The US wants Europe to continue using oil and gas instead of renewable energies
The world's investments in renewable energies aren't paying off and should be focused on securing a reliable supply of fossil fuels. This was the message from U.S. Energy and Interior Secretaries this week, as they tried to convince Europe to purchase more U.S. gas and oil. On the back of U.S. shale gas boom, the U.S. is now Europe's largest oil and natural gas supplier. Its companies are trying to increase their share at a time when the European Union is attempting to cut off all remaining Russian energy imports. The message of U.S.
ADNOC Drilling continues to expand in the Gulf with a new acquisition
ADNOC Drilling announced on Wednesday that it will buy 80% of regional drilling and oilfield service provider MB Petroleum Services, for a total enterprise value worth $204 million (749 millions dirhams). This marks a new expansion in the Gulf. ADNOC Drilling has acquired SLB's offshore rig business in Oman, Kuwait and Oman. This is its second major regional acquisition. Youssef Salm, ADNOC Drilling’s Chief Financial officer, said that such deals are a blueprint for future growth.
ADM shares fall after ADM lowers its profit forecast for 2025 due to biofuel and trade uncertainties
Grains trader Archer-Daniels-Midland cut its 2025 profit forecast for a third straight quarter on Tuesday as U.S. biofuel policy uncertainty and global trade disruptions pressured oilseed crush margins. The shares were down about 1 percent at midday after falling nearly 11 percent in premarket trading. ADM's earnings and those of its peers in the agribusiness sector have been eroded over recent quarters as a result of abundant global crop supplies, and a volatile commodities market that has weakened margins. The U.S.
J-Power shuts down two coal-fired plants and commits to offshore wind project
J-Power, Japan's Electric Power Development Company (J-Power), announced on Friday that it would decommission 2 coal-fired plants by March 2029 in order to achieve its 2030 goal of reducing carbon dioxide emissions by 46 percent from 2013. Hitoshi Kano also reiterated the company's intention to complete the Oga, Katagami, and Akita offshore project in the northern Akita Prefecture within the framework of Japan's public auction second round. J-Power…
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin, which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than analysts' expectations of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, down 13% over the same period a year ago. Exxon is the largest U.S. oil company.
BW Energy reports encouraging preliminary results for Kharas well offshore Namibia
BW Energy announced on Friday that the preliminary results of its Kharas-1 well, which was drilled offshore Namibia in the Kudu license, were encouraging and indicated the presence hydrocarbons. The results come after a series of discoveries made by oil companies including TotalEnergies and Shell, which have transformed the small Southern African nation into a hotspot for exploration. BW Energy said that the appraisal well had provided geological data for a wider petroleum system.
Exxon-related jitters cause Mozambique international bonds to tumble
Mozambique’s only international bond fell on Thursday, after ExxonMobil executives cancelled abruptly a media appearance the day before with the president of the country. Investors said that the cabinet's approval of Alvarez & Marsal as a firm to help with a "public-debt restructuring" also alarmed some on the market. The bond fell more than three cents, to 85.5 cents per dollar, before recovering to a loss of 2.2 cents. The press conference, which included Exxon executives as well as Mozambique President Daniel Chapo…
Prysmian will complete the study in 2026 on Sarawak-Singapore Power Export Project
A company official stated that the cable supplier Prysmian is expecting to finish next year the first-end engineering study for a hydropower project from Sarawak, Malaysia, to Singapore. Prysmian, a subsidiary company of Sembcorp Industries and Sarawak Energy Services, selected Prysmian as the preferred supplier in March for the project which will export approximately 1 gigawatts of renewable energy from Sarawak to city state by the year 2020. Detlev WAIMAN…
Shell's third-quarter profits beat expectations
Shell exceeded third-quarter profits forecasts Thursday thanks to strong results in its gas division. It also said that it would continue its $3.5 billion share buyback program over the next 3 months. Oil major BP said that adjusted earnings, which is its definition of net profits, dropped 10% on an annual basis to $5.4 billion from July to September, due to lower oil prices. The company's polled analysts estimated a $5.09 billion average, but the adjusted earnings were higher.
Norway's Kongsberg Group to spin-off maritime business through IPO
Norwegian defence contractor Kongsberg Gruppen - maker of the Joint Strike Missile system - announced on Thursday that it would spin off its civilian focused Kongsberg Maritime in an initial public offer on the Oslo Bourse. In a press release, Kongsberg Group said that the synergies among the different business areas had diminished over the years. The spin-off would create two companies with a focus on their own markets and a position to take advantage of global growth opportunities.
Malaysia shifts from coal to a mix of solar, gas and electricity
Malaysia will shift away from coal and focus on solar power, said the CEO of the state utility Tenaga Nasional on Wednesday. He added that using renewable sources would keep costs low. Southeast Asia's 35 million-strong nation has increased its coal-fired fleet in order to lower electricity costs. However, it plans to increase the use of solar and natural gas - with the latter being cheaper but the former more flexible. Solar is cheaper per unit than coal and gas.
Equinor anticipates a tighter European gas markets this winter
Equinor's chief financial officer said on Wednesday that the outlook for Europe's gas market is tighter this winter than most had anticipated, as storage levels in Europe are 12 percentage points less than they were a year earlier. In 2022, the Norwegian company will overtake Russia's Gazprom to become Europe's largest natural gas supplier when Moscow's invasion of Ukraine disrupts decades-old energy ties. He said that Europe was entering winter, the time of highest demand, and gas storages were 83% full. This is 12 percentage points less than last year.
Andy Home highlights the impact of mine supply strikes: ROI-Copper Study Group
Copper mine supply disruptions are nothing new, but the current year has been particularly difficult for a sector racing to meet smelter demands. According to the International Copper Study Group, the impact of unexpected production losses will be felt next year in full force. The Group's latest statistical update said that tightness in the mined concentrats segment will have a significant impact on the growth of refined copper production in 2026.
Sources say that Congo's cobalt exporters are still waiting for approvals.
Four industry sources said that cobalt producers are still waiting on government approval for the resume of exports. A quota system was introduced in October and it was expected that shipments would restart immediately. The system replaced an export suspension of several months that had disrupted global supply chain and rattled electric car manufacturers, especially in China, the top consumer. Congo, which accounts for 70% of the global cobalt production, temporarily frozen exports in order to reduce supply and increase prices.
Andy Home highlights the impact of mine supply strikes: ROI-Copper Study Group
Copper mine supply disruptions are nothing new, but the current year has been particularly difficult for a sector racing to meet smelter demands. According to the International Copper Study Group, several of the largest copper mines in the world have suffered unexpected production losses. The cumulative impact is expected to be felt next year. The Group's latest statistical update stated that the tightness of the market in the segment of mined concentrates will have a significant impact on the growth rate in refined copper production in 2026.
SNB divests from extractive industries with new divestment.
Swiss National Bank sold its stake in Anglo Australian miner Rio Tinto, adding to a recent series of divestments by companies in the extractive industries. LSEG data show. Unsere (Our) SNB is a group of 200 SNB shareholders that includes environmental groups. They claim the Rio Tinto divestment represents the entire stake in the SNB and values it at $227 millions. The SNB sold the 3.8 millions shares between June 2 to July 21. Rio Tinto and SNB declined comment.
Japan claims that replacing LNG from Sakhalin-2 in Russia would be expensive.
Japan's Industry Minister said that replacing the liquefied natural gas from Russia's Sakhalin-2 Project would be expensive and lead to higher electricity rates. Scott Bessent, U.S. Treasury secretary, has urged Tokyo, ahead of U.S. president Donald Trump's trip to Japan next Monday, to cease its Russian energy purchases. These mainly include LNG, which accounts for 9% or Japan's fuel imports. Ryosei Takazawa, 64-year old trade veteran, appointed minister of economy and trade under the new prime minister Sanae Taichi…
EU sanctions against Russia include two Chinese refineries and the trader Chinaoil
The EU has added Chinaoil Hong Kong (a trading arm for PetroChina) and two Chinese refineries with a combined daily capacity of 600,000.00 barrels to its list of sanctions against Russia, according to the EU Official Journal published on Thursday. Liaoyang Petrochemical is one of the two refineries, and Shandong Yulong Petrochemical is another. Although the Chinese listings were not the first in the EU, they were the most important from an economic perspective.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture formed by Japan's largest power generator JERA, and BP. It plans to halt the development of the U.S. Beacon off-shore wind power project, and layoff its U.S. workers in the next few months, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions, inflation, and President Donald Trump's opposition against such projects.
Audit says that Congo mining companies underreported revenues of $16.8 Billion.
A state audit revealed that mining companies in the Democratic Republic of Congo failed to report $16,8 billion between 2018 and 2023. This could have resulted in a reduction of funds for both the government and the local communities. According to the 2018 Congo mining code, companies must contribute 0.3% annual revenue towards community development funds, which typically support schools and clinics, as well as water systems. The June audit of the Court of Auditors of the country…