China's CNOOC sold US assets to Britain’s INEOS
CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico.
Venture Global says it has produced the first LNG at its Plaquemines plant.
Venture Global LNG produced its first LNG (liquefied natural gases) on Friday at its Plaquemines facility in Louisiana. The first U.S. plant to produce super-chilled natural gas in two years, Cheniere Energy Corpus Christi's midscale expansion project has been beaten to the market. Venture Global said that it had built two of its fastest greenfield LNG plants to go from financial approval to first LNG production. Plaquemines, when completed, will be the largest LNG plant in the world.
US House panel finds BlackRock and other asset managers reluctant to join climate initiative
According to a report published on Friday by the Republican-led U.S. Congress committee, top asset managers in the United States were concerned that signing up for an industry climate initiative would make them look like they worked too closely together and attract regulatory scrutiny. This is the latest report released by the U.S. House Judiciary Committee’s Republican majority in a probe that they…
President says US is considering sanctions against a Serbian oil company majority owned by Russians
Aleksandar Vucic, president of Serbia, said that the United States would introduce financial sanctions in the next few days against Serbia's NIS oil company, which is owned in majority by Russia's Gazprom and Gazprom. Vucic, a reporter for Informer TV, said: "We received confirmation that the U.S. He said that the UK and European Union will likely follow the U.S. by introducing sanctions. This means that oil shipments via a pipeline coming from Croatia will be halted.
US House panel finds BlackRock and other asset managers hesitant to join climate initiative
According to a report published Friday by a Republican led U.S. Congressional Committee, top asset managers in the United States are concerned that signing up for an industry climate initiative will make them look like they're working together too closely and attract regulatory scrutiny. This is the latest report released by the majority of the Republican panel as part of an investigation they claim…
Sources say that Russia's Novatek employs lobbyists in order to improve relations with the US.
Two sources familiar with the situation said that Novatek, Russia's largest producer of liquefied gas, is working with lobbyists to try and rebuild U.S. relationships after Washington imposed sanctions against its mammoth Arctic LNG 2 Project. After the 2022 invasion of Ukraine by Russia, the relationship between the United States and Russia reached a post Cold War low. President Joe Biden’s administration imposed sanctions on hundreds entities and individuals who supported the war effort.
Data shows that Tengiz oilfield's output in December was 20% lower than planned.
Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target. Tengiz had been expected to return to full oil production early in December after a maintenance program that began late in October.
Kansai electric, a Japanese company, has invested in Iberdrola’s offshore wind project worth 1.3 billion euros.
The company announced on Friday that Japan's Kansai electric power Co had agreed to purchase a 49 percent stake in Iberdrola’s Windanker offshore project in Germany. This agreement expands a partnership between the Spanish renewable energy giant and the Japanese firm. The wind farm, located in the German portion of the Baltic Sea will have a capacity installed of 315 Megawatts. It is expected to begin operating at the end of 2026. Kansai has not disclosed the amount it paid for its share.
US offshore driller requests judge block insurers' demand for $250 million collateral
W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block the insurance companies' demand for $250 million additional collateral in exchange for tearing down old oil infrastructure. Offshore drilling companies are under increasing pressure to issue bonds for the decommissioning of oil and gas infrastructure within federal waters. In June, the Federal Bureau…
US offshore driller requests judge block insurers' demand for $250 million collateral
W&T Offshore is an independent driller in the U.S. Gulf of Mexico. It has asked a federal court to block insurance company demands for additional collateral of $250 million for tearing down old oil infrastructure. Offshore drilling companies are under increasing pressure to issue bonds for the decommissioning of oil and gas infrastructure within federal waters. In June, the Federal Bureau of Ocean…
Cenovus Energy predicts increased production by 2025 for new projects
Cenovus Energy, a Canadian energy company, forecasted higher oil and natural gas production in 2025. It expects to benefit from the new projects that will be coming online. According to LSEG, the company expects upstream production of between 805,000 and 845,000 boepd by 2025. The midpoint is higher than analyst estimates of 820140 boepd. The company anticipates between 770,000 and 810,000 boepd this year. The U.S.
Woodside's North West Shelf Project Extension approved by Western Australia
Woodside Energy, Australia's largest oil and gas producer in terms of market value, announced on Thursday that the state of Western Australia had granted Woodside Energy approval to extend the project life of its North West Shelf LNG (liquefied Natural Gas) until 2070. You can also find out more about the decision-making process by clicking here. Woodside announced Thursday that the approval marks…
Serica Energy expands its North Sea operations with the acquisition of assets from Parkmead Group
Serica Energy, a North Sea-focused company, announced on Thursday that it will purchase exploration and production assets of Parkmead Group Plc at an initial cost of 6 million pounds (5 million pounds). Serica acquired all shares of Parkmead Ltd., including a 50% stake on the Skerryvore license in central North Sea, and a working interest of 50% in Fynn Beauly, an undeveloped UK oilfield. Serica stated that an additional 9 million pounds deferred will be paid in the next three-year period…
Malaysia's Petronas, Petros finalising deal on gas distribution in Sarawak state, PM says
Anwar Ibrahim, the Prime Minister of Malaysia, said that Petroliam Nasional Berhad and Petroleum Sarawak Berhad are working to finalize details for a long-delayed gas distribution agreement in Sarawak. Both companies have been at odds for months over Sarawak's plans to take control of all gas trading within the energy-rich state away from Petronas - whose sole shareholder, the Malaysian Government, is Petros.
Sources say that Pertamina Indonesia is looking for term jet fuel to be delivered in early 2025.
Pertamina, Indonesia's state owned energy company, is looking to buy at least 400,000 barrels (or equivalent) of jet fuel via its trading division for delivery between January 2025 and March 2025. Two sources familiar with the matter confirmed this on Thursday. They said that the company was looking to purchase at least one 200,000 barrel cargo of aviation fuel each month, for delivery in January-February or January-March. The first two deliveries would be preferred to take place on Jan.
Exxon CEO: We want to extract value from Hess Guyana's assets
Two of Exxon Mobil's top executives stated on Wednesday that they wanted to "participate in" Hess Corp. selling its Guyana oil assets and extract value from its work developing the country offshore fields. In May, a three-person panel will decide whether Hess can proceed with its deal to sell to Chevron on the original terms. Exxon and CNOOC Ltd have challenged the deal, which is the second largest in recent oil megamergers.
Colombia's Ecopetrol signs agreement with Parex Resources for oil and gas development
Ecopetrol, Colombia's largest state-owned energy firm, announced on Wednesday that it had signed five agreements to enhance the production of oil and natural gas in the Andean nation. The first four agreements will involve an investment of $350 million. These projects are planned in Colombia's Putumayo Province and Narino Province. Companies hope to increase crude oil volumes to the existing projects, as well as explore potential resources around the area.
OPEC cuts oil demand forecasts for 2024 and 2025
OPEC reduced its estimates for the growth of oil demand this year and in 2019. The producer group has now revised their forecasts downward five times in a row. The weakened outlook shows the challenges facing OPEC+ which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. OPEC+ delayed its plan earlier this month to increase output until April 2025 due to falling prices.
Australia shares are dragged down by mining and bank stocks; local job data is in focus
Investors remained cautious as they awaited the local jobs data, which is due on Thursday. This will be a crucial metric for gauging the central bank’s timeline to cut rates. S&P/ASX 200 Index fell 0.3% at 8372.1 points as of 1124 GMT. The benchmark index fell by 0.4% on Monday. Investors in Australia will assess local jobs data scheduled to be released on Thursday to gain additional insight into the Reserve Bank of Australia (RBA's) monetary policies timeline.
Escondida copper output at BHP and Codelco is up in October.
Data from the copper commission Cochilco on Tuesday showed that Chile's state copper miner Codelco posted flat production in the month of October, compared with the same period last year, while BHP's Escondida mine, the largest copper mine in the country, saw its output increase by more than a fivefold. Codelco, which is the world's biggest copper producer and is trying to boost its declining production, reported a total production of 127.900 metric tonnes, unchanged from the previous year.
Equinor, BP and TotalEnergies invest in Britain's carbon-capture projects
They announced on Tuesday that Equinor, BP, and TotalEnergies have made the final investment decisions for two of Britain's first projects to capture and store carbon in the north. The Northern Endurance Partnership Project, which is a joint venture between the three companies, will store carbon dioxide permanently for an initial amount of 4 million tonnes per year. Equinor holds 45% of NEP. BP has 45%, and TotalEnergies 10%.
Equinor delays start of Arctic Castberg Oilfield until early 2025
Equinor, a Norwegian oil company, announced on Tuesday that it had postponed the start-up of its Arctic Johan Castberg field to January or Febraury 2024 from the end due to bad weather conditions in Barents Sea. Oilfields in the Norwegian Barents Sea sector are expected to continue producing for 30 years. They will also serve as hubs to connect nearby discoveries. Equinor announced that so far 14 wells had been drilled in the field.
British Business – Dec 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP will spin off its offshore wind business and form a joint venture worth $5,8 billion with Jera, a Japanese energy company. Vivendi's shareholders approved the separation of Canal+ and Vivendi, with the aim to list the Paris-based firm in London on Monday. Sky UK has signed a multi-year agreement with Warner Bros Discovery.
BP's offshore Wind Head to Step Down
A spokesperson for BP announced on Monday that Matthias Bausenwein, the head of offshore winds, is leaving the firm. This comes after the oil giant announced its intention to spin off its offshore operations into a JERA-JERA joint venture. Bausenwein, who joined BP in August 2022 from the Danish renewables giant Orsted, will lead BP's expansion of offshore wind project. Anja-Isabel Dotzenrath - a former CEO at RWE Renewables - left the company last April after less than two years on the job.
Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree
On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin. This was the company's largest investment in Russia after the beginning of what Moscow refers to as a special military operations in Ukraine. Exxon Mobil Corp owned a 30% stake as operator in Sakhalin-1.
Freeport's copper concentrat exports will only temporary ease global shortages
Sources in the industry said that Freeport-McMoRan’s unit, located in Indonesia, will help ease global shortages of copper concentrate, but only for a short time and if Indonesian authorities allow it. Since last year, the competition for copper concentrate has intensified due to shortages caused by stoppages at First Quantum's operations and China's massive expansion in smelters. In October, a fire at PT Freeport Indonesia (PTFI), a $3.7 billion Manyar smelter, halted operation.
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel. He plans to offer investors dozens of new oil blocks and gas blocks in the coming years. KUFPEC has already started operations in the Natuna Sea.
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S. West Texas Intermediate Crude Futures rose 22 cents or 0.3% to $67.42 a barrel.
Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'
Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers, the market, and other economic factors. Some Russians are cautiously optimistic about Trump's return on Jan. 20, while others believe that another U.S.
Qatar's energy minister has no concerns about Trump's promise to lift LNG export caps
Qatar is not concerned about the promise of Donald Trump, U.S. president-elect, to lift the cap on LNG exports. Qatar's energy minister Saad Al-Kaabi stated on Saturday that his country will cope with any competitiveness. "And you know, even if we open up LNG, and say that we're going export another 300,000,000 tons or 500,000,000 from the U.S. All these projects are driven primarily by private companies who look at the viability of the projects…
Sources say that BP is looking for buyers to buy its US Natural Gas Pipeline System stake.
Four people familiar with the matter have confirmed that BP is looking for buyers to take a stake in their U.S. Natural Gas Pipeline Network. Two people have said that the British energy company may be able to raise $3 billion through the sale. One of them added that BP could sell as much as a 49 percent stake in its business. Two other people confirmed that the sale is part of BP's CEO Murray Auchincloss’s efforts to reduce the debt levels at the company, which have risen in the last year.
Alberta, Canada's oil province, will clean up 5% of its inactive wells by 2023
A regulatory report on Thursday said that the number of inactive gas and oil wells in Alberta, Canada’s largest fossil fuel producing province, dropped 5% from 2022 to 2023, indicating progress in reclamation and decommissioning work. Alberta has 79,000 inactive wells compared to 83,000 in 2012. Inactive wells are no longer producing oil or gas, and must be permanently plugged. The land surrounding them should also be restored.
Chevron will take on up to $1.5 Billion in charges for the fourth quarter
Chevron, the U.S. oil company, announced Thursday that it would take charges of up to $1.5billion in the fourth quarter for restructuring costs, asset impairments and sales costs. The company stated in a press release that the majority of the charges were for job reductions and relocations scheduled for the next two-years. Chevron has not disclosed how many of its 45,000 employees will lose their jobs.
What OPEC+ oil production cuts are currently in effect?
OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026. Here is a short explanation…
What OPEC+ oil production cuts are currently in effect?
OPEC+ will likely make more changes to its oil policy at its meeting on December 5, delaying a planned production increase further into the next year, as it is facing a weaker outlook for oil demand. In June, the oil producers' group reached a complex agreement to extend production cuts deep into 2025. The agreement has been modified to allow the group to delay a planned production increase by three months to the start of next year.
Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.
Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries.
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years.
Equinor and Shell form UK Oil and Gas Joint Venture
The Norwegian group announced on Thursday that Equinor, a Norwegian oil company, and Shell would combine their British offshore assets in order to form a new entity owned by each party at 50%. The joint venture is expected to be the largest independent producer in the British North Sea by 2025, Equinor stated in a press release. Equinor announced that the company would be based in Aberdeen in Scotland…
Report: Oilfield services consolidation will increase under Trump
According to Deloitte’s 2025 Oil and Gas Industry Outlook report, the oilfield services sector will consolidate in 2025. Donald Trump is expected to loosen regulations for the U.S. industry. This increase in services deals follows a wave mega-mergers between oil producers such as Exxon Mobil, Pioneer Natural Resources, and ConocoPhillips, Marathon Oil. Deloitte is the largest consultancy in the world.
Woodside, a company from Australia, signs a deal with Bechtel for the development of Louisiana LNG.
Woodside Energy Group, an Australian company, announced on Thursday that it had signed a contract for engineering procurement and construction with Bechtel in the United States to develop liquefied gas project in Louisiana. The EPC contract covers the development of the foundations for the three production trains in the project, which have a combined capacity of 16,5 million tons per year. The oil…
Toronto stock prices reach record highs after bank earnings
Canada's main index of stocks hit a new record on Wednesday. This was largely due to the performance of technology and financial companies, as well as investors' assessment of strong quarterly earnings by two major domestic lenders. The Toronto Stock Exchange S&P/TSX Composite Index was up 28.72, or 0.11% at 25,664.45, but was still trading below its record high. Angelo Kourkafas is an investment strategist with Edward Jones Investments.
Freeport Indonesia expects to see production at the Manyar smelter ramp up in Q3 of next year
An official revealed on Wednesday that Freeport Indonesia, a copper miner in Indonesia, expects its $3.7 billion Manyar Smelter in East Java will ramp up operations in the third quarter next year following a fire that halted it in October. Katri Krisnati, its spokesperson, said that based on the plan of repair for the affected facilities it was estimated that ramp-up operations at (Freeport)'s smelter could begin in the thirdquarter of 2025.
MIND ID claims that Freeport Indonesia will fix its smelter within six months
Freeport Indonesia’s holding company MIND ID announced on Wednesday that it aims to have the new Manyar Smelter, located in East Java Province, repaired within six month after being damaged by fire. Freeport Indonesia stopped the production of copper cathodes at its smelter in October after an explosion at its gas cleaning unit. The Manyar smelter's production delays, which accounted for 480,000 tons of cathode copper a year in output…
Chile plans to invest $83 billion in mining by 2033, a newspaper reports
In a study quoted in a newspaper article on Tuesday, the state-run Cochilco agency said that Chile will invest $83,18 billion between this year and 2033. This is a 27% increase from last year's estimation. The Cochilco Report, set to be released on Wednesday, will include 51 projects within the South American country, which is currently the largest producer of lithium and copper in the world. Lithium is a critical ingredient for rechargeable batteries.
Brazil's prosecutors press Petrobras to conduct more Amazon drilling studies
Brazilian federal prosecutors have asked Petrobras, the state-run oil company, to conduct more studies before drilling near the Amazon rainforest coast, citing the potential effects of extreme weather conditions on tides. Documents filed Monday with environmental agency Ibama show that the prosecutors cited the possible effects of extreme weather conditions on tides. A technical assessment by an oceanographer commissioned by Federal Prosecutor's Office on Oct. In a Nov.
Lazard hires Miller from Citigroup in its energy investment banking drive, sources claim
People familiar with the matter said that Lazard hired Citigroup veteran investment banker Chris Miller to lead its dealmaking efforts within the energy sector. Miller, who was based in Houston, and had the title of vice-chairman of energy investment banking for Citigroup, recently resigned his position with the Wall Street bank and will begin his new role at Lazard early in 2025, after a period gardening leave, according to the sources.
Exxon names GM's former president to lead oil and gas business
Exxon Mobil announced on Tuesday that Dan Ammann - the former president of General Motors will be taking over its most profitable and largest business in early 2013. Ammann, who joined Exxon in 2012 to lead its Clean Energy Unit, Low Carbon Solutions (Low Carbon Solutions), will replace Liam Mallon, a 34-year veteran of Exxon, as president and CEO of Exxon’s Oil and Gas Pumping Business, starting on February 1, 2025.
Blockchain enables firms to offer physical uranium for sale to small investors
On Tuesday, a blockchain platform and an uranium company launched a market to allow small investors buy physical uranium. They hope to increase spot liquidity for the niche commodity. Uranium prices have risen in recent years due to a rise in investor interest and the reduction of miner output. This is because utilities are looking for new sources of this mineral, which fuels nuclear energy. Nuclear…
Chernyshov, CEO of Naftogaz Ukraine, appointed as deputy PM for new ministry
The Ukrainian parliament approved Oleksiy Cernyshov, the CEO of state-owned oil and gas company Naftogaz as deputy premier to head a newly created ministry for national unification as the third anniversary of Ukraine's full-scale war against Russia approaches. Chernyshov is a 47-year-old man who has been leading Naftogaz since 2022. He was also the minister for regional development from 2020 to 2022. No other candidates were considered.
Cargill, a giant in the commodities trading industry, plans to reduce around 8,000 positions
Cargill, a global trading company, announced on Tuesday that it will cut 5% or 8,000 jobs from its workforce. Revenues in the most recent fiscal period were down due to low crop prices. Cargill, a privately-held agricultural merchant, is under pressure because the prices of commodity crops, like wheat, corn, and soybeans, are at near four-year lows. Also, crop processing margins are shrinking. In a memo that was reviewed on Tuesday…
Wall Street Journal, Dec 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. A Delaware judge ruled Monday that Tesla CEO Elon Mots is not entitled to a $56 billion package of compensation despite the fact that shareholders of the electric car company voted to reinstate it in July. Intel CEO Pat Gelsinger was forced to resign less than four months after taking over the company.
LNG traders divert cargoes to Asia from Europe as demand in the east increases
Analysts and shipping data indicate that three LNG cargoes bound for Europe were diverted to Asia in order to meet the stronger Asian demand, and because gas prices have decreased in Europe. The rapid change of course shows the agility of the trading firms to send LNG supplies either to Europe or Asia. As Asian prices rise, the arbitrage window for sending U.S. and African Liquefied Natural Gas to Asia opens.
Exxon continues to discuss shallow-water blocks in Guyana's auction, the company reports
Exxon Mobil, the U.S. oil giant and its partners continue to negotiate with Guyana’s government about terms for developing an oil block in shallow water. An Exxon spokesperson confirmed this on Monday. Exxon Hess, CNOOC and Exxon won the offshore block S8 during a bid round that was launched by President Irfaan Ali’s administration in late 2022. A spokesperson for Exxon Mobil confirmed via email that the group is still interested in the block, and that talks are ongoing.
Norway's wealth fund will probe shoemakers and crypto firms in 2025 for ethics
Next year, the Norwegian sovereign wealth fund will investigate the potential ethical violations of shoemakers, crypto-firms and gambling operators that the fund holds, leading it to sell its holdings. Norway's Parliament has set ethical guidelines for the world's biggest sovereign wealth fund. It owns 1,5% of all listed shares in 8,700 companies around the globe. The Council on Ethics of the $1.8…
QatarEnergy signs LNG long-term deal with Shell to deliver LNG to China
State-owned QatarEnergy signed a long-term agreement with Shell, the oil and gas giant, to supply LNG to China. QatarEnergy said in a Monday statement that the deal will see the LNG supply increase to three million tons per year. The agreement is expected to begin in January 2025. QatarEnergy said that the agreement highlighted the continued growth in China's market for LNG, but did say how long it would last.
Document shows that the Norwegian wealth fund's ethics watchdog will be scrutinising shoe manufacturers and crypto companies by 2025.
Next year, the ethics watchdog of Norway's $1.8 billion wealth fund will investigate shoe manufacturers, cryptocurrency firms, casino and gambling companies for possible ethical violations, which could result in the fund divesting. The ethical guidelines of parliament govern the largest sovereign fund in the world, which is responsible for a massive influence on markets, as it holds 1.5% of all listed shares around 8,700 companies. The Council on Ethics is the ethics watchdog of the fund.
Russia lifts the ban on exporting gasoline to producers
The Russian government announced on Saturday that it had lifted the temporary ban on gasoline exports from producers. However, the restrictions on other exporters such as independent traders or re-sellers will remain in place until January 31, 2025. The original ban on gasoline exports would expire by the end of the year. The ban excludes supplies of former Soviet states to the Moscow led Eurasian Economic Union…
Brazil will offer 91 oil blocks permanently
Brazil's Ministry of Mines and Energy said in a statement on Friday that it will sell 91 oil blocks permanently. This could result in signing bonuses of up to 2.4 billion Reis ($394.11m) at the next auction. The government will offer 39 blocks within the Sao Francisco Basin of Minas Gerais, 41 blocks, and a marginal accumulating field in Rio Grande do Norte's Potiguar Basin, as well as 11 blocks located in Brazil's pre-salt region. Companies can bid on a block in the permanent offer model.
Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030. YPF, the state-owned oil company of Argentina, led the production in the area with 55% Vaca Muerta’s oil output during the third quarter.
Mexican firefighters put out a second fire at Pemex in a week
The fire at the refinery of Pemex, Mexico's state oil company, has been put out, according to both the firm and authorities on Thursday. No injuries have been reported. Pemex has not yet revealed what caused the accident at its Minatitlan Refinery, located in eastern Veracruz State. The refinery can process up 285,000 barrels of oil per day. Pemex stated in a press release that the fire did not affect its employees or facilities.
President says Mexico is experimenting with different payment methods for Pemex debt
On Thursday, Mexican President Claudia Sheinbaum announced that Pemex's debt burden with its suppliers will be reviewed. She also said that various payment methods are being refined and studied. Despite the efforts made by Sheinbaum’s predecessor Andres Lopez Obrador to reduce the debt, the company is still one of the most indebted companies in the world. She said, "A review is taking place, and that is normal", during her usual news conference.
Energean CEO urges Israel issue new oil and Gas Exploration Licences
Energean, a gas company based in Israel, urged Israel on Thursday to issue new oil and gas exploration licenses offshore to meet the growing demand for gas in the region. Mathios rigas also called upon governments to develop new routes of export from Israel to Egypt and Cyprus. "We need to talk to the government (Israeli) about new licenses and exploration because we have to find more natural gas." Rigas stated that we need to develop additional gas.
Woodside CEO: Louisiana LNG project to be partnered with several companies by March
Woodside Energy's CEO said that the company expects to have several partners in its Louisiana liquefied gas project by the time it gives financial approval to the U.S. Project, which is expected to be the first quarter of 2020. Woodside, a company listed in Australia, is looking to sell 50% of its Louisiana LNG project. It now owns the entire project after acquiring Tellurian Inc. for $1.2 billion in October. The U.S. Gulf Coast plant could convert U.S.
Tokyo Gas president: Asset sales will boost capital efficiency by Tokyo Gas
Tokyo Gas wants to increase capital efficiency through the sale of underperforming assets including real estate. This was announced by its president on Thursday following disclosures that activist investor Elliott Management had invested 5% in Tokyo Gas. Elliott took a 5.03% share in Tokyo Gas earlier this month. The company is trying to get Japan's largest city gas provider to increase shareholder value.
OPEC+ Postpones its output policy meeting until Dec 5
OPEC announced on Thursday that the OPEC+ group of oil producing countries had postponed their next meeting regarding output policy from December 1 to Dec. 5, to avoid a clash with another event. OPEC announced that several OPEC+ Ministers will attend a summit of Gulf Arab Countries to be held on December 1 in Kuwait City. Before the official announcement, a source said that "Sunday is not for everyone". Top OPEC+ Ministers held discussions ahead of the summit.
BNP Paribas Funds to exclude new Oil and Gas Bonds
BNP Paribas Asset Management has announced that it will no longer be investing in new bonds issued in November by companies engaged in oil and natural gas exploration and production. According to the document, French asset managers said their policy was to help oil and gas companies transition to sustainable sources of energy, while screening those companies that are not adapting fast enough. The company will no longer purchase new bonds from oil and gas companies including diversified ones…
Austrian legal expert believes OMV can end gas contracts with Gazprom
Austrian energy company OMV can legally cancel a contract with Russia's Gazprom that lasts until 2040, according to an Austrian lawyer who was given access the contracts on Wednesday. OMV had been one of the last European buyers of Russian gas after Russia invaded Ukraine on a full scale in 2022. But, on Nov. 16, Gazprom stopped supplies to OMV due to a contract dispute. In a radio interview with ORF…
Woodside's O'Neill says that the LNG market will grow by 50% over the next decade.
Woodside Energy's CEO, who spoke on Tuesday, said that the company expects global demand for liquefied gas (LNG), to increase by 50 percent in the next decade. Over the past decade, the LNG market has grown by 50%. Meg O'Neill, speaking at the Energy Intelligence Forum held in London, said that she expects the market to grow another 50% over the next decade. O'Neill stated that the company has received…
Investors' concerns about Trump's tariff promises cause the TSX to fall
Canada's main index of stocks fell on Tuesday as energy shares were hurt. Investor sentiment was weighed down by President-elect Donald Trump’s promise to impose large tariffs on the top U.S. Trading Partners, including Canada. The S&P/TSX Composite Index was down 117.7 point, or 0.46% at 25,292.65. Trump said on Monday that he would impose 25% tariffs on imports coming from Canada and Mexico, until those countries crack down on drugs - particularly fentanyl - and migrants who cross the border.
Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode
LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division. He told the Energy Intelligence Forum in London that "we're not going see anyone in a 'drill baby, drill'" mode.
Chinse CNPC aims to produce 12.4 mln bbls at shale project, according to state media
China's state-owned energy group CNPC aims at producing 1.7 million metric tonnes of shale crude oil or 12.4 millions barrels in the next year as part of a pilot project, according to a report by Xinhua, the state news agency. The Jimsar Shale Gas Project, located in Junggar Basin, is one of three pilot shale oil projects that state oil companies are trying develop. Other two projects are Gulong, in northeast China, and Jiyang, in east China.
TotalEnergies targets new offshore exploration area
Documents from environmental consultants SLR on Tuesday showed that TotalEnergies has requested environmental authorization to drill up seven exploration wells off the west coast South Africa in the southern part Deep Water Orange Basin. Shell and other oil companies are looking at the west coast of South Africa, near the Namibian border, where recent discoveries in the Orange Basin promise more to come further south, as the basin extends.
Serica Energy reduces full-year production forecast due to Triton Outage
Serica Energy, a UK-based company, said Tuesday that it expected full-year production will be lower than previous estimates following an outage in its Triton hub located in the North Sea. Serica stated in a press release that following the suspension of Triton production on October 26, there was an extended outage due to problems with the compression capability for gas export. Last month, the company reported that the Triton floating storage and offloading vessel (FPSO)…
Woodside Energy closes Pluto LNG due to an 'unplanned' event
A spokesperson for Woodside Energy in Australia said that the shutdown of Pluto LNG was safe and effective on Monday, due to an unexpected event. The cause is still under investigation. The spokesperson stated that operations at the Karratha Gas Plant are normal. Pluto LNG is connected by a pipeline. Woodside, Australia’s largest independent oil and natural gas company, lowered its estimate for full-year production to a range between 189 million and 195 millions barrels of oil equal (boe)…
Azerbaijan: OPEC+ may consider a rollover of oil cuts at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Shahbazov told Baku that the issue of continued oil production cuts could be raised at the meeting. "OPEC+ may or may not discuss oil production rollover during its next meeting. He added that it is hard to make a prejudgment.
Mexican oil service companies ask Pemex for debt repayment
A letter published on Monday shows that the association representing the interests of some the most important oil services providers in Mexico has asked the state company Pemex for payment of overdue bills totaling 103.6 trillion pesos (about $5 billion). The Mexican Association of Oil Service Companies, in a letter dated November 15 addressed to Pemex’s CEO and the energy and finance ministers of the country, requested that a schedule be provided for payments made on time and those due.
Azerbaijan: OPEC+ may consider oil reduction rollover at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Azerbaijan belongs to the OPEC+ Group, which also includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. This group will meet on December 1.
Blackstone buys pipeline stakes in EQT from EQT at $3.5 billion
Blackstone, an alternative asset manager, said Monday it would purchase minority stakes in certain of EQT's pipelines through a joint-venture for $3.5 billion. The sale will help EQT reduce its debt after it purchased Equitrans Midstream for $14 billion in July. In premarket trading, shares of EQT rose by 3.9%. Blackstone and EQT will form a joint venture worth about $8.8 Billion. This joint venture would include EQT’s ownership interests in the Mountain Valley pipeline and the Hammerhead pipe.
Anglo sells Australian coal mines for up to $3.78 billion to Peabody
Anglo American agreed on Monday to sell the remaining Australian steelmaking mines to Peabody Energy, for up to $3.78 Billion in cash. This is its first large disposal under a restructuring plan. After fending off BHP Group's $49 billion bid in May, the mining giant has reshaped its business to focus mainly on iron ore and copper. The London-listed company is hoping that the sale will satisfy investors and deter unwanted suitors.
Looney, former BP boss, to lead US data company Prometheus Hyperscale
The U.S. data company announced on Sunday that former BP CEO Bernard Looney will chair Prometheus Hyperscale. Prometheus Hyperscale announced that Looney, the former CEO of British energy giant BP, resigned from his position in 2023, after serving four years as the company's chief executive, for failing to disclose all details about past personal relationships. He will now provide strategic guidance in developing the growth plans of the data-driven firm.
