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 minister added that this investment shows the government's willingness to invest up to 15% in the development of new gas fields. Jones stated that "we are already feeling the pain" of a limited supply.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin."Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure…
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. "Turkey imports 365 million barrels of crude oil annually." "A 6.1 billion-barrel reserve is an impressive figure…
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. "A 6.1 billion-barrel reserve is an impressive figure," said Energy Minister Alparslan Bayraktar to reporters on a recent visit to the southeast of Turkey.
Norway Parliament orders restart of frontier oil and Gas Exploration Licensing
The Norwegian Parliament on Tuesday directed the Labour Minority Government to launch a round of new oil and gas exploration licenses in frontier areas, setting the stage towards increased oil drilling. Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union. The Centre Party, who quit the government last January, backed the motion, which was originally brought forward by the Conservatives. On the request of the Centre Party, the original proposal…
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner. "We're about to finalize an agreement in the Bulgarian Economic Zone." He said that TPAO will likely sign a contract with a foreign firm for a bloc in Bulgarian waters next month.
Chevron, other companies withdraw from Egypt's Red Sea concessions and redirect resources
The Egyptian petroleum ministry reported that a number of multinational oil companies, including Chevron, have left their Red Sea oil concession blocks without finding any oil or gas and have instead channeled their resources to other parts of the country. In 2019, Egypt, as part of its effort to become a hub for energy, awarded the first oil and gas exploration concessions on the Red Sea to Chevron and Shell, and the Abu Dhabi sovereign fund Mubadala Investment Company. Moataz Aef, spokesperson for the ministry, told reporters Thursday that companies had spent millions of dollars on concessions in accordance with agreed-upon timeframes.
Shell and Bulgaria sign a contract for Black Sea oil and gas exploration
Shell signed with the Bulgarian government a contract on Tuesday that gives the oil giant the rights to explore a Black Sea field for oil and natural gas. Shell will be able to explore 4,00 square metres of the Block 1-26 Khan Tervel Field. Bulgaria, a member of the European Union, was totally dependent on Russian Gas until 2022. It has sought to diversify and find cheaper gas sources. OMV Petrom, NewMed Energy and the Bulgarian Government signed a contract last month for the exploration of oil and gas in another field near the Black Sea.
China CNOOC 2024's net profit increases 11% on record production
CNOOC Ltd., a state-owned energy company in China, posted an increase of 11.4% on a record production in 2024 despite lower oil prices. The firm is continuing to focus on increasing its reserves and production. In a filing on Thursday to the Hong Kong Stock Exchange, offshore oil and natural gas specialist reported net profit of 18.99 billion dollars. Sinopec Corp, a domestic rival, reported a 16.8% drop in net income to 50.3 billion yuan. CNOOC achieved its high-end target by increasing oil and gas production 7.2%, to 726.8 millions barrels of oil equal (boe). The company's total production costs have remained low, at $28.52 per boe. This is compared to $28.83 by 2023.
Tullow Oil UK returns to profitability on the back of lower impairments and asset revaluation gains
Tullow Oil, an oil and gas exploration company based in West Africa, reported on Tuesday that it returned to profitability last year. This was largely due to a decrease in impairments, and asset revaluation. The company's shares rose by 3.9% early in trading after it reported a profit after taxes of $55 millions for the year ending December 31, 2024. This compares to a loss in 2023 of $110,000,000 when the company reduced the value of one of its West African Oilfields. Richard Miller, interim CEO of the company, said that there was "strong momentum" within the business.
Inpex CEO: Buyers' interest in Indonesia's Abadi Liquefied Natural Gas exceeds planned production
Inpex Corp., Japan's largest oil and gas exploration company, said it received interest in buying liquefied gas from its $20 billion Abadi project in Indonesia, which exceeds the planned output. Inpex expects the long-delayed LNG project to drive growth. It is aiming to make a final investment decision by 2027. He said that Inpex would proceed with the marketing and finance talks. Inpex holds a 65% share in the Abadi Project in eastern Indonesia. Shell will purchase Shell's remaining 35% in 2023. Abadi said that 90% of its long-term contracts for the Ichthys project in Australia were with Japanese buyers.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government of Lebanon will negotiate with IMF for a new program and work to address the financial default and the public debt in the country. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts. This led to a default by the government in 2020, and the freezing of depositors' savings.
Lebanese Government to seek new IMF program, policy statement states
According to a policy document approved by the Cabinet late Monday, the new government in Lebanon will negotiate with IMF for a new program and work on the financial default of the country and its public debt. A copy of the statement was reviewed by and it stated that the government would strive to achieve an economic revival, which could only be accomplished through restructuring the financial sector. Since 2019, Lebanon has been experiencing a deep economic crisis. Its financial system collapsed due to massive state debts. This led to a default by the government in 2020, and the freezing of depositors' savings.
Trump creates Energy Council to promote US oil and gas
The administration of President Donald Trump announced on Friday that it had granted a licence to Commonwealth LNG for the export of liquefied gas in Louisiana. This is the first time since former president Joe Biden stopped exports at the beginning of last year. Exports to Asia and Europe are approved. Trump signed an executive directive in the Oval Office Friday, creating a new Energy Council to be headed by Interior Secretary Doug Burgum. The council will work to increase U.S. oil and gas production. The U.S. already ranks as the largest fossil fuel producer in the world.
Inpex, a Japanese company, targets FID in 2027 for Indonesia's Abadi Liquefied natural gas project
Inpex Corp., Japan's largest oil and gas exploration company, announced on Thursday that it plans to make its final investment decision on the Abadi project for liquefied gas in Indonesia by 2027, as part of efforts to increase LNG supply. The company has a three-year plan that will run through 2027. It plans to invest 11.8 trillion yen (11,7 billion dollars) in areas of growth, including the flagship Ichthys project in Australia. "Natural Gas and LNG have relatively low greenhouse gas emission intensity compared to fossil fuels, and will play a growing role as practical fuels during the energy transition," Takayuki said at a press conference.
Sources say that RPT-Encino owner is considering a $7 billion sale and IPO.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt. The energy industry has been anticipating a boost from President Donald Trump's administration, which has outlined an economic agenda that aims to increase fossil-fuel production by speeding up the approval process for energy projects, and rolling back environmental protections. The booming demand for data centers and artificial intelligence is expected to increase the demand for power in the United States…
Sources: Encino's owner is considering a $7 billion sale and the IPO of an energy producer.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt. The energy industry has been anticipating a boost from President Donald Trump's administration, which has outlined an economic agenda that aims to increase fossil-fuel production by speeding up the approval process for energy projects, and rolling back environmental protections. The booming demand for data centers and artificial intelligence is likely to increase the demand for power in the United States…
Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico. Companies have also limited their spending on new projects, focusing on returning cash to investors. The executive order will reopen vast regions for drilling and mining and speed up permits for projects.
BP to slash over 5% of workforce
BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss last year said he would cut the British company's costs by at least $2 billion by the end of 2026 to boost returns and address investor concerns over its…
Norway awards 53 stakes to the latest offshore oil and gas exploration round
Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas. The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier. Norway's plan to extend oil and gas production in the coming decades is based on the annual predefined area (APA) rounds. This policy, however, is strongly opposed by environmentalist groups. Extinction Rebellion and Grandparents for Climate…
