Russell: The oil industry in Asia wants Trump to abandon the Gulf but doesn't expect him to do so.
The crude oil industry in Asia has an idea on how to resolve the crisis caused by the conflict with Iran. They also know that their wish will not be granted, and are bracing themselves for a prolonged disruption of supplies from the Middle East. The APPEC conference held in Singapore this week was dominated by thousands of discussions about how to safely and sustainably reopen?Hormuz Strait. The answer was consistent. Donald Trump, the U.S. president, should 'back down' and leave the Gulf Region to allow other countries to clean up the mess that was created after the U.S. attacked Iran on 28 February.
Russell: The oil industry in Asia wants Trump to abandon the Gulf but doesn't expect him to do so.
Asia's crude-oil industry knows how to solve the crisis caused by the Iran conflict. But they know that their wish will not be granted, and are bracing themselves for a prolonged disruption of?supplies? from the Middle East. The APPEC Conference in Singapore this week was awash with thousands of conversations about how to safely and sustainably reopen?the Strait of Hormuz. The answer was consistent. U.S. president Donald Trump should 'back down and leave the Gulf Region to allow countries in the region to clean up the mess caused when the U.S. attacked Iran on 28 February. There was widespread agreement that a resolution to the conflict is not likely.
Colombian oil service firms move into Venezuela amid deal announcements, trade group says
Following the announcement of new exploration and production contracts and reactivation, Colombian oil service and goods firms are moving to Venezuela. This move coincides with President Donald Trump's announcement that the United States has secured majority control of some 65 billion barrels in Venezuela's proven oil reserves through a partnership. Acting President Delcy Rodriquez said this deal would generate $209 billion dollars in tax revenue for Venezuela. Nelson Castaneda is the head of Colombian industrial group Campetrol. He said that member companies were moving to Venezuela to make deals and to supplement the existing Venezuelan oil service sector's capacity.
In his maiden address, the new Colombian president promises a robust fight against crime and fiscal austerity
Abelardo de La 'Espriella, Colombia's right-wing president was sworn into office on Friday. In his inaugural address, he pledged a vigourous fight against drug trafficking as well as austerity measures in order to reestablish confidence in the economy. De La Espriella won the June run-off on promises that he would crack down on armed group, shrink the government by up to 40%, and revitalize the oil and gas industry. He was an ally of U.S. president Donald Trump and represented right-wing paramilitaries as a lawyer. De La Espriella is the first person to hold elected office.
Eni CEO: Energy sector shifting investment to Latin America and Southeast Asia
Eni's chief executive said that the oil and gas industry is diversifying its investments to?Southeast Asia? and Latin America?to counter the?prolonged?disruption?of shipping flows?in the Strait of Hormuz. Claudio Descalzi, Eni's Claudio, said at an Eni hearing before a parliamentary panel that the risk to the Middle East will still be greater than it was. * Russia and the Gulf region including Iran will not be able to contribute significantly to energy product supply for a while, Descalzi stated. And even when they return to the market, things will look completely different.
Norway offshore workers and employers enter mediation to avoid strike
On Wednesday, Norwegian unions representing offshore drilling platform and 'floating platform' workers began wage negotiations mediated by the state. The aim was to avoid a strike that would have taken place on?Friday and could affect parts of?the oil and gas industry in Norway. Styrke Safe and DSO have all said that more than 600 workers could walk out at first, with a possibility of an escalation. The wage agreement is for?roughly 7,500 workers. The first targets of any strike are Transocean’s Encourage platform, Odfjell Technology’s Linus rig and the AKOFS Seafarer vessel.
Strikes are increasing in Australia's major export sectors
Labor unrest is rife in Australia's resource sector. The lucrative iron ores mines and ports are facing increased strike risks. This comes on top of high costs and bureaucracy that, according to majors such as BHP, are deterring investors from investing. Since the Labor government passed a law, in 2022, giving mining unions the power to negotiate wage agreements that cover multiple employers and more scope to ask for flexible arrangements as well as allow industry-wide strike. According to Australian Bureau of Statistics, the number of working days lost due to disputes in Australia increased to the highest level ever recorded since 2022.
The response to the auction of oil drilling rights at Alaska Wildlife Refuge is tepid
Officials from the U.S. Department?of the?Interior said that only $3.7million was bid for five parcels of land in Friday's auction by Trump's administration. The auction included 58 tracts on 689,000 acres (278.828 hectares), in a wildlife refuge known for its pristine habitat, which is home to species such as polar bears, caribou, and migratory bird species. Nine bids were made on five tracts totaling 70,000 acres. The only bidders were Hex Energy LLC and Alaska Industrial Development and Export Authority. The largest individual win was $1.7 million, on Trac No. Hex Energy's 112 was the highest winning tract.
Trump Administration to auction off oil drilling rights in Alaska Wildlife Refuge
The Trump Administration will sell oil and gas leases in Alaska's Arctic National Wildlife Refuge on Friday. This is a "remote, pristine habitat" for polar bears, caribou, and migratory bird species. The auction is a test of the industry's appetite for drilling in Alaska. It is a high-risk endeavor that involves decades of hard work and billions of dollar investments. Oil and gas drillers were offered 60 tracts of the refuge by the U.S. Bureau of Land Management. Bids were due by June 3 and will be read and opened via livestream at 10:00 am (1800 GMT) on Friday. The sale is one of four mandated by the One Big Beautiful Bill Act, which President Donald Trump signed last year.
EU to waive penalties on oil and gas companies that violate methane laws for three years
A draft document seen by revealed that the European Union would ask its member states to waive penalties for three years on oil and gas companies who 'breach their methane emission law' in response to disruptions to energy supplies caused by the Iran War. The move was made in response to pressure from the U.S. Government and oil and gas industry associations, which warned that the law could hinder Europe's ability for fuel supply. This would undermine the EU's first-ever climate policy. It was intended to crack down on methane leaks, a powerful greenhouse gas that is the second-largest cause of climate changes after CO2 emissions.
EU considering suspending penalties against oil and gas companies that violate methane laws
After?pressure by industry and the United States government, the European Commission has developed plans to let oil and gas firms avoid penalties for 'breaching EU methane emission laws. This follows a call from?oil-and-gas industry groups to suspend the law. They warned that it could disrupt EU fuel exports once tougher provisions come into effect in 2027. The U.S. Government has also requested that the EU exempt U.S. Oil and Gas from the rule. The Commission, in a draft guidance document to national authorities of EU countries, said that countries could decide not to enforce penalties during a crisis.
Waldorf Productions UK restructuring plan is approved despite opposition from tax authorities
The London High Court approved Waldorf Production’s restructuring plan on Tuesday, despite the opposition of Britain’s tax authority regarding the company’s 'windfall tax liabilities'. Harbour Energy acquired Waldorf Group subsidiaries for $170 million after a previous restructuring plan was rejected by the High Court. Harbour's purchase agreement required certain liabilities to be restructured. This included more than $94.4m owed to Britain’s tax authority HMRC under a windfall profit tax between 2022-2024. HMRC claimed that Harbour wanted to use Waldorf Group tax losses, which they said were worth up to $900,000,000 in March to shield their own profits.
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply. However, growth in renewable energy sources like wind and sun raised doubts over long-term demand for oil. Oil and gas drillers have chosen to 'flood profits into dividends and stock buybacks rather than exploration. Production?in the Permian Basin of the U.S. will plateau as energy demand continues to grow.
Dallas Fed survey shows first quarter oil activity is up
Activity in?U.S. The Federal Reserve Bank of Dallas released a report on Wednesday that showed the oil and gas industry in Texas, Louisiana, and New Mexico, the three 'key producing states,' increased during the first quarter of the year 2026, although production was stable. The Federal Reserve Bank of Dallas said that oil executives are waiting to see how prices will settle over the next six month following the volatility and disruption caused by the Iran War. However, they expect the focus to rise on energy security. Kunal Patel said that large companies need to wait two to three months before they adjust their plans.
Oil and Gas Industry urge EU to stop methane emission law
Oil and gas companies warned that the European Union's methane emission law could disrupt Europe’s fuel imports if it is implemented next year. The?industry's call comes after the U.S. The?government asked the EU to exempt U.S. gas and oil from the rules. Brussels has offered more flexible options for companies to comply with the rules, but refused to rollback this policy. It is a key pillar in its climate strategy. A study commissioned by the industry and published on Monday by Wood Mackenzie said that up to 43% of EU imports of gas and 87% EU imports of crude oil could struggle to meet EU regulations from 2027.
Venezuela tensions are set to ease, resulting in a rise in the oil production potential of Guyana
Experts in geopolitics and oil said that the tiny oil-producing country of Guyana, which is already one of the fastest-growing economies in the world, has a window for expansion due to the ongoing U.S. activities in Venezuela. The growth potential of the oil and gas industry will be at the forefront of a four-day conference beginning Tuesday in Georgetown. Government officials and executives will discuss how to increase investment, build an downstream sector, and train local workers. The oil promise of Guyana has been a hot topic for years. However, the events in Venezuela have brought the region into the spotlight after U.S.
Norway oil investment set to decline by 2026, according to a survey
A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed. Norway is the world's second largest oil producer and supplies about 30% of Europe’s gas after it became its biggest pipeline gas supplier in 2022, following Russia's invasion. Statistics Norway reported that the Nordic countries' largest business sector is expecting to invest 255 billion Norwegian crowns ($27billion) this year. This is down from 273 billion crowns, a record, in 2025.
Presidio, a US energy company, plans to use a Goldman Sachs debt facility worth $1 billion to finance deals.
Presidio Investment Holdings and Goldman Sachs are working on a debt?facility of up to $1 billion, which will give the U.S. Oil and Gas Producer a war chest to pursue acquisitions when it becomes a public listed company. Energy producer EQV Ventures Acquisition Corp. will list the company in a few weeks through a merger with blank-check firm EQV Ventures Acquisition Corp. Presidio's model is to improve production by improving operations at existing oil and gas fields, instead of prospecting new drilling sites, in order to offer steady returns to investors. The debt facility allows Presidio, based in Fort Worth, Texas, to finance the purchase of new assets.
Australia's biggest takeover bids never came to fruition
The merger talks between Rio Tinto & Glencore failed after both sides could not resolve their differences on valuation. This ended months of negotiations about a tie up that would have created?the world's largest mining firm with a value market exceeding $200 billion. The following is a list containing some of the biggest failed mergers and purchases involving Australian companies in the last three years. After months of discussions, the takeover talks between mining giant Rio Tinto and Glencore came to an end. This ended a deal that could have transformed the global mining industry.
Trinidad Minister: BP and Shell are seeking US licensing for shared gas fields with Venezuela.
Shell and BP seek?U.S. Shell and BP are seeking?U.S. Trinidad is Latin America’s largest liquefied gas exporter, and also one of the largest exporters in the world of ammonia and methane. However, the Caribbean island is aiming to develop offshore oil and gas fields near the border with Venezuela to secure its supply and counteract the declining reserves. In recent years, despite frequent U.S. changes in policy towards Venezuela, its gas projects have made slow progress. Venezuela, under the leadership of President Nicolas Maduro, suspended its energy cooperation with Trinidad and?Tobago in 2013, including joint natural-gas projects that were being planned. The U.S.
