan is run by a consortium that includes?Eni…
Russian Urals Oil Trades at Close to Widest Discounts Since 2022
Russian February Urals crude oil cargoes traded at close to the widest discounts against dated Brent in Indian ports since 2022 amid intensified pressure from Western sanctions, two sources said.Urals oil cargoes to be supplied in February traded at discounts of $10 per barrel to dated Brent for delivery in Indian ports…
Kazakhstan's main export pipeline returns to full capacity after mooring points repaired - CPC
The Caspian Pipeline Consortium, Kazakhstan's main oil export pipeline, returned to full capacity on Sunday at its terminalon the Russian Black Sea Coast after maintenance was completed at one mooring point and a tanker loaded with crude. Kazakhstan, the 12th largest oil producer in the world…
Kazakhstan CPC Oil Exports Struggle After Tengiz Field Shutdown
Kazakhstan's CPC oil exports could remain restricted even as extensive maintenance on its primary oil export route wraps up, sources said on Wednesday, with force majeure declared at the country's largest oilfield, Tengiz, following a fire.The CPC terminal, which handles about 1.5% of global oil supply and 80% of Kazakhstan's crude exports…
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems…
US permits talks about Lukoil’s foreign assets to continue until February 28,
The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies…
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S.
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account.
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refiners. Yet they were barely affected. In an era when energy is abundant, this calm could be the new norm. The year 2025, by any measure, was chaotic in geopolitics…
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refineries - but they were not fazed. In an age of abundant energy, this calm could be the new norm. The year 2025 will be remembered as a geopolitical chaos…
Britain Imposes Sanctions on Russia's Energy Sector
Britain imposed sanctions on Thursday on more Russian oil companies and Canadian-Pakistani billionaire Murtaza Lakhani as part of efforts to ramp up pressure on Moscow over the war in Ukraine.The government targeted 24 individuals and entities, including what it described as Russia's largest remaining unsanctioned oil companies: Tatneft…
Carlyle hires Goldman Sachs to bid for Lukoil assets
Two sources familiar with the matter said that Carlyle, the U.S.-based private equity firm, has hired Goldman Sachs for its bid to acquire Lukoil's assets. The race for the Russian oil company's foreign portfolio is heating up. Carlyle and?U.S. Sources have confirmed that Exxon Mobil…
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
Britain added Egypt's Zohr Gas Field, where Russian oil major Rosneft has a 30% stake - and London-based BP a 10% one – to a list of projects that are exempted from its Russia sanctions. In October, Britain and the United States sanctioned Russia's two largest oil companies, Rosneft…
Kazakhstan to see arbitration decision on Karachaganak by year's end
Yerlan Aktenzhenov, Kazakhstan's Energy Minister, said on Monday that a decision in the arbitration?case involving a consortium of international companies developing the Karachaganak -oil -and -gas condensate?field?would be expected by year's end. Akkenzhenov told reporters in Astana…
US permits negotiations over Lukoil’s foreign assets to take place until January 17, 2019.
The United States extended Wednesday a deadline for negotiations to buy the global assets of Russian Oil?company Lukoil. It was originally set at?January 17th. Lukoil's assets were put up for sale soon after President Donald Trump imposed sanctions against the two largest Russian energy companies on October 22…