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…
Russia, Pakistan Mull Energy Exploration JV
Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report."Yesterday we received a rather interesting proposal from Pakistan in the area of offshore oil and gas exploration, increasing oil recovery at mature fields, and in oil refining," the deputy minister said."We export food and agricultural products, (and) expect the resumption of grain supplies.
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. The spokesperson refused to reveal whether the group intended to use this block for oil and gas exploration or carbon capture and storage.
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. Energean reported on Thursday that it produced 153,000 barrels equivalent to oil per day during the first 10 month of this year.
Japex to invest in US tight-oil project as operator
A senior executive at Japan Petroleum Exploration (Japex), said that the company is interested in investing in the U.S. tight gas and oil sector with a view to becoming an operator. Yutaka Nishimura said at a press conference that Japex is exploring investment opportunities for the U.S. tight gas and oil sectors. We are looking to become operators. He added that Japan's second largest oil and gas company, which has invested in U.S. tight gas and oil projects for the past few years, is looking to use the experience and expertise it has gained. Tight oil is crude oil that has been extracted from rock formations such as shale or sandstone.
Arbitration awards Kosmos Energy Senegal LNG project to BP, as the sole purchaser
Kosmos Energy announced on Tuesday that a Paris arbitrator ruled in favor of BP, preventing Kosmos to sell liquefied gas from the Greater Tortue project off Senegal and Mauritania. LNG is a key part of BP's energy transition strategy. Energy major BP has established a significant LNG pipeline across the globe, including Sub-Saharan Africa. Nigeria, Angola Cameroon, and Equatorial Guinea are already shipping significant volumes. The International Chamber of Commerce was asked to arbitrate a dispute between Kosmos Energy (a U.S. listed oil and gas exploration firm) and BP Gas Marketing (a BP subsidiary) over the planned LNG sales of Phase 1 of GTA.
