FTSE 100 closes at record high as financial and defence stocks surge
The FTSE 100 closed at a record high in Britain on Thursday. Gains in the financial and defence sectors fueled this, as investors assessed important economic data. The blue-chip index rose for the fourth day in a row, gaining 0.1%. The midcap index fell 0.2%. Investors have responded positively to UK GDP second-quarter figures. These showed that the growth rate slowed down less than expected, despite U.S. tariffs on trade and a weaker job market.
Sheinbaum, Mexico's Sheinbaum, says that former Pemex CEO was arrested in the US and will be deported
Claudia Sheinbaum, President of the United States, announced on Thursday that Carlos Trevino - former CEO and president of Pemex - had been arrested by US authorities in order to be extradited back to Mexico, where he will face corruption charges. It's been five years since the extradition request was made. He will be deported within the next few days. Sheinbaum announced during her daily press conference that the trial would take place in Mexico.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola…
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa, United Arab Emirates' largest onshore oilfield.
Kremlin: Putin and Trump will discuss the 'huge potential' of economic growth as well as the war in Ukraine.
Yuri Ushakov, a Kremlin aide, said that Donald Trump and Vladimir Putin will discuss Friday in Alaska the "huge potential" of Russia-U.S. business ties and the prospects for ending Ukraine's war. Ushakov informed reporters that the summit will begin at 1930 GMT with the two leaders seated one-on-one and accompanied by only translators. He said that the delegations of the two countries will meet for a working meal, and then the presidents will hold a joint press conference.
South African court cancels TotalEnergies' oil exploration permit
The court's decision, which was seen by, showed that a South African court had revoked the environmental authorization granted to TotalEnergies for its joint venture with Shell to explore oil in a block near the Cape Coast. The court did say that TotalEnergies was given the chance to correct the deficiencies found, such as a failure properly to assess the socio-economic impact of any oil spills or to take climate change into account.
Norway Oil Industry Investment to Peak in 2025: Survey
A survey by the Statistics Office of Norwegian industry participants showed that oil and gas investment in Norway is expected to peak this coming year and then start decreasing next year. Major projects will be completed. Norway produces around 2% of the world's oil and is now Europe's leading supplier of pipeline natural gas following Russia's invasion in Ukraine in February 2022. In 2025, the country's…
Petrobras Simulation for Foz do Amazonas Drilling License scheduled for late August
Ibama, the Brazilian environmental agency and Petrobras, the state-run oil firm in Brazil's Foz do Amazonas Region have planned a disaster simulation for the week beginning August 24. Pre-operational assessment is the final step before Ibama decides whether or not to grant Petrobras the long-sought license for drilling in the region. Foz do Amazonas basin shares geology with Guyana, which is where Exxon Mobil has developed huge oil fields.
Andy Home: Zinc market ignores low LME stock as a false signal
Zinc stocks at the London Metal Exchange (LME), have fallen for seven consecutive months. The remaining zinc stocks would only cover one day of global consumption. No one has told the market that zinc is in real danger of being scarce. Zinc underperformed all the other base metals on the LME this year, and it is the only one that still trades below its start-of-year price by 4%. Time-spreads are tightening but remain at a small contango.
Gulf Keystone oilfield in Iraqi Kurdistan resumes production following drone attack
Gulf Keystone Petroleum said that it has resumed oil production at the Shaikan field in Iraq's semiautonomous Kurdistan Region, which had been halted by drone attacks last month. Last month, officials from the energy sector said that repeated drone attacks on oilfields across the region reduced crude production, and the output of other companies, by between 140,000 and 150,000 barrels a day. Gulf Keystone signed a production-sharing contract with the Kurdistan Regional Government of Iraq…
Colombia's Ecopetrol reports a 46% drop in profit as oil prices fall
Ecopetrol, Colombia's state-owned oil company, reported a 46% drop in its net profits for the second quarter 2025. This was due to lower oil prices globally, which impacted sales. Production also decreased. The company reported a net profit of 1.81 trillion pesos ($450 million) for the three-month period ending June, compared with 3.38 trillion pesos a year ago. Total sales were 29.67 trillion, down 9% compared to 2024's same quarter.
Venture Global wins arbitration against Shell for LNG cargoes contracted
Venture Global, a U.S. LNG company, announced on Tuesday that it had won a court battle against Shell for failing to deliver liquefied gas under long-term agreements starting in 2023. Shell, BP and Edison filed arbitration claims in 2023 accusing Venture Global that it was profiting off the sale of LNG at the spot market, while failing to deliver their contracted cargoes out of the Calcasieu Pass facility in Louisiana.
Oil India, the state-owned oil company, has seen its profit fall as fuel prices drop
Oil India, a state-owned explorer, reported a sharp fall in its first-quarter profits on Tuesday. This was due to lower oil prices and a sluggish demand, but the company still fell short of analyst expectations. The sharp drop in oil prices could not compensate for the increased fuel demand, primarily due to gasoline and aviation fuel. The price realized by the company for crude oil, or the price it sells at, fell 22% from last year to $66.20 a barrel.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending August 8 to 539. Baker Hughes reported that oil rigs increased by one this week to 411, gas rigs decreased by one, to 123 and miscellaneous drilling rigs dropped by one, to five.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for a third consecutive week.
Baker Hughes, a leading energy services company in the United States, said that U.S. firms have cut back on oil and gas rigs for a third consecutive week. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 8th. Baker Hughes reported that oil rigs increased by one this week to 411, gas rigs decreased by one, to 123 and miscellaneous drilling rigs dropped by one, to five.
Norway prepares its first major licensing round for oil and gas in years
Norway's Energy Minister said Friday that he was preparing to launch a round of oil and gas licenses on the Norwegian continental shelf. This will be the first new offer of drilling permits for frontier areas which have not been explored since 2021. In a statement, Labour Party Minister Terje Aasland said that Norway will be a reliable supplier of oil to Europe for a long time. The Norwegian continental shelf is also expected to continue creating value and jobs in Norway.
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,38 million barrels of oil per day in June, an increase of 270,000 bpd over the revised total for the month.
Amazon rainforest is threatened by the axing of ministries, say indigenous Ecuadorians
Noboa announced that in July, more than a half dozen ministries would be combined. The number of ministries will drop from 20 to 14. This is an effort to reduce public spending. The Ministry of Women and Human Rights has also been folded into the Ministry of Government. Approximately 5,000 employees were laid off. Carolina Jaramillo, spokesperson for the government, stated that efficiency was the goal.
Inpex Japan increases its annual profit forecast due to strong Ichthys Liquefied Gas production
Inpex, Japan's largest oil and gas exploration company, raised its net profit forecast for the year by 23% on Friday, citing higher oil prices, stronger yen and strong production at its Ichthys project, which is Australia's key liquefied gas project. The company expects a profit of 370 billion yen (about $2 billion) in 2025. This is up from the 300 billion yen it projected for May and well above an LSEG survey's estimate of 324 trillion yen.
Pemex plan disappointed suppliers who are awaiting billions of dollars in unpaid payments
The head of a Mexican association that represents global oilfield services firms said on Thursday, that the new business plan for Pemex, despite promises to accelerate payments to suppliers, lacks any concrete measures. Rafael Espino is the president of AMESPAC. He said that during a meeting on Tuesday with officials of the energy and finance ministries, as well as Pemex, it was not mentioned how the company will pay off debts from work performed already in 2024, and in the first half 2025.
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.
Kuwait Oil Minister: OPEC monitors market. Trump remarks about Russian oil
Kuwait's Oil Minister Tariq AlRoumi stated on Thursday that OPEC closely monitors global oil supply and demand trends as well as U.S. president Donald Trump's recent remarks about Russian oil. Al-Roumi, a reporter, said that OPEC monitors the market for supply and demand. He also keeps an eye on the U.S. president's comments. Al-Roumi added that he expected oil prices to fall below $72 a barrel. The Minister described the market's health as moderately growing, with a healthy demand.
ConocoPhillips beats second-quarter profit estimates
ConocoPhillips surpassed Wall Street expectations for the second quarter profit on Thursday as an increase in production helped the oil-and-gas producer offset a blow from low crude prices. Brent crude prices were on average nearly 20% lower than a year ago in the second quarter, due to U.S. tariffs on imports, weak economic indicators globally and increased production from OPEC+. Geopolitical tensions impacted sentiment as well.
Harbour Energy raises its 2025 free cashflow forecast following the Wintershall Dea transaction
Harbour Energy, which focuses on the North Sea, raised its forecast for free cash flow, production and its annual production. This was boosted by a robust production, as it integrated Wintershall Dea's assets. The shares of Harbour Energy rose sharply. Harbour Energy is the largest British North Sea Oil and Gas Producer. Wintershall Dea assets in December last year, the company said that the transaction had led to a "step-change" in the size, resilience and longevity of its portfolio.
Mining giants squeeze their dividends to fund growth
This earnings season has seen large miners pay out the lowest dividends they have paid in years. Mineral prices are falling and they must retain cash to fund their massive development plans, all while keeping costs down. BHP is expected to continue this trend when it releases its earnings on August 19, along with Anglo American, Rio Tinto and Glencore. After years of high profits driven by China, backed up by supply problems linked to COVID-19 and Russia…
Occidental Petroleum beats quarterly profit, discloses additional divestments
Occidental Petroleum on Wednesday beat Wall Street's expectations for the second quarter profit, as higher production offset lower crude oil prices. The average quarterly global production of the company was 1.4 million barrels per day (MMboepd), an increase of about 11% compared to a year ago. Exxon Mobil, Chevron and other oil giants reported last week that they had beaten their quarterly profit expectations due to higher production. This helped them to offset the lower crude price.
Sources say that the CO2 levels are crucial to BP-Petrobras' partnership in Bumerangue Block.
Three sources from the Brazilian state oil company told us that a possible partnership between BP, Petrobras and the British firm to develop BP's oil-and-gas find in Brazil's Pre-salt Layer would depend on the carbon dioxide levels of the reservoir. BP's chief executive Murray Auchincloss announced on Tuesday that BP would be looking for a partner to develop its Bumerangue Block discovery, which is considered by BP as its largest global find in 25 years.
INSTANT VIEW - Trump order imposes an additional 25% tariff on Indian goods
The U.S. president Donald Trump issued a executive order Wednesday that imposed an additional 25% tariff for goods coming from India. He claimed the country had directly or indirectly imported Russian crude oil. India, along with Brazil will be subject to the highest tariffs. This puts it at a disadvantage when compared to regional competitors like Vietnam and Bangladesh. Tariffs will be implemented 21 days after the executive order. Unfortunately, the U.S.
INSTANT VIEW - Trump order imposes an additional 25% tariff on Indian goods
The U.S. president Donald Trump issued a executive order Wednesday that imposed an additional 25% tariff for goods coming from India. He claimed the country had directly or indirectly imported Russian crude oil. India, along with Brazil will be subject to the highest tariffs. This puts it at a disadvantage compared to regional competitors like Vietnam and Bangladesh. Tariffs will be implemented 21 days after the date of the Executive Order.
TotalEnergies sold 45% of its oil and gas blocks in Argentina to YPF at $500 million
TotalEnergies announced on Wednesday that Total Austral, its affiliate company, had agreed to sell 45% of its interest in two unconventional gas and oil blocks to YPF Argentina. TotalEnergies announced that the deal was valued at $500m. It represents 20% of TotalEnergies' acreage within Argentina's Vaca Muerta shale, which is the second largest unconventional gas reserve in the world. TotalEnergies…
INSTANT VIEW - Trump order imposes an additional 25% tariff on Indian goods
The U.S. president Donald Trump issued a executive order Wednesday that imposed an additional 25% tariff for goods coming from India. He claimed the country had directly or indirectly imported Russian crude oil. India, along with Brazil will be subject to the highest tariffs. This puts it at a disadvantage against its regional competitors like Vietnam and Bangladesh. After 21 days, the additional tariffs come into force. However, they will be added to the 25% rate that was already in place.
Glencore warns that a ban on exports from Congo could result in a large portion of its cobalt production not being sold by the end of 2025
Glencore announced on Wednesday that a large portion of its cobalt output would likely remain unsold at the end of 2025, due to the suspension of cobalt sales by the Democratic Republic of Congo. DRC, world's largest cobalt exporter, suspended exports for four months in February, after prices fell to a record low. In June, it extended the suspension by another three months. The export ban was intended to reduce the global oversupply of cobalt…
Glencore's rejection of US listing boosts UK markets
Glencore has decided to keep its main listing in London. It will not move to the United States at this time. This is a rare victory for London's markets which are shrinking because of a lack of new shares. The London-listed mining company said on Wednesday that moving across the Atlantic wouldn't increase shareholder value. It said in February that it was considering moving its primary listing to New York from London.
Tullow Oil reduces annual production forecast and posts an interim loss
Tullow Oil, a company based in West Africa, lowered Wednesday its production forecast for 2025 to reflect the sale of Gabonese assets. The company is continuing to streamline operations to improve performance and reported a loss for the first half. The shares of the company fell by 10% in the early morning trading. Tullow expects to produce 40,000-45,000 barrels equivalent per day (boepd), down from the 50,000-55,000 previously projected.
Glencore's interim profits fall 14% due to lower coal prices and reduced copper output
Glencore, the global miner and trader, reported on Wednesday a drop of 14% in its first-half core profit, due to lower coal prices, a decrease in copper production and operational issues at some mines. The company had previously considered moving its primary listing to the United States, but has decided to keep the listing in London. It cited that the move would not bring value to shareholders. Glencore's adjusted EBITDA (earnings before interest…
ADNOC Gas posts record quarterly profit despite lower prices
ADNOC Gas announced on Wednesday that its net profit for the second quarter rose by 16% as a result of a strong domestic market and improved operational efficiency, which helped to offset lower hydrocarbons prices. The subsidiary of Abu Dhabi’s state oil company reported a net profit of $1.385 Billion in the three-month period ending June 30, its highest quarterly earning. Gas processing and sales firm said that earnings before interest tax…
Devon Energy's profit forecast for the second quarter was missed due to low oil prices
The U.S. oil-and-gas producer Devon Energy narrowly missed Wall Street's expectations for the second quarter profit on Tuesday as lower commodity prices offset an increase in production. As a result of the growing demand for natural gas, the company has also announced two new supply agreements. Benchmark Brent crude oil prices dropped during the quarter of April-June compared to a year ago, due to a combination of growing market insecurity caused by tariffs…
Equinor's auction prospects are boosted by BP's large Brazil oil and gas discovery
The announcement by BP on Monday that it had made its largest oil and gas find in 25 years off the coast of Brazil in Santos Basin bodes well both for Equinor and for their nearby interests. It also shows a strong appetite to auction oil blocks in October in this region. Brazil became one of the largest oil producers in the world after discoveries were made nearly 20 years ago. The region is characterized by vast deepwater reservoirs under a layer of salt beneath the ocean's surface.
Mexico announces plans to reduce debt of Pemex and boost investment
Mexico's government announced on Tuesday a plan to move its heavily indebted oil company Pemex towards financial independence, as well as the creation of a new vehicle for investment and efforts to stabilise oil production. Claudia Sheinbaum, the president of Pemex, said at a recent press conference that the company "will not need the support of the finance ministry" by 2027. She was referring to government support received to reduce debt.
Diamondback claims it is the 'consolidator' of choice in Permian as oil outlooks dim.
Diamondback Energy, a shale driller, said Tuesday that it should be the "consolidator" of choice in the Permian Basin as shale activities slow and the company concentrates on shareholder returns after its $26 billion merger. Diamondback shares dropped 3.6% in the morning to $142.67 after it reported a second-quarter loss below analyst's estimates. The company was hit by a 20% drop in Brent crude oil prices year-on-year amid weak global economic growth…
Government sources confirm that Trinidad and ExxonMobil have agreed to terms on deepwater blocks.
Two senior government officials confirmed that Trinidad and Tobago has awarded ExxonMobil, the U.S. oil giant, acreage to explore for oil and natural gas in an ultra-deep area. Negotiations began earlier this year between the parties for the area off the coast of the Caribbean nation that ExxonMobil abandoned more than 20-years ago. The blocks are northwest of ExxonMobil’s Stabroek Block in Guyana…
Castrol India's profit for the second quarter rises due to higher demand
Castrol India announced a 5.1% increase in its second-quarter profits on Tuesday. This was fueled by the steady demand for their automotive and industrial lubricants. The company, which is majority owned by BP and produces engine oil and industrial lubricants, reported a profit of $27.8 million after taxes for the quarter ending June 30. This was up from $23.2 billion rupees a few months ago. Total expenses increased 6.6% due to a 3.2% rise in raw materials costs.
BP will review assets and costs after profit exceeds expectations
BP said it will review its assets and look at further cost reductions as part of a push to improve shareholder value. The oil major announced this on Tuesday after reporting a second quarter profit that was well above expectations. Murray Auchincloss, the CEO of Murray Auchincloss announced earlier this year that he would reduce costs, buy back shares, and sell assets worth $20 billion by 2027. This was in response to pressure from Elliott, an activist investor, to improve profitability.
Maurel & Prom’s core profit for the half-year drops by 25% due to lower oil prices
Maurel & Prom, a French oil company, reported a 25% decline in its core profit for the first half of this year on Tuesday. The drop was attributed to falling crude oil prices. Earnings prior to interest, taxes and depreciation decreased from $186 millions a year ago to $140 in six months. The group suffered a 16% decline in the average price of oil products, which fell to $70.90 a barrel. It had warned mid-June about how low prices would affect its quarterly revenues…
Libya's NOC signss memorandum with ExxonMobil following decade of inactivity
Libya's National Oil Corporation announced on Monday that it had signed a Memorandum of Understanding with U.S. Oil Giant ExxonMobil, after a decade-long halt of activities in the North African nation due to security concerns. In a press release, NOC said that the MoU is aimed at conducting detailed geological studies and geophysical surveys to identify hydrocarbon resources within four offshore blocks off the Northwest Coast and the Sirte Basin.
Shale producer Diamondback misses profit estimate, cuts capex forecast
Diamondback Energy's second-quarter profits missed analyst expectations due to lower crude oil costs. The shale producer also lowered its full-year capital expenditure forecast. In extended trading, shares of the company dropped 2.7% on Monday. Since the last close, they are down by nearly 11%. Diamondback has cut its capital budget for the current year by 200 million dollars, bringing it down to $3.4-$3.6 billion. This was due to volatility and uncertainty.
Coterra Energy's profit beats expectations in the second quarter due to higher gas prices and strong output
Coterra Energy beat Wall Street expectations for the second quarter profit on Monday as higher production volumes, a rebound of U.S. Natural Gas prices and lower oil prices were offset. Houston-based shale producers benefited from increased production across the Permian basin and Anadarko Basin. The total production increased to 783.900 barrels equivalent of oil per day (boepd), from 669.200 boepd, during the second quarter.
BP discovers major oil and natural gas reserves in Brazil's Santos basin
BP announced on Monday that it had made an oil-and-gas discovery in Brazil's Santos Basin, a pre-salt zone in deep waters offshore believed to contain a large amount of oil and natural gas. BP plans to increase its global upstream oil production from 2.3 million to 2.5 million barrels equivalent per day by 2030. It said this was the largest discovery it had made in 25 years. The discovery coincides with BP's major reversal of strategy in an effort to improve a poor share performance.
Inpex awards contracts for engineering design of Indonesian LNG Project
Inpex Corp, a Japanese oil and natural gas exploration company, announced on Monday that it had awarded several contracts for the early stages of design work in its $20 billion Abadi project for liquefied gas in Indonesia's Masela Block. This move indicates that early design is progressing towards the final investment decision. The project is expected to produce 9.5 million tons of LNG per year at its maximum. The Japanese explorer began the front-end design process in April.
Chinese independent oil companies in Iraq
A few independent Chinese oil companies have poured into Iraq and are planning multi-billion dollar projects to develop the vast reserves. They want to compete with global state-backed majors who dominate production in OPEC’s second largest producer. These are some details about the activities of independent firms in Iraq. Around 120,000 barrels of oil are produced per day by the small Hong Kong listed company that produces oil and natural gas in Pakistan, and in China's Liaohe Oilfield.
Due to disagreements, informal miners in Peru have suspended talks with the government.
One of the leaders of the protest said that informal miners in Peru may resume their protests if they cannot reach an agreement with the government. Maximo Franco, the union leader of CONFEMIN, told reporters that the government refused to change a deadline set for August 17th, when miners must move explosives to formal "powder magazine" magazines. He said that 20,000 miner's who could not meet the deadline will be excluded from government program formalizing their work.
Fitch raises Pemex’s credit rating from 'BB' to 'BB+' citing a stronger government's support
Fitch Ratings upgraded Petroleos Mexicanos (Pemex), the Mexican state energy company, to a 'BB' credit rating from a 'B+,' on Tuesday. The agency removed its positive watch and cited strengthened government support in releasing a press release. The government has been trying to stabilize Pemex for many years, despite the fact that it is still below investment grade. Pemex is the most indebted company in the world.
Baker Hughes reports that US drillers have cut back on oil and gas rigs in the US for a second consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for the second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending August 1. This is the lowest level since October 2021. Baker Hughes reported that the number of rigs is down 46, or 7.8% from this time last year.
Exxon exceeds profit expectations with higher production despite low oil prices
Exxon Mobil - the United States’ largest oil producer - beat Wall Street expectations for the second quarter profit on Friday, as increased oil and gas production and low production costs compensated for the lower crude oil prices. Exxon Mobil reported that oil and gas production reached its highest level in any second quarter ever since Exxon Mobil was formed by the merger of Exxon Mobil and Exxon more than 25 year ago.
Kuwait Petroleum's annual profit drops 5.8% due to lower crude prices
Kuwait Petroleum Corporation, a state-owned company, posted a net loss of 1.366 billion dinars (US$4.47 billion) in the fiscal year that ended on March 31. This is a decline of 5.8% compared to the previous year. In the last fiscal year, the company and its subsidiary posted a profit of 1,450 billion dinars. KPC didn't give a specific reason for the drop, but lower oil costs likely impacted returns.
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.
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum. Environmental groups have said that the decision to restart the exploration is a setback to the country's move to renewable energy.
China certifies 147,000,000 barrels of oil in Sinopec's shale fields
Sinopec Corp., a Chinese company, announced on Thursday that the Chinese government had certified geological reserves of 20.1 millions metric tons (147 million barrels) in a new shale-play the company operates in Southwest China. Sinopec announced that the Ministry of Natural Resources has also certified 12,35 billion cubic meters of geological reserves at Fuxing Field, located in Chongqing's municipality.
Watchdog: Former CNOOC executive is expelled from Chinese Communist Party
The Central Commission for Discipline Inspection announced on Wednesday that a former senior executive of state-owned oil company CNOOC Ltd was expelled from Communist Party, and is being investigated for serious violations to party discipline and law. Guangyu Yuan retired from CNOOC as its chief executive in September 2019, after reaching mandatory retirement age. He was also the former deputy general director of CNOOC's parent company, China National Offshore Oil Company.
Origin Energy's APLNG revenues in the fourth quarter fell as lower LNG prices weighed.
Origin Energy, Australia, reported a sequential 6% decline in revenue for the fourth quarter from its stakes in Australia Pacific LNG project (APLNG), as lower commodity prices weighed down on earnings. Origin faced pricing pressure during the second quarter of the year as China, the country's largest trade partner and major LNG consumer, showed a tepid growth in demand. Natural gas imports were also below last year's level due to the ongoing economic problems.
Glencore expects to save $1 billion by 2026 following a review of its assets
Glencore reported on Wednesday lower copper production in the first half and said that it hopes to save $1 billion by the end 2026 as part of an industrial asset review. Glencore revised its full-year long-term marketing earnings before taxes and interest (EBIT) from $2.2 billion in 2012 to $3.5 billion for this year. This was a change of $2.2 billion to $3 billion, following the sale of Viterra, its agribusiness, in July. Viterra contributed $200 million.
Mexico's crude oil exports fell 39% in June to the lowest level since decades
Official data shows that Pemex, the Mexican state oil company, exported 39% less crude in June than in June of last year, reaching its lowest level for decades. This was due to increased fuel production and refinery processing. The company reported that it exported 458,103 barrels of oil per day in June. This compares to 753,539 barrels a day in the same period a year ago. This is the lowest level recorded since 1990.
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.
Guyana's crude oil production fell to 664,000 barrels per day in June.
The government reported that the average crude oil production in Guyana, a country rich in oil, fell to 664,000 barrels a day (bpd), down from 667,000 the month before. Guyana, where the entire oil and gas production is controlled by Exxon Mobil, a U.S.-based major, since it began offshore production in 2019 expects to reach 900,000 barrels per day (bpd) capacity by the end of this year, once a new floating output facility starts operations.
Mexico's Pemex increases its net profit in the second quarter
Mexico's energy state company Pemex reported Monday a change in net profit for the second quarter. The net profit reached 59.52 trillion pesos, up from 273.33 trillion pesos during the same period last year. It also reported in a filing to Mexico's main exchange that revenue fell by 4.4% between April and June to 391.62 billion Pesos. The heavily-indebted firm attributed the decline to lower crude oil prices and lower gasoline and diesel prices.
Equinor extends Norway LNG Outage until August 3
Equinor, a Norwegian company, has extended a maintenance outage to its Hammerfest LNG Terminal, Europe's biggest liquefied gas export facility by another five days, until August 3. The company announced this in a filing with the regulatory authorities on Saturday. The Melkoeya plant, which is also known as Hammerfest in Arctic Norway, was scheduled to resume operation on July 19, but went offline on April 22 for maintenance.
Venezuelan oil company PDVSA is ready to resume work on previous US terms
Sources at the company said that Venezuela's PDVSA, the state-run oil firm, is preparing to resume its work in its joint ventures with terms similar to those of Biden's licenses once U.S. president Donald Trump reinstates authorizations to its partners for them to export and operate oil under swaps. Washington is preparing to grant new operating authorizations to key PDVSA partners. The first of these will be Chevron.
Baker Hughes reports that US drillers have cut oil and gas rigs 12 times in 13 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the 12th consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 25. Baker Hughes reported that the number of rigs is down by 47, or 8 percent compared to this time last. Baker Hughes reported that oil rigs dropped by seven this week to 415, their lowest level since September 2021.
US gas producer CNX resources increases 2025 production estimate without additional spending
CNX Resources, a U.S. energy company, said in its earnings for the second quarter that it planned to produce more gas than expected this year to meet rising demand and spend the same amount. Two other major U.S. producers of gas, EQT, and Range Resources both announced in their second-quarter earnings earlier this week that they would also produce more energy by 2025 to meet the rising demand. Energy…
Chevron warns Hess employees to keep safety in mind while they wait for job updates
Two Hess workers who spoke to us said that Chevron leaders had told them to focus on safe operations, and they would hear from the company next week whether they'll still have jobs after the acquisition. Chevron closed the $55 billion purchase of Hess, the second largest U.S. producer of oil, on Friday, after winning a landmark court battle against Exxon Mobil, which had delayed the closing for over a year.
Greece invites Libya for maritime zone talks in order to improve strained relations
KyriakosMitsotakis, the Greek Prime Minister, said late Wednesday that Greece had invited Libya's internationally recognized government in Tripoli for talks to begin on delineating exclusive economic zones on the Mediterranean Sea. The move aims to repair the strained relations between the two neighbors, caused by the controversial maritime agreement signed in 2019 between Libya's government and Turkey, Greece’s longtime enemy, which defined a sea zone near the Greek island Crete.
Sinopec, a Chinese company, signs a contract with Algeria to explore saline gas blocks
Sinopec Group, China's oil and gas state major, announced that it had signed a contract for the exploration of a natural-gas block in Algeria which could hold a large shale-gas resource. Sinopec International Petroleum Exploration & Production Corporation, a subsidiary of Sinopec International Petroleum Exploration & Production Corporation, and Sonatrach, the state-run Algerian oil company Sonatrach signed a contract earlier this week.
Argentina's YPF will launch a tender for an agro-industrial facility
Chief Executive Officer Horacio Martin said that YPF, the state-owned energy company in Argentina, plans to hold a tender for a partner from the agricultural sector to manage its agribusiness division and create a joint venture. Local media reports that the board of YPF must still approve the move. It is part a broader plan to divest assets not core and concentrate on the lucrative oil and natural gas operations the company has in the Vaca Muerta shale. He didn't name any possible partners.
Chile bumps up copper price forecast, flags lagging Collahuasi output
Chile, the world's largest copper supplier, raised its forecast for prices on Wednesday. However it noted that lagging production from major mines operated by Glencore or Anglo American was a factor in the slowdown of economic growth. In a speech to Congress, Finance Minister Mario Marcel raised the government's forecast of average copper prices this year from $4.26 to $4.28 a pound. Marcel maintained that the official estimate of gross domestic product growth (GDP) for this year was 2.5%.
US refiners may see Q2 profit recover on stronger diesel margins
Investors expect top U.S. refining companies to report higher profits in the second quarter, rebounding from losses experienced during the first three month of the year. This is due to unseasonably high diesel margins that boost earnings. Fuel producers have made unexpected profits in the last few months from key products. This is a welcome respite from earnings that had fallen from record levels set in 2022 when demand increased after the COVID-19 outbreak and Russia's invasion in Ukraine.
US gas companies EQT and Range increase output plans for 2025
EQT, a U.S.-based energy company, and Range Resources, a U.S.-based oil company both expect to produce additional natural gas by 2025 in order to meet the rising demand without increasing planned expenditure. Energy analysts predict that demand for liquefied gas for powering data centers and export to other countries will continue to reach record levels in the coming years. Dennis Degner, CEO of Range…
Mellitah Oil and Gas, a Libyan company, will work with Hill International to develop a gas project.
Mellitah Oil and Gas, a subsidiary of the National Oil Company in Libya (NOC), will manage a project with U.S.-based construction consulting firm Hill International. NOC reported that a collaboration agreement was signed by Massad Boulos - the senior adviser to President Donald Trump for Africa - during his visit to Tripoli. Eni says that "Structures A&E", a strategic project launched by Mellitah Oil…
Italy and Algeria strengthen their cooperation through new business and security deals
An intergovernmental meeting held in Rome on Tuesday saw Italy and Algeria agree to cooperate in the fight against terrorism and migration, and companies sign deals in energy and telecommunications sectors. After a visit to Algiers in March by Antonio Tajani, the Italian Foreign Minister Giorgia Melons met with Algerian President Abdelmadjid Tebboune. Meloni’s government stated that Algeria was Rome’s top trading partner in Africa with a trade value of almost 14 billion euro ($16…
Freeport-McMoRan's profit beats expectations on the back of higher copper and gold price
On Wednesday, Freeport-McMoRan exceeded Wall Street expectations for its second-quarter profits as higher copper prices and gold prices offset lower production. In pre-market trading, the company's shares climbed 1.6% to $40.54. The results are in stark contrast to the threat by U.S. president Donald Trump to impose a tariff of 50% on imports of copper, starting August 1. Freeport, the United States' largest producer…
Angola's offshore CLOV phase 3 production starts
Angola’s offshore CLOV Phase 3 developed started oil production Wednesday, adding 30,000 bbls per day to its country's production, according to its national oil and natural gas agency. The satellite project, located in Block 17, will be connected to an existing floating storage and offloading vessel. This will help Angola keep its production at or above 1,000,000 bpd. Angola, Sub-Saharan Africa’s second…
