Oil Prices Surge 3% on Worries of US Action Against Iran
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.Brent futures rose $2.10, or 3.1%, to $70.50 a barrel by 11:07 a.m. EST (1607 GMT), while U.S. West Texas Intermediate (WTI) gained $2.09…
Sources say that Chevron wants better terms with Iraq before acquiring the Lukoil Oilfield.
Sources say that Chevron is seeking better terms for the West Qurna 2 Oilfield. Iraq nationalized oilfield operatorship after U.S. Three sources with knowledge of the matter said that Chevron, the U.S. oil major, is pressing Iraq to increase returns on the West Qurna 2 field in order to buy the project from Russia’s Lukoil. Iraq nationalised its oilfield earlier this month after the U.S.
Bloomberg News reports that energy firms could be facing a $4 billion payout if they lose the Karachaganak Arbitration.
Bloomberg News, citing sources familiar with the situation, reported that an international consortium working on the Karachaganak oil field lost a?arbitration suit brought by Kazakhstan. They could be liable for compensation of up to $4?billion, Bloomberg News said. The oil project in Kazakhstan is run by a consortium that includes?Eni, Shell and other partners. Each of them holds a stake of 29.25%.
Baker Hughes sees a significant revenue opportunity for Venezuela
Baker Hughes, an oilfield services company, said on Monday that there are significant revenue opportunities in Venezuela. The main considerations when operating there were safety, conditions for employees and clarity of legal and regulatory frameworks. The Houston-headquartered company has been working with authorities on Venezuela after the U.S.
Sources say that OPEC+ is likely to continue its oil production pause in March, despite the rising prices.
Three OPEC+ delegates said that OPEC+ was expected to maintain its pause in oil production?increases during a Sunday meeting. Prices are rising because of a 'drop in Kazakhstan oil production. Eight members of OPEC+ met to discuss the price of oil. Prices have risen by 8% this month, and now exceed $66 a barrel. This is despite fears that a glut of oil would drive prices down.
Select Eagle Ford assets are being sought by RPT-Exxon XTO.
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, is looking for buyers to purchase?some assets? in the Eagle Ford shale in South Texas. In recent days, ?top ?U.S. Two sources said earlier that Exxon, the oil giant, opened a virtual dataroom to start marketing the assets. Sources said the assets, which cover 168,000 acres net, are worth over $1 billion.
Baker Hughes, a provider of oilfield services, reports a 11% increase in its adjusted quarterly profits
Baker Hughes reported a 11% increase in 'adjusted profits' for the fourth quarter, as demand for?its gas-technology equipment and services outweighed weakness in its oilfield equipment and services business. In recent quarters, the company has benefited from the demand for its equipment and services such as compressors and gas turbines that it offers to LNG companies…
Bloomberg News reports that the US is seeking quick fixes to boost Venezuelan oil production.
Bloomberg News, citing senior officials in the administration, reported that the United States is in discussions with Chevron and other major oilfield service providers about a plan for Venezuela to increase its crude production quickly. The?report stated that officials have discussed the deployment of?SLB and Baker Hughes in order to replace and repair 'outdated equipment and refresh older drilling site.
Exxon's XTO division seeks buyers for Eagle Ford assets
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, has confirmed in a'statement' that it is looking for buyers for its assets located in South Texas’ Eagle Ford shale.basin. Two sources said that Exxon, the top U.S. energy company, opened a "virtual data room" to start marketing its assets in recent days.
Analysts and state regulators say that US crude production will fall due to cold weather.
Energy Aspects reported that state regulators and analysts?said? on Friday that U.S. crude production is expected to'slip' as cold weather forces operators to shut down?production? in key-producing areas. This could lead to a loss of up to 300,000 barrels a day. According to Energy Aspects, freeze-offs will be expected this weekend to hit the Permian Basin, which is responsible for about half of the?total U.S.
SLB is about to increase its activities in Venezuela
SLB, an oilfield service company, said that it could increase its activities in Venezuela if the necessary licensing, safety parameters, and compliance measures were put into place. SLB was one of the oil companies who met with the White House in order to discuss investment opportunities in Venezuela following the ouster of President Nicolas Maduro by the U.S. in early January.
Shell Nigeria announces progress on $20 billion Bonga South West Oilfield
Bola Tinubu, Nigeria's President, has approved "investment linked" incentives for Shell’s Bonga South West Deepwater Oilfield. This follows a meeting between the CEO of the company Wael Sawan and the Nigerian president. Wael Sawan indicated that the project could be greenlit in 2027. The incentives proposed are part of a series of…
SLB tops quarterly profit estimate, plans $4 billion shareholder returns
SLB beat Wall Street expectations for the fourth-quarter profits on Friday as the world's largest?oilfield service provider benefited from ChampionX acquisition and announced?plans? to return $4 billion in profit to shareholders this year. The company acquired ChampionX for $7.75 billion in all-stocks last July. This acquisition added…
Shell offshore Bonga South West Project: Nigeria approves new incentives
Tinubu’s office reported that the Nigerian president Bola Tinubu approved investment-linked incentives to Shell’s Bonga South West Deepwater Oil Project following a meeting with its chief executive. The 'proposed incentives' are the latest of a slew of regulatory reforms that have been implemented in Africa’s leading crude oil producer in order to attract investment and boost oil production.
Halliburton says it could move quickly to Venezuela if it meets its quarterly profit expectations
Halliburton exceeded analysts' expectations for fourth-quarter profits on Wednesday. This was due to the steady demand of its equipment and services in international markets. The company also announced that it will re-enter Venezuela once commercial and legal issues, such as payment certainty, are resolved. Houston-based Halliburton, which launched the earnings season of U.S.
Kazakhstan CPC Oil Exports Struggle After Tengiz Field Shutdown
Kazakhstan's CPC oil exports could remain restricted even as extensive maintenance on its primary oil export route wraps up, sources said on Wednesday, with force majeure declared at the country's largest oilfield, Tengiz, following a fire.The CPC terminal, which handles about 1.5% of global oil supply and 80% of Kazakhstan's crude exports…
Halliburton makes a move towards possible Venezuelan return by posting vacancies on its job board
Halliburton, an oilfield services company, is looking for resumes to fill a variety of positions in Venezuela, including technicians and engineers, according to an advertisement on a job board dated 16 January. This could indicate a return to the South American nation. The posting comes just weeks after U.S. President Donald Trump urged oil companies to invest $100 billion in Venezuela…
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems…
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar, Syria's biggest oilfield, was taken over by…
Syria tightens its grip after Kurdish withdrawal, IS jail attack reported
On Monday, Syrian government forces tightened their grip across a large swath of territory in the north and east that had been abruptly abandoned by Kurdish troops on Sunday. This was a dramatic change which solidified President Ahmed al-Sharaa’s rule. The Kurdish-led Syrian Democratic Forces, once the main U.S. ally in Syria, have…