TotalEnergies UK Assets to Be Bought by Prax Remain Unsold
The TotalEnergies West of Shetland offshore assets it agreed to sell to Prax Group last year remain under the French oil major's ownership, it said on Wednesday, so will not be subject to disposals resulting from liquidation proceedings affecting the British company."The…
Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion
Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe. Equinor's partner Aker BP and Equinor said separately…
Sierra Leone is West Africa's new oil and gas frontier
A senior government official announced on Thursday that Sierra Leone would wait to see the results of its recently launched offshore 3D seismic study, its first for over a decade. This will allow it to open its next round of oil and gas licenses later this year.
ADNOC consortium targets Australia's Santos
Abu Dhabi National Oil Company's (ADNOC) is looking to expand its global gas business and has proposed a $18,7 billion takeover bid of Australia's Santos, the second largest independent gas producer. Santos has supported the plan. Here are some key details about Santos…
Shell approves Aphrodite offshore gas project
Shell Energy said that it has taken a final investment decision in its Aphrodite Gas Project offshore Trinidad and Tobago. In a press release, the company said that it expects to start producing gas in 2027. It will reach a maximum production of 18,400 barrels oil equivalent per day.
Canadian oil sands companies evacuate workers because of wildfire threat
MEG Energy, a Canadian oil sands firm, said that it had evacuated non-essential workers from its Christina Lake facility in northern Alberta because of wildfires burning there. The company has said that it will not reduce its oil production on the site. It is located 150 km (93 miles south) of Fort McMurray…
Alberta wildfire disrupts oil production and forces evacuations
Wildfires in Alberta, Canada forced the temporary shut-down of oil and gas production. Residents of a small community were also forced to evacuate. Alberta Wildfire estimates that the blaze is 1,600 hectares and is burning uncontrollably about 7 km north-northeast of Swan Hills, in the northern part.
Sources say that the court hearing for Exxon's dispute with Chevron over Hess-Chevron deal will be held on May 26.
Two sources with knowledge of the matter say that, according to the Paris-based International Chamber of Commerce, a hearing has been scheduled for May 26 in Exxon Mobil’s arbitration dispute regarding Chevron’s planned acquisition of oil company Hess. The biggest oil find of the last decade…
CNOOC Q1 profits down 7.9% due to lower oil prices but production grows
CNOOC Ltd, the Chinese offshore oil company, saw its first-quarter profit fall 7.9% due to lower oil prices. However, higher production helped offset this decline. According to the filing made by the company on Tuesday at the Hong Kong Stock Exchange, the net income…
Chevron announces the first oil production at Ballymore Project in US Gulf
Chevron announced on Monday that it had begun oil and gas production in the U.S. Gulf of Mexico. This brings the company closer to its goal of increasing production by 50% from the ocean basin this year. Ballymore is a $1.6 billion project located 160 miles south of New Orleans.
Asian countries are looking to purchase more US energy in order to balance trade imbalance
As they try to reduce their trade surpluses with Washington, Asian governments are buying more U.S. gas and oil in order to ease their tariff burdens due to President Donald Trump’s new import duties. Many Asian countries have large trade surpluses and also are major energy importers.
Asian countries are looking to purchase more US energy in order to balance trade imbalance
As they try to reduce their trade surpluses with Washington, Asian governments are buying more U.S. gas and oil in order to ease their tariff burdens due to President Donald Trump’s new import duties. Many Asian countries have large trade surpluses and also are major energy importers.
TotalEnergies expects hydrocarbon production to be at the top of its guidance range for Q1
In a trading update, TotalEnergies said that it expects hydrocarbon output to be at the upper end of its range for the first three months. It said that the hydrocarbon production for the first quarter 2025 will be between 2.5 and 2.55 millions barrels of oil-equivalent per day (Mboe/d), an increase of 4% on a year-on-year.
BP discovers oil off US Gulf Coast
BP announced on Monday that it had made an oil find at the Far South Field in the U.S. Gulf of Mexico. The energy giant is seeking to increase production as part of a new strategy, which was announced earlier this summer. Green Canyon Block 584 is located about 120 miles (203.12 km) from the coast of Louisiana.
Sources say Vitol will post a net profit of $8 to $8.5 billion in 2024.
Two industry sources said that Vitol was the world's largest energy trader in 2024. This is a significant drop from its record-breaking profits of 2022 and 203, but it still outperformed rivals by an enormous margin, despite lower volatility. The energy traders made record profits between 2022 and 2023…
NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent oil and gas companies under the name of NEO NEXT.Under the terms of the transaction, the combined business will be jointly owned by NEO…
Ecopetrol will borrow up to $2 billion to finance acquisitions
Ecopetrol, Colombia's largest state-owned oil company, plans to borrow up to $2 billion this year in order to fund investment. It will also consider raising funds through banks and the capital markets. The debt will be used for inorganic investments such as new projects or assets.
Woodside Energy's profit for the year is at its lowest level in three years due to low oil and gas prices
Woodside Energy, a major oil and gas company, reported on Tuesday its lowest annual profit in the last three years, due to lower realized prices. However, it maintained its production forecast for 2025, based on expectations that demand for liquefied gas will be strong.
Ecopetrol, Colombia records the largest increase in oil and gas reserves proven in three years
Ecopetrol, the company owned by Colombia's majority government, reported that its proven oil and natural gas reserves increased to 1,89 billion barrels equivalent in 2024. In recent years, the country's oil reserves and gas reserves has become a hot topic in politics…
Aker BP's top shareholder claims that the company has opportunities for acquisition.
Aker BP is a Norwegian oil exploration and production firm that was formed through a series mergers and purchases in the past decade. Its top shareholder stated on Friday that there are opportunities to consolidate further on Norway's Continental Shelf. Aker BP is aiming to increase its production to over 500…
