Wall St. drops sharply as Iran strikes back at Israel's attack
Wall Street closed sharply lower Friday, after Iran fired missiles towards Israel in response intensive Israeli strikes designed to cripple Tehran's nuclear weapons-building capability. Israel's military spokesperson said that missiles fired by Iran were the cause of the explosions and sirens heard across the country. This came after Israel attacked nuclear facilities and missile plants in Iran. Tensions escalated in the Middle East, and investor confidence was undermined.
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555. Baker Hughes reported that the decline this week brings the total number of rigs down by 35 or 6% from this time last.
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555. Baker Hughes reported that the decline in rig counts this week is 35 rigs, or 6% less than this time last.
Wall St. falls after Israel's attacks on Iran reduce risk appetite
Wall Street's major indexes dropped on Friday, after Israel hit a number of nuclear facilities and rocket factories in Iran. This escalating tensions shook the oil-rich Middle East. It also undermined global investor confidence. Israel's attack was to prevent Tehran from developing an atomic bomb, and Iran has threatened harsh retaliation. The oil prices soared by nearly 7% amid fears that the conflict in the Middle East could disrupt the crude supply.
The ethnic groups are angry about Tinubu's pardoning of the 'Ogoni Nine" by Nigerian President Tinubu
Nigerian Ogoni activists rejected on Friday a posthumous forgiveness for nine members of their community who were executed by the military dictatorship three decades earlier. They criticized President Bola Tinubu’s decision as insufficient and perpetuating injustice. Tinubu, in honor of Nigeria's Democracy Day, on the 12th June, pardoned nine men known as "Ogoni Nine", among them the writer Ken Saro Wiwa.
UK invests 200 million pounds into Acorn Carbon Capture Project in Scotland
The government announced on Thursday that Britain would invest 200 million pounds (about $272 million) into the Acorn Carbon Capture and Storage project in Scotland. This is a continuation of the funding for this technology, which was revealed in a review of spending on Wednesday. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industrial sectors that are energy intensive.
Glencore has halted certain cobalt exports due to the Congo export ban
Three sources familiar with the situation said that Glencore declared force majore on certain deliveries of cobalt from the Democratic Republic of Congo, days after the government had suspended exports of battery material. In February, Congo, the largest cobalt-producing country in the world, introduced a ban of four months on all exports. The move was made to reduce a glut in supply that had pushed prices down to their lowest levels in nine years and reduced tax revenue.
Sources say that Hokchi Energy, frustrated by Mexico's Pemex and its refusal to buy oil from them, pushed for a change in who purchases their oil.
Three sources said that Hokchi Energy in Mexico, frustrated with months of late payments from the state-owned company Pemex for its oil, gas and natural gas, sought to amend its contract so that it could do business with PMI Comercio Internacional. Hokchi Energy’s attempt to change the buyer of its production shows the difficulties in doing business with Pemex. One source stated that PMI, which imports and exports refined fuels like gasoline and diesel and exports crude oils…
Glencore has halted certain cobalt exports due to the Congo export ban
Three sources familiar with the situation said that Glencore declared force majore on certain deliveries of cobalt from the Democratic Republic of Congo, days after the government had suspended exports of battery material. In February, Congo, the largest cobalt-producing country in the world, banned all exports of cobalt for four months in an effort to reduce a glut in supply that had pushed prices down to their lowest levels in nine years and reduced its tax revenue.
Venture Global withdraws its application to build Delta LNG Plant, according to a filing
Venture Global has asked U.S. regulators to withdraw their application for the proposed 24 million tons per year Delta LNG export facility to be built in Louisiana. The company said it could build its proposed Plaquemines project faster. Venture Global, the second-largest U.S. exporter of liquefied gas, has built new LNG plants faster than any other company. This is because they manufacture modular parts outside the U.S. before assembling them on site.
Africa Energy to produce first gas from South Africa's biggest gas field in 2033
Africa Energy Corp, a Canadian-listed company, aims to begin production of South Africa's biggest gas discovery by 2033. Its CEO made the announcement on Tuesday as it pushed ahead with a project that former operator TotalEnergies abandoned. The company is waiting for regulatory approval on a revised environmental authorisation in order to survey Block 11B/12B of South Africa's south coast. South Africa is diversifying away from coal-fired electricity generation by using domestic gas.
The new Texas wastewater regulations could increase costs for oil producers
The new guidelines for permitting wastewater disposal wells are likely to increase the costs of oil producers, as the crude price is low. This will be the latest challenge faced by an industry that has seen its output growth slow down as it matures. U.S. oil production has soared to a record 13,4 million barrels a day (bpd), thanks to technological advances that allowed companies to tap into its vast oil reserves.
EPA wants to give Texas the authority to supervise CO2 injection permits
U.S. Environmental Protection Agency proposed Monday to approve Texas' application for its own permitting of projects to inject underground carbon dioxide, a step long sought after by the state's regulators as well as oil and gas firms with projects in development. EPA Administrator Lee Zeldin stated that Texas was best positioned to protect drinking water from contamination, while allowing lucrative CO2 injection…
Aluminum producers in the US benefit from Trump's tariffs
Four industry sources say that President Donald Trump will benefit from the higher tariffs on imported metals as domestic prices rise. Some industry players worry that Trump's decision to increase tariffs from 25% to 50% on June 4, could cause prices to soar that the demand begins to weaken. The market price of the metal key used in the construction, energy and packaging industries is expected to increase revenues for U.S. aluminum producers and recyclers.
Baker Hughes reports that US oil/gas rig counts have fallen for the 6th consecutive week, to levels not seen since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the sixth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 6, to 559, the lowest level since November 2021. Baker Hughes reported that oil rigs dropped by nine this week to 442 while gas rigs increased by five to 114.
Spain's oil imports from Venezuela dry up before US sanctions deadline
Spain did not import crude oil in Venezuela during April. This was ahead of the key deadline for sanctions set by President Donald Trump’s administration. The United States has revoked the permits of foreign companies operating in Venezuela to export oil. This includes Repsol, the largest Spanish oil company. Repsol has been given until May 27 to cease operations in Venezuela. Repsol received the oil as payment from PDVSA, the state oil company.
Mark Tucker, former chairman of HSBC, joins Asia insurer AIA
Mark Tucker, HSBC’s highly-regarded Chairman, will leave the bank and take up a new position as chairman of AIA Group. He was previously CEO of the pan-Asian insurer where he served. HSBC announced that Brendan Nelson, a KPMG former partner and member of its board who chairs the audit committee for the group, will become interim chairman on October 1. On May 1, the bank announced that Tucker would leave before the end the year.
Brendan Nelson, chair of the audit committee at HSBC, is named interim group chairman
HSBC Holdings PLC announced on Friday that Brendan Nelson will be the interim group chairman after Mark Tucker retires from his role on September 30, following his retirement. Tucker will also resign as a member of the board on that date. The process of selecting the permanent HSBC Group Chair, led by Ann Godbehere (a senior independent director), is currently underway, the banking giant announced in a press release.
Petrobras CEO: Africa will be the main exploration region for Petrobras outside Brazil.
Petrobras wants to develop Africa as its primary region outside Brazil. The CEO of the state-run oil company said this in a broad interview on Thursday. Petrobras CEO Magda Chabriard said that Ivory Coast extended the "red-carpet" to Petrobras when it granted the company the preference for buying nine offshore exploration blocks on Wednesday. She said that Nigeria, Angola and Namibia also expressed an interest in working with Brazil's giant.
Trafigura warns about volatility in 2025 after first-half profits inch up
Commodities traders may struggle to capitalize on supply and demand disruptions rather than market volatility driven by politics in 2025. This was revealed on Thursday by trading house Trafigura, which reported a slight increase in its first-half net profits. The Swiss unlisted trading house reported an increase of 3% in net profit for the six-month period ending March 31. This stabilised after a steep drop in the 2024 full-year result, when the company found a $1.1billion fraud in Mongolia.
Trafigura reports slight increase in net profit for the first half, but lower revenue
Trafigura, a global commodity trading company, reported Thursday that it's net profit increased slightly from the previous year to $1.52 billion for the first half 2025 of its financial year. However its revenues decreased due to lower average commodity prices. The net profit of the unlisted company was up by 3% compared to the first half in 2024. This stabilised after the sharp decline in the 2024 full year results when the company found a $1.1billion fraud in Mongolia…
UK's Wise is planning a US primary listing amid London stock market woes
Wise, a money transfer company, announced on Thursday that it will move its primary listing from London to the U.S., becoming the latest British firm to do so. Shares rose over 8%. Wise had been exploring listing options in recent months, a trend seen on the London market due to stunted opportunities for growth and lower valuations. Kristo Kaarmann said, "We think that the addition of an initial U.S. In early trading, the shares of this money transfer company were up 8.7% to 1,177 pence.
Petrobras has exclusive rights to explore offshore blocks in Ivory Coast
Petrobras, the state-owned oil company of Brazil, announced on Wednesday that it had won exclusive rights to negotiate for the purchase nine offshore exploration blocks in Ivory Coast. Petrobras stated in a filing that the government had conceded to the exclusive talks after the oil company presented a declaration indicating its interest in the assets. According to the Ivory Coast Government, the blocks are located mostly in deep water in the western part the national sedimentary Basin.
Canadian Natural Resources restarts its oil sands operations as the wildfire threat decreases
Canadian Natural Resources restarted the Jackfish 1 oil-sands project in northern Alberta, after determining that wildfires were safe to a distance. The largest oil producer in the country said that its operations at the site would ramp up over the coming days and aim to reach full production of 36,500 barrels a day by Friday. Canadian Natural evacuated all non-essential employees from the Jackfish…
Ecopetrol alerts on possible leakage and security violations
Ecopetrol, a Colombian company, said that it had found 29 cases where the company could have violated its security protocols or leaked confidential information. Its CEO also said that he received homophobic threats of death. According to the state-run company, the possible leaks were discovered during a digital assessment procedure as part of a cybersecurity protocol that was started in May. In a video posted by Ecopetrol…
Wind opponents sue Trump Administration to block New York wind projects
Fishing companies, as well as offshore wind opponents, filed a suit on Tuesday to challenge the Trump administration’s decision to reverse its course and allow construction on Empire Wind to resume. Empire Wind is a $5 billion project for a wind farm off New York’s coast. Protect Our Coast New Jersey and Clean Ocean Action along with ACK for Whales, 12 fishing industry participants, filed a lawsuit in Trenton federal court…
The 2024 profit of Exxon-led Consortium in Guyana increased 64% to $10.4 Billion
Exxon Mobil, Hess, and CNOOC, a trio of oil producers in Guyana, posted a 64% increase in profit in 2024 to $10.4 billion. This was due to the fact that facility upgrades allowed for sustained production growth. Guyana, a South American nation, has been a profitable operation due to its rapid production expansion, low taxes and royalties, and the relatively low amount of government revenue. Guyana…
Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035
XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035. XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year. The board of the company…
Viper Energy increases Permian Basin Presence with $4.1 Billion Sitio Deal
Viper Energy has acquired Sitio Royalties, valued at $4.1 billion including debt. The companies announced this on Tuesday. This will increase the inventory and scale of Diamondback Energy's Permian basin unit. Sitio shares rose 11.9% premarket to $19.38 following the announcement. Dealmaking in the U.S. Despite the low oil prices and uncertainty in the market, the Permian Basin is still a lucrative investment.
XRG aims to achieve a gas and LNG capacity of 20-25 millions tons per annum by 2035
XRG (the international investment arm) of Abu Dhabi National Oil Company said on Tuesday that it aims to be a gas and Liquefied Natural Gas business with a capacity between 20 and 25 millions metric tons annually by 2035. XRG, which is led by former BP CEO Bernard Looney, and Blackstone's Jon Gray approved a business plan for five years that aims to build an integrated LNG and gas business, including the target of capacity, XRG stated in a press release.
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which plan to invest billions of dollars in developing abandoned fields. Even smaller producers are contributing. For example…
Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582,000 barrels per day over…
Azerbaijan’s SOCAR signs agreements for oil exploration with Exxon and BP
Azeri SOCAR, the state-owned energy company of Azerbaijan, signed agreements with Exxon Mobil & BP for oil and natural gas exploration in Azerbaijan at a conference on energy in Baku. According to the U.S. Department of Energy, Azerbaijan's proven oil reserves are 7 billion barrels. Its proven natural gas reserves are 1.7 trillion cubic meters. The country's oil output has been declining for several…
Naftogaz, Ukraine's Naftogaz, to purchase new drilling rigs using EBRD loans
The European Bank for Reconstruction and Development will lend Naftogaz a loan of 36.4 million euros to modernise the drilling equipment. This was announced by the company on Monday. Naftogaz is the largest producer of Ukrainian gas. However, its production facilities suffered severe damage in a series Russian missile attacks earlier this year. This resulted in a 40% reduction of production. In a press release…
Financial Times - 2 June
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. BP has received early interest in its sale of Castrol, the lubricants division, from both private equity firms and other industry players, including China’s state-owned Citic. However, some bidders are willing to accept offers lower than the $8 billion-plus expected range.
How do OPEC+ oil companies unwind their production cuts?
Eight members of the OPEC+ oil producing countries have begun to unwind some of their output restrictions. They are looking to slowly add back around 2.2.million barrels per day. In an online meeting held on Saturday, the eight participants agreed to increase production by 411,000 bpd during July. Here are the details of the most recent decisions made by OPEC+. This group includes members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, such as Russia.
Canadian oil sands companies evacuate workers because of wildfire threat
MEG Energy, a Canadian oil sands firm, said that it had evacuated non-essential workers from its Christina Lake facility in northern Alberta because of wildfires burning there. The company has said that it will not reduce its oil production on the site. It is located 150 km (93 miles south) of Fort McMurray, the hub for oil sands. The wildfires in Canada's oil producing province of Alberta affected several companies' operations this week.
Encino oil and gas deal worth $5.6 billion by EOG expands Utica footprint
EOG Resources, a U.S. oil-and-gas producer, announced on Friday that it will acquire Encino Acquisition Partners, a U.S. oil-and gas company, for $5.6 billion including debt to strengthen its Utica assets. The agreement signed between Canada Pension Plan Investment Board and Encino Energy gives EOG access to an additional 675,000 acres of core land and will expand its multi-basin resource portfolio to over 12 billion barrels.
Saudi Aramco may soon issue Islamic bonds as a prospectus suggests
Saudi Aramco published a prospectus for a programme to issue Islamic bonds, or sukuk. This indicates that the state oil giant may tap debt markets soon after raising $5 billion in a three-part sale of bonds this week. The prospectus submitted to the London Stock Exchange, where the sukuk will be listed, dates May 30. Aramco is allowed to issue sukuk for a period of one year under the terms. Aramco raised $5 billion earlier this week through the sale of conventional bonds.
Serbia will investigate Russian allegations that it shipped arms to Ukraine
Aleksandar Vucic, the president of Serbia, said that Serbia and Russia would jointly investigate how Serbian-made ammunition ended up in Ukraine after Moscow accused Belgrade exporting weapons to the government of Kyiv. The SVR (Russian foreign intelligence service) accused Belgrade of a "stab in the back", alleging that Serbia's defence producers were selling weapons and ammunition to Ukraine. The…
Experts say that Australia's investment in natural gas threatens its climate credentials
Experts and two Pacific Climate Ministers say that Australia's approval for a 40-year project extension has undermined its bid to be the host of a United Nations Climate Summit next year, and its green credentials. The centre-left government that came to power in 2022, with a mandate to reform climate policy, has approved Woodside Energy’s North West Shelf Project to continue until 2070. This is subject to a review.
Petroecuador declares emergency at Ecuador's biggest refinery after fire damages
Petroecuador, the state-owned oil company of Ecuador, declared an emergency on Thursday at its largest refinery in South America. This is the second emergency it has declared within a month after damage was caused to fuel tanks by a fire that occurred this week. Petroecuador reported that it identified damage to two fuel tanks at its Esmeraldas refining facility in the north of Ecuador and an electrical substation, which affected operational capacity.
Colombian oil and gas E&P investments could increase by 8% in 2025 according to an industry group
Colombia's top industry group warned on Thursday that the country's investment in hydrocarbon exploration and production could increase by 8% to $4.68 billion this year. However, this will not prevent a decline in gas production. The Colombian Oil and Gas Association, ACP, said that the resources will maintain the current crude oil production levels in the South American country. According to ACP, the ACP reported that investment in 2017 was $4.33 Billion.
North Dakota regulators extend the time oil producers can drill wells without completion
North Dakota's Department of Mineral Resources announced on Thursday that it has extended the policy for how long producers may leave unfinished wells after drilling. This is expected to assist drillers in dealing with low oil prices. As U.S. crude oil prices dropped to $61 per barrel, the majority of companies have decided to delay completion and drop their rigs. This is because they are below the $65 average price that is required to make a profit.
Edison confident in positive outcome of Venture Global LNG arbitration
The chief executive of Italian utility Edison said that it is confident in a favorable outcome of an arbitration between Venture Global, a U.S. supplier of liquefied gas, expected to be completed by the end the year. Edison is among several European energy firms, including Shell, BP, and Galp that have filed arbitration cases claiming Venture Global intentionally failed to fulfill its supply contracts by dragging their feet when commissioning a plant so they could profit from higher prices.
Exxon is confident that it will prevail in the dispute over Chevron Hess deal
Exxon Mobil senior vice president Neil Chapman announced on Thursday that the arbitration proceedings for Exxon Mobil’s contract dispute with Chevron over its planned acquisition of Hess ended this week. A decision is expected within two to three month, he said. While speaking at a Bernstein conference, Chapman said he was confident that a three-member arbitration panel would rule in Exxon's favor…
Saudi Arabia will 'take stock of' its spending priorities following a drop in oil revenues, reports FT
The Financial Times reported that Saudi Arabia's Finance Minister Mohammed Al-Jadaan stated the kingdom will "take stock" in its spending priorities as a result of a significant drop in oil revenues. The FT reported that Riyadh intends to maintain the current pace of its government spending despite widening deficits in the budget and current accounts, as well as increasing debt levels. Reports last month indicated that Saudi Arabia's wealth is inextricably linked to its oil revenues…
Glencore consolidates coal assets into a single Australian entity
Glencore announced on Thursday that it has restructured the coal business, combining its newly acquired Canadian mines under a single entity run from Australia. This makes it easier to manage. The Swiss miner and trader purchased Canadian miner Teck Resources’ steelmaking coal assets at a cost of $6.9 billion. Initially, the company had outlined plans to spin off its entire coal portfolio. This plan was abandoned. Glencore owns mines of coal in South Africa.
Cochilco, Chile, raises its copper price forecast due to improved global outlook
The Chilean state copper commission Cochilco increased its average copper forecast for this and next year on Wednesday. It cited an improved outlook globally following a pause between the United States' and China's tariff war. The commission raised its average price forecast for 2025 and 2026 from $4.25 per pound in its previous report to $4.30. Cochilco's leadership, in a press release, expressed cautious optimism about copper prices.
Michael Kors-owner Capri posts quarterly revenue above estimates
Capri Holdings beat revenue estimates for the fourth quarter on Wednesday, as new designs and a renewed focus on its Michael Kors line helped to bring back customers. Capri has focused on the Michael Kors brand after a failed merger attempt with Coach parent company Tapestry. In April, Capri sold its struggling Versace brand to Italian rival Prada for $1.38 billion. Capri CEO John Idol stated that…
Freepoint Commodities sued by ex-analyst for alleged pressure to facilitate insider trade
Former senior analyst of U.S. trading firm Freepoint Commodities, a former senior analyst has filed a lawsuit against the company. He claims that top executives pressed employees to facilitate insider trades and that they retaliated on employees who objected. Former employee Andrew Martin filed a lawsuit in New York Federal Court on May 14, claiming that Freepoint terminated Martin in November for…
Australia's bid to be listed as a World Heritage Site for ancient rock art is stalled over pollution
The U.N. advisory panel warned that industrial pollution near the site could threaten its World Heritage status. The International Council on Monuments and Sites recommended that UNESCO refer the nomination to the Australian Government so it can "prevent further industrial development adjacent and within the Murujuga Culture Landscape". The Murujuga Rock Art, located on the Burrup Peninsula, in the Western Australia State…
Australia approves Woodside's North West Shelf LNG Plant to operate until 2070
Australia approved Woodside Energy’s request on Wednesday to extend the lifespan of its North West Shelf Gas Plant until 2070. This follows a six-year process that was plagued by delays, complaints and criticism from environmental groups. North West Shelf, located in Western Australia on the Burrup Peninsula, is Australia's largest and oldest liquefied gas plant. It also serves as a major supplier of LNG to Asian markets.
Alberta wildfire disrupts oil production and forces evacuations
Wildfires in Alberta, Canada forced the temporary shut-down of oil and gas production. Residents of a small community were also forced to evacuate. Alberta Wildfire estimates that the blaze is 1,600 hectares and is burning uncontrollably about 7 km north-northeast of Swan Hills, in the northern part. Oil-and-gas producer Aspenleaf Energy, which has wells in the area, evacuated its local field staff and temporarily halted operations…
Sources: SOCAR, Gunvor and Bin Butti will bid for refiner Italiana Petroli
Two sources familiar with the matter said that next week, State Oil Company of Azerbaijan SOCAR, global commodity trader Gunvor as well as Abu Dhabi's Bin Butti Group will be expected to make binding offers to acquire Italian oil refiner Italiana Petroli. UniCredit is advising IP, or API Group as it's also called, on the sale. IP, owned by the wealthy Brachetti-Peretti family in Italy, has a refining capacity totaling around 200,000 barrels a day.
PREVIEW: Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oil fields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years. Mike Wirth, CEO of Chevron, sees it as a key part of his strategy to improve the performance and profitability of the oil company.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it continues its international expansion while coping with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet. As oil prices fall, the firm will cut dividends by almost a third.
US regulators approve construction of Venture Global CP2 liquefied natural gas plant in Louisiana
A document published by the FERC on Friday showed that US regulators had given Venture Global permission for construction to begin at its CP2 Liquefied Natural Gas plant in Louisiana. If built, CP2 would be the largest LNG export facility to the U.S. It will also help the U.S. remain the largest exporter in the world of supercooled gas. Venture Global could become the largest U.S. company for LNG.
Saudi Aramco is considering asset sales as a way to raise funds, according to sources
Two people familiar with the matter have confirmed that Aramco, Saudi Arabia's state-owned oil company, is looking at selling assets to raise funds as it expands internationally and deals with lower crude prices. Aramco, the largest oil company in the world and the primary source of Saudi revenue, is the biggest oil producer on the planet. As oil prices fall, the firm will cut dividends by almost a third.
US drillers reduce oil and gas rigs at lowest level since November 2021, according to Baker Hughes
Baker Hughes, an energy services company, said Friday that U.S. firms have cut back on the number of natural gas and oil rigs for the fourth consecutive week, making it the lowest count since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by 10 in the week ending May 23. This was the first time in 2024 that drillers had reduced their number of rigs for four consecutive weeks.
Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oilfields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years. Mike Wirth, CEO of Chevron, sees it as a key part of his strategy to improve the performance and profitability of the oil company.
The government claims that oil production in Guyana dropped to 611,000 barrels per day in April.
According to a government bulletin published on Friday, oil production in Guyana decreased to 611,000 barrels of oil per day (bpd) in April. This is down from 627,000 in the previous month. The consortium that includes Exxon Mobil, Hess and CNOOC from the United States and China controls all oil and gas production in South America. The production capacity will surpass 900,000.00 bpd by the end of this year…
Origin profits hit by Australia Pacific LNG price reduction for Sinopec
Origin Energy announced on Friday that Australia Pacific LNG had agreed to reduce the price of liquefied gas sold to Sinopec in China for the remaining ten years of their contract. Origin stated that the agreement was reached after a price review of their 20-year contract, out to 2035. "This has resulted in an improvement in the JCC-linked contracts slope, effective as of 1 January 2025," Origin added.
US crude oil demand surges as traders prepare for OPEC+ pricing war
The Tank Tiger storage broker reported that the demand for crude oil in the United States has risen in recent weeks, to a level similar to the COVID-19 epidemic. This is as traders prepare to receive a surge in supply from the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the coming months. OPEC+ has agreed to increase oil production for a second month in a row, June. The group is looking to punish members who are overproducing.
Gas producer Energean wants to copy the East Med model for West Africa
Energean, a gas producer, is interested in buying discovered gas fields that are not on the radar of larger rivals in West Africa, CEO Mathios Riga said Thursday. This would be a replica of its business model for the Eastern Mediterranean. Energean developed gas fields near the coast of Israel over the past few years. These fields are primarily used to supply the domestic market through long-term contracts worth $20 billion in the next 20 years.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. CREDIT AGICOLE: French bank Credit Agricole announced on Wednesday that it had signed a long term partnership agreement with Belgium’s Crelan Group, and would be acquiring a 9.9% share in the company. ELIOR GROUP - French food caterer Elior lowered on Wednesday its organic revenue growth forecast for 2025, citing a priority on profitability.
New Zealand Government plans to coinvest in new gasfield projects
The government of New Zealand announced its budget for Thursday that it will co-invest with other countries in developing new gas fields. This is to encourage investment in the sector following the lifting of the offshore exploration ban. Shane Jones, Minister of Resources, said that the government had set aside NZ$200,000,000 ($118.60,000,000) for four years as a contingency to co-invest in new gasfields.
The US claims that there are significant oil and gas reserves in Wyoming.
The U.S. Interior Department announced on Wednesday that a new federal assessment identified significant oil and gas reserves in Wyoming, Utah, and Colorado which are technically recoverable but have not yet been discovered. Interior Department announced on Wednesday. The U.S. Geological Survey's Mowry Composite Total Petroleum System, which is also known as the Mowry Composite Total Petroleum System…
Egypt's EFG Hermes reports Q1 revenue down 34% from previous FX gains
The revenue of Egyptian financial services firm EFG Holding decreased by 34% annually in the first quarter due to a gain in foreign currency in the same period in 2024. The quarter saw revenue fall to 5.6 billion Egyptian Pounds ($112,45 million), and net profit before tax and minority interest fell 34% to 1,2 billion pounds. Egypt devalued in March 2024 its currency from 30 Egyptian pounds to 50 Egyptian Pounds…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin.
Norway's oil-drilling unions are seeking wage mediation in order to avoid a strike
Employers and three unions reported that wage talks with 7,500 oil drilling employees in Norway failed on Wednesday. This could lead to a strike later this year. The Norwegian Shipowners' Association's (NSA) talks with the Safe, Styrke, and DSO unions are to resume at a future date, which is yet to be determined, under the mediation of a state appointed mediator. Geir Sjoeberg, the NSA's lead negotiator, said in a press release that "unfortunately" it wasn't possible to reach an accord.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S. shale firms to cut costs, lower prices, and take market share away from the 12-member groups in the years that followed. The U.S.
Norway Oil Drilling Unions Seek Mediation to Avoid Strike
Two unions have said that wage negotiations involving 7,000 oil drilling employees in Norway failed early on Wednesday. This could lead to strike action later in the year, which would disrupt exploration. The unions have announced that the talks between the Norwegian Shipowners' Association and the Safe and Styrke unions will be resumed at a future date, under the direction of a mediator appointed by the state.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "The current (crude oil) imports by Turkey amount to 365,000,000 barrels.
Pertamina, an Indonesian company, has imported Russian crude oil since last year
The CEO of Pertamina’s refinery division said that Indonesia’s Pertamina imports Russian crude to its refineries since last year. Taufik Adidiyawarman is the CEO of Kilang Pertamina International, a refinery unit. He spoke to reporters at the Indonesian Petroleum Association Conference. He said that the sanctions imposed by the United States on Russian crude as a result if the Russia-Ukraine conflict still apply.
US finds endangered Gulf of Mexico Whale threatened by oil and Gas Vessel Strikes
The Trump administration released a long-awaited assessment of environmental impact on Tuesday. It found that vessel strikes relating to oil and natural gas drilling in Gulf of Mexico will likely threaten the existence of endangered Rice's Whale. The biological opinion is an analysis that determines how to protect endangered marine species from oil and gas operations in the Gulf of America, renamed by President Donald Trump. According to the analysis, there are 51 Rice's Whales in the Gulf.
Statkraft, a Norwegian company, will sell 10 renewable energy companies to Colombian Ecopetrol
Ecopetrol, Colombia's state oil company, announced on Tuesday that it has signed an agreement with Statkraft of Norway to purchase 10 wind and solar project development companies. Ecopetrol's Chief Executive Ricardo Roa stated that the portfolio of projects may total up to 1.3 Gigawatts, which would be used to meet the group's energy needs at home. He didn't disclose the amount of the transaction. Projects are spread out across La Guajira and the departments of Caldas, Magdalena, Cordoba, Sucre.
Sources say that China's CMOC has called on Congo to lift the cobalt export prohibition.
Three sources said that China's CMOC group, the world's largest cobalt mining firm, called on the Democratic Republic of Congo to lift a current export ban for battery metal due to expire in the next month. Congo, which is the world's largest cobalt producer, implemented the four-month-long ban in February to try to reduce surpluses after cobalt prices reached a nine-year low of around $10 per lb or $22,000 per metric ton.
Chevron wants big oil and gas blocks, says regulator in Indonesia
Djoko Siswanto, Chairman of SKK Migas' upstream oil-and-gas regulator, stated on Tuesday that U.S. oil giant Chevron was interested in exploring and developing assets with large reserves in Indonesia. Djoko added that Chevron was currently evaluating some of these potential assets. Indonesia offers blocks in Bali and other parts of eastern Indonesia. "We engage regularly with SKK Migas." As per our policy of long standing…
Petronas wants Kutai Basin properties as part of the planned Eni tie up
A senior executive at Malaysian state energy firm Petronas said Tuesday that it wants to include oil projects in Indonesia's Kutai Basin as part of its joint venture with Eni. Petronas, the Italian oil giant and other upstream assets will be managed by the joint venture in Indonesia and Malaysia. The combined reserves are estimated at 3 billion barrels equivalent to oil (boe), with additional reserves that could reach 10 billion boe.
