JERA in Talks to Buy $1.7b of US Natural Gas Assets
Japan's top power generator JERA is in advanced talks to buy natural gas production assets in the U.S. for around $1.7 billion, people familiar with the matter said, the latest example of the Asian nation investing in America's energy sector.JERA emerged as the top bidder for the assets owned by GEP Haynesville II, a joint venture between Blackstone-backed GeoSouthern Energy and pipeline operator Williams Companies, after banks solicited offers in recent weeks…
US Energy Secretary downplays climate risk as Washington seeks EU Gas Deals
Chris Wright, the U.S. Energy secretary, downplayed climate change risks on Thursday as he promoted Washington’s return to a “commonsense policy” while the Trump Administration worked to increase oil and gas exports to Europe and other allied countries. Wright spoke with reporters in Brussels after he met the European Union energy commissioner Dan Jorgensen. U.S. Doug Burgum, the Interior Secretary of the United States, was also in Europe last week to sign energy deals.
After election victory, the PM of Norway says that Norway must continue to be a reliable supplier of energy
Norway will continue to explore oil and gas, and remain a reliable energy supplier to Europe. This was the message of newly elected Prime Minister Jonas Gahr Stoere on Tuesday. On Monday, the minority Labour Party won a second mandate in office while the populist rights achieved their best ever election results. The ballot was dominated by worries about rising living costs and conflicts in Ukraine and Gaza. After the left-wing victory in the election…
Highest Ever US LNG Exports Recorded in August
U.S. exports of liquefied natural gas (LNG) reached an all-time high in August as plants exited planned maintenance programs and Venture Global's Plaquemines facility continued to increase output, preliminary data from financial firm LSEG show.August exports totaled 9.33 million metric tons, beating the previous monthly record set in April of 9.25 million tons and higher than the 9.1 million tons exported in July, according to LSEG data.Plaquemines is the second-largest LNG plant in the U.S.
US LNG exports record highest ever in August
LSEG's preliminary data shows that U.S. LNG exports reached a record high in August, as plants completed planned maintenance and Venture Global’s Plaquemines plant continued to increase production. According to LSEG, August exports totaled 9,33 million metric tonnes, surpassing the previous monthly record of 9.25 millions tons set in April and exceeding the 9.1million tons exported in July. Plaquemines, the second largest LNG plant in the U.S., has a capacity to produce 27.2 million tonnes per year (MTPA).
Mexico's Pemex signs the first mixed contract with private companies to boost oil production
According to a government report presented to Congress by President Claudia Sheinbaum, the Mexican state oil company Pemex has signed its first mixed contract with private sector partners to try to reverse the declining hydrocarbon production. In her first report to Congress, sent on Monday, President Cristina Fernandez said that the 11 agreements, which were signed under a newly-created contractual framework resulting from the most recent energy reform, marked the beginning of Pemex’s plan to sign 21 similar deals this year.
EIA: US oil production reached record high in June
The U.S. crude production reached a record in June. It increased by 133,000 barrels a day, to 13,58 million bpd. This is according to the latest data from the Energy Information Administration's Petroleum Supply Monthly. The EIA reported that crude production in Texas, the top producer, increased by 11,000 barrels per day to reach 5.72 million barrels per day, its highest level since April. New Mexico's second largest producer saw its output rise by 40,000 bpd over the past month to 2,24 million bpd. This was the highest level since March.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve. The country is expecting to start offshore oil and natural gas production by 2028, following a successful investment decision for the flagship 12 billion dollar Gran Morgu project, between TotalEnergies, APA Corp, and Staatsolie.
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year. Revenues fell 6.7%, to 1.45trillion yuan. PetroChina, China’s second largest refiner, reported a 0.1% increase in crude throughput to 694.3 millions barrels or 3.84million barrels per day.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry, as the latter is relying on cheap natural gas and abundant supplies to expand. The increasing competition between power companies and LNG exporters for U.S.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry, as the latter is relying on cheap natural gas and abundant supplies to expand. The increasing competition between power companies and LNG exporters for U.S.
Mexico shifts to fracking in order to boost Pemex oil production
Mexico plans to use hydraulic fracturing more to access unconventional hydrocarbons and boost oil and natural gas production, after years of declining production. This marks a change in Mexico's stance towards what some call a highly-polluting practice. Evaluation and development of unconventional hydrocarbon deposits hidden deep underground in complex geological formations are part of the 10-year plan to revitalize Petroleos Mexicanos (Pemex), Mexico's heavily indebted energy company.
Chevron surpasses Wall Street profit expectations with record output
Chevron surpassed analyst expectations for the second quarter profit on Friday, as record oil production and lower capital spending helped to offset lower crude prices. The No. The No. The deal also includes a stake Exxon's Stabroek Block offshore Guyana oilfield. This should help Chevron fund dividends well into the 2030s, as well as make its earnings more resistant to fluctuations in oil prices. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies increased production…
EIA data show that US oil production rose to record levels in May.
The U.S. Energy Information Administration reported on Thursday that U.S. crude production reached a record 13,49 million barrels per day in May, despite concerns about oversupply pushing the price of the commodity to its lowest level in four years. Donald Trump, the U.S. president, has called repeatedly for increased oil production in the United States, whose output has already reached record levels each of the last two years. He has also taken steps to accelerate and expand drilling on federal land.
Expand Energy, a US-based natgas producer, reports a second-quarter profit despite higher prices and output.
Expand Energy, the U.S. natural-gas producer, reported a profit for its second quarter on Tuesday. This was compared to a loss in the same period last year, due to higher production and commodity prices. After-hours, shares of the company rose 2.4% to $101,76. Expand, previously Chesapeake Energy became the largest independent natural gas producer in the United States after its $7.4-billion acquisition of Southwestern Energy was completed in October 2024. The company has also benefitted from the higher U.S. Natural Gas prices.
Norway's total oil and gas production beats expectations in June
Norwegian Offshore Directorate, NOD, said that Norway's combined oil-and-gas production in June exceeded the official forecast by 2,3%. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields. The total oil, gas liquids, condensate and natural gas production was 0.587 standard cubic metres per a day. This is equivalent to 3.69 millions barrels of crude oil.
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 Tsivilev before the Federation Council (Russia's upper chamber of parliament). Gas condensate is a form of light oil. , excluding condensate gas, increased by 41,000 bpd to 9,025 million bpd.
Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 11 to 537, the lowest level since October 2021. Baker Hughes reported that the rig count is down by 47 or 8% this week compared to this time last.
German prompt firms as French spot drops with increased nuclear supply
The European wholesale electricity market was mixed on Tuesday. France's position in the day-ahead price chart was impacted by increased nuclear availability, while German positions, which were already high, rose. LSEG Research cited a decline in German solar energy output as bullish on the market. It noted that the French demand is increasing and Germany, currently import-dependent, will not be in a position to meet it, even though this country will increase its coal and natural gas production units.