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. However the company said that the move is not expected affect oil exports or domestic fuel distribution. Petroecuador’s Esmeraldas Refinery, located in the north of Ecuador, is the largest refinery on the continent. It has a daily capacity of 110.000 barrels. A tornado has hit the area.
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. Szijjarto, after meeting with Turkish Energy Minister Alparslan bayraktar, said that efficient production on new fields could help Hungary cover some of its consumption needs. Hungary imports the majority of its crude oil via the Druzhba Pipeline, which brings Russian Oil through Belarus, Ukraine and Hungary to Slovakia.
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 profit to be at the middle of the long-term annual guidance. The miner-trader reported a 30 percent drop in the first quarter copper production, to 167.900 metric tons. However, it maintained its production forecast of 850,000-910,000 tonnes for 2025, anticipating higher output in the coming months.
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 part of their Neptun Deep Project. The company stated that drilling for the first ten wells began in March. It is expected to take between two and three months. Neptun Deep is a project that OMV Romania's Romanian subsidiary OMV Petrom, and the state-owned gas company Romgaz invested 4 billion euros (4.55 billion dollars) in. It should yield 8 billion cubic meters per year.
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 in European gas prices compared to the same period last year. Equinor's poll of 20 analysts predicted that the Norwegian oil and gas company would earn $8.51 billion in January-March, but it actually increased to $8.65 from $7.53. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year.
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 under which the British energy company would supply natural gases to its Louisiana liquefied gas project (LNG). Woodside, in a press release, said that the Louisiana project will buy a maximum of 640 billion cubic foot of gas over a long term basis from the integrated energy giant. However, it did not reveal any financial details.
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 lower LNG volumes impacted the top line. Since the beginning of 2025, prices of liquefied natural gases have been under pressure due to a tepid winter season in Asia. This has been exacerbated by fears of a global economic recession following President Donald Trump's tariff policy.
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 was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10…
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 cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago. Revenue dropped 7.3% to 753.1 billion Yuan.
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 in production of oil and gas due to underinvestment and also spends $30 billion per year on fuel imports. As global…
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), down from 39.7 billion Yuan during the same time last year. A higher production led to a revenue drop of 4.1% to 106.85 bn yuan for the first quarter.
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. Koretskyi, an engineer and economist, is the CEO of Ukrnafta & Ukrtatnafta which are both part of Naftogaz. In 2022, he took over Ukrnafta - Ukraine's largest petroleum company. Oleksiy Cernyshov was appointed as deputy prime minister in December 2024 and left Naftogaz. Naftogaz, Ukraine's largest gas producer, also dominates gas imports.
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. The other regional indexes, with the exception of the UK which was down by 0.1%, were trading in positive territory.
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. The company said that it will spend $14.5 billion in this year's budget…
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. trade measures and tariffs on its Louisiana project in order to give it a final approval.
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. Big Oil's efforts to win over Wall Street have been based on reinvesting cash in the form of dividends and stock repurchases. U.S. president Donald Trump's announcements of global tariffs have caused fears of a weaker oil market and a possible recession, leading forecasters to reduce their oil price expectations.
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 sale of Islamic bonds or sukuk. The document stated that Abu Dhabi National Oil Company, acting through ADNOC Murban its primary debt capital market entity, sells the sukuk for 60 basis points more than U.S. Treasuries. ADNOC has received over $3.85 billion for 10-year Islamic bonds. These bonds will be used to fund general corporate purposes.
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 by Russia's Gazprom and Gazprom. NIS has a single refinery with a capacity of 4.8 millions tons per year in Serbia. The crude oil supply is sufficient to cover the majority of Balkan countries' needs. On January 10, the Office of Foreign Assets Control of the U.S. Treasury placed…
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 week for the first since February. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending April 25. Baker Hughes reported that despite this week's increase in rigs, the total count is still 26 or 4% lower than this time last year.
Buildings damaged in Ecuador by earthquake of magnitude 6.3
The European Mediterranean Seismological Centre reported that a magnitude 6.3 earthquake hit near the coast in Ecuador on Friday. It damaged buildings in Esmeraldas, and some oil infrastructure was temporarily shut down. EMSC reported that the quake occurred at a depth between 23 km and 14.29 miles. The authorities of Ecuador have ruled out issuing a warning for a tsunami. In a preliminary government report…
Financial Times - 24 February
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Britain and India are resuming talks to reach a long-awaited deal on trade. The negotiations had been delayed due to the elections held in both countries. The UK Government has committed to invest 200 million pounds ($253,26 million) in projects at Grangemouth, as the closure of Scotland's sole oil refinery is planned for the next few months.
Leviathan Partners eye large expansion of natgas fields for Israel and export
One of the partners said that the Israeli Leviathan project, which involves the offshore natural gas field, has submitted to the government a multi-billion-dollar plan for the expansion and boosting of production. NewMed Energy's plan, which it submitted to the Energy Minister’s Petroleum Commissioner, calls for drilling three additional production systems as well as expanding the processing facilities at the platform.
ConocoPhillips sells Ursa and Europa Fields interests to Shell for $735 Million
ConocoPhillips announced on Friday that it will sell its interest in the Ursa Fields and Europa Fields for $735,000,000 to Shell as part of its plan to streamline the company's portfolio. After its $22.5 billion acquisition of Marathon Oil, the company is looking to sell non-core assets in order to reduce debt. Conoco announced earlier this month that it would be selling its Lower 48 non-core assets for $600,000,000.
Sources say China's Norinco sweetens its bid for Congo copper mining as the deal stalls.
China North Industries Corp., also known as Norinco has offered to increase the Congo government stake in its bid to purchase copper and cobalt assets from Chemaf SA to help smooth the way to a deal. The $1.4 billion offer made by China's defence and industrial giant, in June, stalled when Congo state miner Gecamines put forward its own unsolicited proposal for the Chemaf asset. This exacerbated a standoff that was already complicated by U.S.
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, a Mas Energia-published online magazine, reported that the Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region, citing anonymous sources. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report.
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, citing anonymous sources, reported that Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report. Mas Energia said that the Norwegian company has no plans to sell its stakes offshore licenses in Argentina.
Nigeria's NNPC contains fire at storage facility
The Nigerian State Oil Company NNPC said that a fire in a crude oil storage barge on its Cawthorne Channel site, located along the coast of Rivers State, had been put out with no injuries. Olufemi Soneye, NNPC's spokesperson, said in a late-night statement on Thursday that the fire started around 1310 GMT Wednesday and spread quickly to other barges. Soneye stated that the incident did not affect operations at the flowstation.
Nine Entertainment is the top gainer among Australian shares.
Australian shares rose Friday on the back of gains in energy and mining stocks, as well as strong commodity prices. Nine Entertainment was the biggest gainer, after Domain Holdings Australia, which owns 60%, received a purchase offer. As of 0026 GMT, the S&P/ASX 200 was up by 0.1% to 8,333.1. The benchmark index has lost 2.6% in the first week. Iron ore prices rose overnight, causing miners to gain as much as 1.5 percent. BHP Group and Rio Tinto gained between 0.2% and 1,6% on Friday.
ADNOC, the UAE's gas company, has completed a $2.84 billion share sale.
Abu Dhabi National Oil Co. (ADNOC), the energy giant of United Arab Emirates, announced early Friday that it had completed a 2.84 billion dollar market offering for its ADNOC Gas division. ADNOC said in a press release that the offering price was 3.40 dirhams for each share. The sale is the largest share offering in the Middle East and North Africa region (MENA) since the $12,3 billion follow-on offer by Saudi Aramco last June and the largest of recent years.
Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years
Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics as fears about energy independence have grown due to dwindling supplies of gas. Chief Executive Ricardo Roa stated that the total 1P reserves for 2024 is equivalent to 1.88 billion barrels oil equivalent at the end of 2023.
Diamondback Energy CFO Van't Hoof to succeed Stice as CEO
Diamondback Energy announced on Thursday that CEO Travis Stice will step down after 13 years in the role during the company’s annual stockholders’ meeting 2025. He will be replaced by Kaes van't Hof, the finance director. Stice, who has led Diamondback since January 2012, joined the board of directors in November 2012 after the initial public offering. Before becoming CEO, Stice was the chief operating officer of the company from April 2011 until January 2012.
Anglo writes off De Beers and continues with business overhaul
Anglo American reported a $3.1billion loss on Thursday, after writing down its De Beers business. The company is continuing to shed unwanted assets. Anglo wants to concentrate on iron ore and copper assets following BHP's failed attempt at a takeover last year. This means that Anglo will spin off its diamond and platinum businesses following the sale of its nickel and coal mines. Duncan Wanblad, CEO of Codelco…
Guyana will soon sign a oil deal with TotalEnergies led group
Energy Minister Vickram Bharrat said that Guyana is expecting to sign a production-sharing agreement soon with a French consortium led by TotalEnergies, which will allow the country to explore an off-shore area. Guyana, the fastest-growing oil producing country in the world, is on track to produce 940,000 barrels of crude oil per day this coming year. This is nearly 1% more than last year's output. All of Guyana's crude oil is produced by a consortium led the U.S. company Exxon Mobil.
Stock prices of US natgas producers soar as gas futures soar
Gas futures prices have risen by 27% in the last seven days, reaching a two-year high. The extreme cold of recent days has pushed U.S. Gas Futures up to $4.42 per million British Thermal Units (mmBtu) at midday on Wednesday. This puts the front-month just a few cents away from the closing high of $2.258, which was reached on January 16 of this year. The increase in gas futures has helped Devon Energy's stock…
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. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana, outlined a "Wales Gas Vision" that will provide gas to produce fertilizers via a pipeline worth $1 billion completed last year.
The German antitrust watchdog wants to regulate the oil market more.
The German antitrust authority called for stronger regulation on the price quotes used on the oil market after an investigation showed that pricing was based on limited information which could be manipulated. Prices are often linked to wholesale contracts, and they can have an indirect impact on retail prices. These price quotations are provided by agencies that report prices, such as S&P Global Commodity Insights and Argus Media.
S. Africa's Sibanye signs a chrome pact to Glencore amid a slump in platinum prices
Sibanye Stillwater, a miner with a diverse portfolio of operations, announced on Wednesday that it had signed a deal to manage chrome for Glencore's Merafe Venture South Africa in order to offset the effects of a prolonged platinum metal price slump. Chrome is a platinum by-product, and South African miner Sibanye has reported increased incomes from the metal that's used in steelmaking despite the sharply reduced prices of the primary minerals.
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 for stronger legal regulations on price quotes. The Federal Cartel Office will launch an investigation in 2022 into the German refinery and wholesale market for fuels following Russia's invasion. The two-stage investigation examined refinery pricing, fuel imports and supply chains as well as market behaviours.
Devon Energy's production increases help it beat the fourth-quarter profit forecast
Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December. This was due to improved efficiency, which allowed oil producers to pump more. Devon's quarterly production increased by 28% compared to the same period last year…
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. The natural gas price rose during the first quarter of this year, reaching a peak that has not been seen in two years. This was due to an increase in gas flow to export plants for liquefied gas. Prices were also boosted by the forecast of more cold weather for January, which will increase heating demand.
Occidental divests some upstream assets worth $1.2 billion
Occidental Petroleum announced on Tuesday it had signed two deals to sell some upstream assets for a combined $1.2 billion to unidentified buyers. The transaction, which includes non-operated Rockies assets and Permian Basin properties that are not included in the company's short-term development plans, is expected to be completed by the end the current quarter. The company stated that it intended to use the proceeds of the transaction to reduce its debt.
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 agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy. The Caribbean country has expressed interest in exploring Guyana’s Berbice off-shore block.
Venture Global rises after brokerages begin coverage with bullish rating
Venture Global shares reached a weekly peak on February 18th, after several brokerages began coverage of the company with bullish ratings despite its dull market debut in January. Venture Global shares rose 5.8% to $16.87. On January 24, the liquefied gas (LNG), provider started trading at New York Stock Exchange for $24.05 per stock, valuing the company as the largest gas exporter. Its market capitalization is $58.2 Billion.
Sources say that RPT-Australian Woodside is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco-backed MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S. Presidency. Trump said that trade partners should purchase more U.S.
Freeport Indonesia asks for copper concentrate export license
Freeport Indonesia's chief executive has said that the company has asked the government to relax the ban on copper exports and allow it to export 1.3 millions metric tons (worth $5 billion) of copper concentrate by December. Indonesia, a country rich in natural resources, has banned the export of unprocessed ore to encourage domestic processing and add value. But Freeport, which operates a new smelter…
Woodside, Santos face earnings dip; growth projects in focus
Investors are seeking greater clarity regarding dividend payouts due to the lingering risks associated with key growth projects. John Lockton is the head of Sandstone Insights' investment strategy. He believes that lower energy prices will be the primary cause for a decline in annual profits. Visible Alpha's consensus estimates predict that Woodside will report a underlying net loss of $2.96billion for fiscal 2024. This is down from $3.32billion last year.
Sources: Woodside Australia is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco’s MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S. Presidency. Trump said that trade partners should purchase more U.S. Energy…
Venture Global LNG says it will begin commercial operations at its Calcasieu Pass Louisiana facility in April.
Venture Global LNG announced on Monday that it will start commercial operations in Louisiana at its Calcasieu Pass facility on April 15th, three years after shipping its first LNG cargo and following a dispute of two years with its customers. The company has informed long-term clients, including Shell and BP, of the beginning of commercial operations. Venture Global's failure years after it began selling…
Petrobras plans to have the Equatorial Margin ready by March, say sources
Two sources said on Monday that Brazilian oil company Petrobras plans to have a veterinary clinic in the Amazon ready to treat animals in case of an oil spill. Petrobras has not yet met the Ibama environmental agency's main demand, which is the animal care center for the state of Amapa in northern Brazil. This could be a condition to get approval from Petrobras to drill near the Amazon River. Ibama had blocked Petrobras' drilling in an environmentally sensitive area in 2023.
Exxon to produce 180,000 barrels per day of oil in seventh Guyana project
According to a document released by the Guyana's Environmental Agency on Monday, a consortium led by Exxon Mobil, based in the United States, plans to produce as much as 180,000 barrels of oil per day and 95 million cubic foot per day of gas from its seventh project, Hammerhead. Exxon, which includes U.S. Hess, and China CNOOC, has been waiting for approval from the government for this project since last January. The company also requested approval last week for its eighth project.
Egypt, Cyprus sign gas export deals, boosting Eastern Mediterranean energy cooperation
Egypt and Cyprus signed an agreement on Monday that allows the export of natural gas from Cyprus offshore fields to Egypt, for liquefaction, and then re-export into Europe. Both countries are seeking to strengthen the role of the Eastern Mediterranean as an energy hub. The 2025 Egypt Energy Show deals formalise the long-anticipated plan of linking Cypriot reserves with Egypt's LNG facilities. This…
Qatar reduces the April al-Shaheen term crude price, sources claim
QatarEnergy, according to trade sources, has reduced the term price of al-Shaheen oil loadings in April from the highest premium seen in over two years. Sources said that the term price for cargoes loaded in March was $3.50 per barrel above Dubai prices, a decrease from the $3.81 premium per barrel set by the March loading cargoes. Last month, the price was a week after the U.S. introduced aggressive sanctions against Russian energy trade.
Malaysian PM: Petronas will adhere to contractual commitments
Anwar Ibrahim, Prime Minister of Malaysia, said that Petroliam Nasional Berhad, the state-owned energy company, will continue to fulfill all contractual obligations. This was after discussions over gas distribution between Petros and Petroleum Sarawak Berhad, sparked industry concerns. The recent deadlock between Petronas (run by Petros) and Sarawak (home to 60% of Malaysia's natural gas reserves), has stirred up a lot of controversy. You can also contact us for more information.
Lavrov and Rubio discuss removal of 'barriers,' set up by the previous U.S. Administration, Russia claims
In a Saturday phone call, Russian Foreign Minister Sergei Lavrov spoke with U.S. State Secretary Marco Rubio about the situation in Ukraine as well as the "unilateral obstacles" that were set up by the previous U.S. Administration. Peace talks to end the war in Ukraine will begin in the next few days, after U.S. president Donald Trump shocked European Allies when he called Russian President Vladimir Putin and declared an immediate start to talks.
Cyprus and Chevron led group agree on updated offshore field plan
Cyprus and the Chevron-led group have reached an agreement on a new development plan for an offshore gas field near Cyprus. The two parties released a joint press release on Friday. Chevron tried to change a field development plan for 2019 and this led to protracted discussions on the future of the Aphrodite field, south-east from Cyprus. This plan was agreed upon between Cyprus and Noble, a former license holder and independent energy operator Chevron purchased in 2020.
US drillers added oil and gas drilling rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since December 2023. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending February 14 to 588. Baker Hughes reported that despite this week's increase in rigs the total count is still 33 rigs or 5% lower than this time last.
Peru Copper Production to Decline in 2024 from 2.74 Million Tons
The Peruvian mining ministry announced on Friday that copper production in 2024 will be 2,736,150 tons, a 0.7% decrease from 2023. This was the first time the copper giant had declined after four years of steady recovery following the pandemic. According to industry sources, Peru's output of copper would be stable in 2024 and 2025 at around 2.8 millions tonnes due to declining ore grade and the lack of new projects.
Aker BP's top shareholder claims that the company has opportunities for acquisition.
Aker BP is a Norwegian oil exploration and production firm that was formed through a series mergers and purchases in the past decade. Its top shareholder stated on Friday that there are opportunities to consolidate further on Norway's Continental Shelf. Aker BP is aiming to increase its production to over 500,000 barrels of oil-equivalent per day by 2028. This will be a significant improvement from the few thousand barrels produced daily in 2013.
Glencore rejects an approach to its DRC operations in the last year
Glencore, a commodity and mining trader, said that it rejected a non-invited approach by an unknown buyer at the end of the last year for its operations in Democratic Republic of Congo. In an email, a spokesperson stated that Glencore had not hired any advisors or banks and was not conducting a sale for its operations in DRC. The Financial Times had reported earlier in the day that the miner considered selling all or part of its Congolese assets…
ADNOC Drilling plans to refinance $1.25 billion worth of debt
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, wants to refinance its debt due later this year, totaling $1.25 billion. Its chief financial officer announced that on Friday. Youssef Salm, the company's CFO, said that it will refinance term loans worth $500 million as well as a revolving loan facility of $750 million due in October 2025. He said that the capital expenditures for 2025 could be more than $1 billion…
Freeport Indonesia has reduced its copper ore production to 60% of capacity
Tri Winarno, a senior official in the Energy and Mineral Resources Ministry, said that PT Freeport Indonesia had reduced its copper mining capacity to 60% due to increasing stockpiles. Indonesia has banned the export of unprocessed ore to encourage domestic processing. Freeport is currently repairing its new smelter following an October fire. It has also requested a temporary extension of the export permit for its copper concentrator.
Freeport to resume copper concentrate imports from Indonesia in this month, say sources
Freeport McMoRan will resume copper concentrate shipments from Indonesia in this month, under a newly issued export licence. The previous one expired in December. Indonesia has limited raw material exports in order to force companies to refine minerals and add value to their exports. Freeport, which has its own local refinery capacity, is trying to maintain exports of concentrate after a fire at the Manyar smelter in East Java last October.
Inpex, a Japanese company, targets FID in 2027 for Indonesia's Abadi Liquefied natural gas project
Inpex Corp., Japan's largest oil and gas exploration company, announced on Thursday that it plans to make its final investment decision on the Abadi project for liquefied gas in Indonesia by 2027, as part of efforts to increase LNG supply. The company has a three-year plan that will run through 2027. It plans to invest 11.8 trillion yen (11,7 billion dollars) in areas of growth, including the flagship Ichthys project in Australia.
Shell should be held responsible for oil spills in Nigeria, says community leader before UK trial
Shell must take responsibility for the environmental damage caused in Nigeria by oil spills. A community leader made this statement on Thursday, as a crucial hearing in suits brought against Shell began at London's High Court. Godwin Bebe OKpabi, the leader of the Ogale Community in the Niger Delta said that he appealed to Shell to rectify the damage which, he claimed, had "destroyed [our] way of life".
Financial Times reports that Elliott has a $5 billion stake in BP.
The Financial Times reported that Elliott Management, an activist investor, has revealed a nearly 5% stake in BP. This makes it the third largest shareholder of the oil company, citing sources close to the issue. The FT reported that Elliott was trying to get the British oil company, British Petroleum to reduce spending on renewables as well as make large divestments. BP shares dropped 1.3% to 462.5p after the FT article. A BP spokesperson refused to comment.
The IEA reports that Russia's oil exports increased to $15.8 Billion in January.
The International Energy Agency reported on Thursday that Russia's commercial revenue from crude oil and oil product sales in January increased by $900 millions from December, to $15.8 Billion, due to the higher oil prices, and stable export volume, despite sanctions. Early January, the United States announced their most comprehensive sanctions to date against Russian oil companies as well as tankers transporting Russian oil in response to Moscow's conflict with Ukraine.
Norway Oil Industry expects record investments in the coming year
A survey by the Norwegian National Statistics Office (SSB) on Thursday showed that Norwegian oil and natural gas investments will surpass 2024's record levels this year, due to a flurry development projects. In 2025, the country's largest business sector expects to invest 253.8 billion crowns ($22.61billion) compared with 251.2 billion crowns in 2018. In November, the previous estimate of 252.6 billion crowns for 2025 was made.
Trump appoints US Oil Advocate to Lead Public Land Bureau
Kathleen Sgamma is a vocal advocate of oil and gas for Western States. She will be heading the Interior Department Bureau of Land Management which oversees the use of nearly 250 million acres of country's public lands. Sgamma is the head of Western Energy Alliance which represents oil companies operating on federal land. He had criticized Biden's and Obama's efforts to reserve public land for conservation rather than open more acres for energy developments.
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin, making it one of the biggest private players in U.S. Mid-Continent region oil. According to its website, 89 Energy III produces 70% gas.
Origin Energy's profit exceeds expectations on the back of strong LNG earnings
Origin Energy, an Australian power company, beat analysts' expectations on Thursday. This was due to higher LNG sales and gains from LNG trading. These factors offset a sharp drop at the energy markets division. Origin Energy, along with AGL Energy and Energy Australia as one of Australia's "Big Three" retailers of electricity, will spend A$1.5 billion to A$1.7 billion between fiscal 2025 and the majority of that money will go towards building storage batteries.
Pemex CEO: Buyers of Mexican crude oil complain about salt and water content
The CEO of the state energy company Pemex, Victor Rodriguez, said that buyers have complained about the water and salt content in Mexico's crude oil over the last month. When asked by a journalist during her morning press conference if some platforms produced crude oil with higher than usual salt and water contents, Mexican President Claudia Sheinbaum acknowledged this but said that it was only temporary. She said, "We do not have problems with Pemex or oil production.
Brazil's Lula will meet with the Environment Agency to discuss Petrobras' bid for drilling near the mouth of Amazon river
Brazil's president Luiz Inacio Lula Da Silva will meet with the environmental agency Ibama this week or next to discuss Petrobras bid to drill near the mouth the Amazon river for oil, he said to a local station on Wednesday. Lula, who defended Petrobras’ bid to explore the area, said in the interview that “Ibama appears to be a government agency which is against the government” as a escalation to recent criticisms against the regulator.
Trump appoints US Oil Advocate to Lead Public Land Bureau
Kathleen Sgamma is a vocal advocate of oil and gas for Western States. She will be heading the Interior Department Bureau of Land Management which oversees the use of nearly 250 million acres of country public lands. Sgamma is the head of Western Energy Alliance which represents oil companies operating on federal land. He had criticized Biden's and Obama's efforts to reserve public lands for conservation rather than open more acres for energy developments.
Equinor will continue with the Rosebank oil and Gas Project in Britain
The UK manager of Equinor, the Norwegian oil and natural gas producer, said Wednesday at a conference on energy in New Delhi that the company will continue to develop its Rosebank oil field. Equinor, along with its partner Ithaca Energy, wants to develop the Rosebank Oil and Gas Field. However the plans to develop one of Britain's final major oil reservoirs have been a lightning-rod for climate activists who are calling for an end to fossil fuel production.
Aker BP and Total are seeking to increase their stakes in the giant Equinor oilfield
Aker BP announced on Wednesday that TotalEnergies, Aker BP and Equinor are seeking a review of their shares in Equinor’s Johan Sverdrup field in order to increase their holdings. Sverdrup, which is built across several offshore oil-and-gas licences, is owned by Equinor 42.63%, Aker BP 31.57%, Norwegian oil company Petoro 17,36%, and France's TotalEnergies 8.44%. Owners of a field that began producing oil in 2019 have the right of requesting a review of their stakes…
Brazil's Petrobras is looking for African oil assets to increase reserves
Petrobras, the Brazilian oil company, wants to purchase stakes in African oil assets - primarily in Angola and Namibia - to increase its reserves, as it anticipates that production will fall after 2030. A senior executive revealed this on Wednesday. Sylvia dos Anjos told the India Energy Week conference that the Brazilian state-owned energy company is in discussions with existing partners ExxonMobil and Shell to purchase a stake of their African assets. It makes more sense in our portfolio.
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 493.5 billion Rubles ($5.18 Billion) as production increased. Novatek is a major target of Western sanctions against Russia due to the conflict in Ukraine. The new Arctic LNG 2 project, tentatively started production of LNG in December 2023 on the Gydan Peninsula, which extends into the Kara Sea. However, the product has been difficult to sell.
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 within Equinor’s Johan Sverdrup field in order to increase their holdings. Sverdrup, which is built across a number of offshore oil and gas licenses, is owned by Equinor 42.63%, Aker BP 31.57%, Norwegian oil company Petoro 17.36%, and France's TotalEnergies 8.44%. Owners of the…
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. Asian and European buyers really want U.S. Energy. There are many competitors," JERA Asia's CEO Izumi Ka told the India Energy Week Conference on the sidelines. After the Trump administration lifted the moratorium in January on new LNG export permits, companies in the U.S. are moving forward with plans to expand or create new export capacity.
Financial Times – February 12,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. BP told 39,000 employees their cash bonus would be only 45% of the target amount after a poor year in financial and operational performance. Gavin Isaacs, the chief executive officer of Ladbrokes' owner Entain has resigned after only five months. Novartis agreed to purchase…
