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Woodside greenlights $17.5 billion US LNG project, targets 2029 start
Woodside Energy, a company based in Australia, has made the final investment decision for a Liquefied Natural Gas project (LNG) in Louisiana. The total capital expenditures (capex), which is estimated at $17.5 billion, are included. The announcement follows last week's statement by the oil company that it was assessing U.S.
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BP announces a lower-than-expected $1.4 billion profit
BP missed expectations on Tuesday, with a underlying replacement costs profit of $1.38bn for the first three months. This was below the $1.53bn expected by analysts according to a poll conducted by the company. BP announced that it would buy back another $750,000,000 in shares this quarter. This is at the lower end of their guided range.
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The European share price continues to rise as earnings continue to roll in and tariff watch continues
Investors pushed European shares higher on Tuesday, as they assessed corporate earnings, watched potential tariff movements, and awaited important economic data. As of 0712 GMT the pan-European STOXX 600 was up by 0.2%. However, it is on course for a second monthly decline if the current trend continues.
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CNOOC Q1 profits down 7.9% due to lower oil prices but production grows
CNOOC Ltd, the Chinese offshore oil company, saw its first-quarter profit fall 7.9% due to lower oil prices. However, higher production helped offset this decline. According to the filing made by the company on Tuesday at the Hong Kong Stock Exchange, the net income for the period January-March was 36.56 billion Yuan ($5.03billion)…
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Sources say that former Shell oil traders have set up a trading house focusing on Africa.
Two sources familiar with this development say that several former Shell traders have established the trading house Atmin, which is backed by Afreximbank and focuses on African oil trade. This move comes as Western banks and oil majors retreat from Africa. The continent faces a decline…
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Petroecuador declares emergency at Ecuador's largest refinery after quake
Petroecuador, the state-run oil firm in Ecuador, declared an emergency on the day after an earthquake caused damage to the refinery.
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EIA: US crude stocks have unexpectedly impacted export and refinery demand
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped unexpectedly due to higher…
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MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary
Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture.
Latest news
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As crude prices fall, investors fear that Big Oil may reduce share buybacks.
Investors will pay attention to the fact that falling oil prices are increasing the risk of dividends and share purchases for the remainder of 2025.
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Abu Dhabi's ADNOC will raise $1.5 billion through Islamic bonds
A document seen on Monday revealed that Abu Dhabi's state-owned oil company ADNOC would raise $1.5 billion through the first…
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US sanctions on Serbia's NIS Oil Firm are lifted
The United States has granted a third waiver of sanctions to the Serbian oil company Naftna Industrija Srbije. It is owned…
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Baker Hughes reports that US drillers added oil and gas rigs in the US for a second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the second consecutive…
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Glencore reports a 30% decline in the first quarter copper production
Glencore reported on Wednesday lower copper production for the first quarter and said that it expects its 2025 trading division…
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Austrian OMV expects the gas production at Neptun Deep to begin in 2027
Austrian oil-and-gas group OMV announced on Wednesday that gas production is expected to begin in the Black Sea in 2027 as…
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Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase…
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Woodside Energy, Australia signs LNG deal with BP to supply Louisiana project
Woodside Energy, a major Australian oil and natural gas company, announced on Wednesday that it had signed a deal with BP…
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Origin Energy Australia reports a 10% decline in revenue for Q3 due to lower APLNG prices
Origin Energy reported a 10% decline in revenue from its Australia Pacific LNG Project (APLNG), as falling LNG prices and…
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Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This…
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PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company…
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Serhiy Korotetskyi is appointed as the new CEO of Ukraine's Naftogaz
Naftogaz, Ukraine's national oil and gas company, announced on Tuesday that Serhiy Koretskyi would be its new CEO effective May 14.
Exploration
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Novatek, a Russian company, says its net profit for 2024 will rise to $5.2 billion
Novatek, Russia's largest LNG producer, announced on Wednesday that its net profit for 2024 increased by 6.5% and reached…
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Aker BP and Total are seeking to increase their stake in the giant Equinor oilfield
Aker BP announced on Wednesday that TotalEnergies, Aker BP and Equinor are seeking an independent assessment of their stakes…
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Japan's JERA is seeing increased competition for US LNG from Asia and Europe
JERA, Japan's largest power generator, expects the competition for U.S. LNG to grow as Asia and Europe increase their demand. There are many buyers.
Drilling
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BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part…
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German antitrust watchdog flags price issues in the oil market
The German antitrust authority said on Wednesday that an examination of Germany's oil markets showed pricing issues. It called…
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Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating…
Production
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Equinor Norway LNG plant will be off-line March 10-14
According to a Friday regulatory filing, Equinor will shut down its Hammerfest LNG Terminal from March 10 through March 14…
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Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana.
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EQT's profit for the fourth quarter beats estimates due to higher natural gas prices and sales
EQT's fourth-quarter profit exceeded analysts' estimates on Tuesday as the natural gas company benefited from increased prices and sales.
