UAE's Dana Gas signs an agreement to explore the revival of Syria gas fields
Dana Gas, based in the UAE, announced on Wednesday that it had signed an initial agreement with Syria's oil company for assessing the redevelopment of natural gas fields damaged by the 13-year-old civil war which made Syria dependent on imports from Iran. The Syrian rebels overthrew longtime president Bashar al-Assad in late 2018. Since then, the country has pursued a new strategic alignment away from Tehran. This was under President Ahmed al-Sharaa who met with U.S. Donald Trump on Monday.
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm.
Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers. This has also been exacerbated by expectations of trade tensions leading to a reduction in demand.
Slim's Grupo Carso signs $2 billion deal for Ixachi oil wells with Mexico's Pemex
Grupo Carso, controlled by Carlos Slim's family, announced on Monday that it had reached an agreement with the state oil company Pemex for the drilling of 32 onshore deep wells in the eastern part of Mexico. The deal is worth up to $1.99billion. Wells will be drilled in Mexico's Ixachi field, which is one of the top natural gas fields of the country. It's located in Veracruz, about 70 km (44 mi) south of Gulf Coast.
The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output. In a press release, the IEA, an agency that advises industrialised nations, warned that…
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures.
Saipem Predicts Mozambique LNG Project Will Restart by End of Summer
Italy's Saipem is confident that a $20-billion liquefied natural gas project in Mozambique for TotalEnergies will restart by the end of the summer, the CEO of the energy contractor said on Thursday.Covered by force majeure since 2021 following insurgent attacks, the Mozambique LNG project includes developing the Golfinho and Atum natural gas fields in the Offshore Area 1 concession and building a two-train…
Israel's Leviathan Gas Field to Restart Operations After Shutdown During Iran Conflict
Israel's NewMed announced on Wednesday that the Leviathan gas field, which supplies gas to Egypt, Jordan and the Middle East, was shut down almost two weeks ago because of the Iran-Israel war, but would be reopened in a few hours. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of Israel's exports to Egypt or Jordan have been closed.
TotalEnergies plan to restart LNG project is a positive for the energy minister of Mozambique
Mozambique’s energy minister stated on Friday that the government had not received a formal request from TotalEnergies for the lifting of a declaration of force majeure on the $20 billion liquefied gas (LNG), project in the country. However, he was optimistic about TotalEnergies' plan to restart its development during the summer. After meeting with Japan's Industry Minister, Muto Yoji, Estevao Palae, the Minister of Mineral Resources and Energy…
UK Issues Environmental Guidance on New North Sea Oil and Gas Drilling
The UK published long-awaited guidance on environmental issues that will impact future developments of two North Sea oil and natural gas fields, including Shell and Equinor. The guidelines explain how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions or Scope 3. The government ordered the document after a Supreme Court decision…
UK releases environmental guidance that will impact North Sea drilling
The UK published environmental guidelines on Thursday, which will impact future developments of two North Sea oil and natural gas fields. Shell and Equinor are among the companies that are expected to benefit. The guidelines outlines how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions. It is a significant step in ensuring…
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. The company stated that the acquisitions would help it achieve its goal of increasing production of low cost…
WGC-TotalEnergies CEO wants to lift the force majeure on Mozambique Liquefied Natural Gas project
TotalEnergies, said Chief Executive Patrick Pouyanne on Tuesday, will ask Mozambique for its approval to lift the force majeure on their $20 billion liquefied gas (LNG), project in Mozambique and resume construction before mid-summer. The project has been covered by force majeure due to insurgent attacks since 2021. It includes the development of the Golfinho, Atum and Offshore Area 1 natural gas fields, as well as the construction of a two train liquefaction facility.
Venezuela's opposition drafts an energy reform in order to increase foreign pressure on Maduro
According to sources, and according to a summary seen by the. Opposition leaders see the re-election Donald Trump as a chance to increase pressure on President Nicolas Maduro. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron in Venezuela, citing the lack of electoral reforms by President Nicolas Maduro. The reform of Venezuela's hydrocarbon laws may appeal to oil companies from around the world, including those based in the United States.
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched. He said, "I would like to be clear... that there will be a requirement for investment. This is especially true to combat the decline of the existing fields." At the CERAWeek conference on energy in Houston.
Repsol targets renewables deals, seeks 'solution' for North Sea business
Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea. Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S.
Egypt plans to restore gas production at its gas fields to normal by the summer of 2025
Mostafa Madbouly, the Prime Minister, said that Egypt hopes to resume normal production in its natural gas fields before next summer. He also indicated that the government was moving to settle arrears it owes to production companies. Madbouly said at a press conference that the government's arrears had caused a drop in production, but he did not specify how much it owed or when the money might be paid back.
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated in a Vladivostok…
BP and Iraq to share profits on Kirkuk fields
Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal earlier this month for the development of four oil and natural gas fields in Kirkuk in northern Iraq. BP estimates that these fields contain about 9 billion barrels worth of recoverable crude oil.
Harris' energy strategy is ambiguous from a strategic perspective, say her aides
Since Vice President Kamala Harris joined the White House race 25 days ago, she has been keeping energy executives on their toes. Was she the anti-pollution and climate change warrior Attorney General of California? Or was she the pragmatic number two in the Democratic Biden Administration that oversaw record U.S. production and exports of oil? Seven times in her speeches, she mentioned climate, but never energy, fracking, or oil.